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UBS Group AG is reportedly preparing to settle tax evasion claims linked to Credit Suisse, potentially paying hundreds of millions. This follows Credit Suisse's violations of a 2014 plea agreement with the U.S. Justice Department regarding tax evasion by wealthy American clients. UBS, which acquired Credit Suisse in 2023, had set aside around $4 billion for litigation and regulatory matters.
UBS Group is nearing a settlement of around $200 million related to Credit Suisse's violations of a US tax evasion agreement, as reported by the Wall Street Journal. This follows Credit Suisse's 2014 guilty plea and a previous $2.6 billion fine, with UBS addressing legacy legal issues after acquiring the bank in 2023. UBS has set aside approximately $4 billion for litigation matters.
UBS is nearing a settlement with U.S. authorities over a tax evasion case linked to its acquisition of Credit Suisse, which has faced scrutiny for aiding tax evasion since 2014. The Swiss bank is expected to pay hundreds of millions to resolve these legacy issues, as analysts predict potential stock upside following recent upgrades. UBS has set aside $4 billion for legal provisions and aims to conclude outstanding investigations, including allegations of undisclosed Nazi-linked accounts.
Circle has donated $1 million USDC to President-elect Donald Trump's Inauguration Committee, marking a significant moment for stablecoins, which have a market cap of $203 billion. Industry leaders anticipate pro-crypto legislation under Trump's administration, with ongoing efforts to establish a regulatory framework for stablecoins, including the Lummis-Gillibrand Payment Stablecoin Act. Venture capitalists are increasingly focusing on stablecoins, predicting a market cap of $300 billion by 2025, particularly in emerging markets.
UBS stock has reached a 16-year high following reports regarding a fine related to Credit Suisse. This development reflects investor confidence and market reactions to the ongoing changes within the banking sector.
Standard Chartered has secured a crypto custody license in Luxembourg under the EU's MiCA framework, enabling it to offer digital asset services across the bloc. This move enhances the bank's regional presence and follows its earlier digital asset initiatives in the UAE. Laurent Marochini will lead operations in Luxembourg, as the bank aims to provide secure and compliant financial solutions in the evolving crypto landscape.
Kepler Cheuvreux has upgraded UBS Group AG's stock rating from Hold to Buy, raising the price target from CHF 28.50 to CHF 33.00, reflecting confidence in the bank's financial prospects despite potential capital shortfalls. UBS reported a net profit of $1.4 billion for Q3 2024, with a year-to-date profit before tax of $7.1 billion and a 9% increase in underlying revenues. The bank plans $15 billion in buybacks from 2025 to 2027 and continues to invest in technology to support long-term growth.
Ripple and Chainlink have partnered to enhance the functionality of Ripple's new RLUSD stablecoin, which will operate on both the Ethereum blockchain and XRP Ledger. Chainlink's decentralized oracles will provide essential real-time data, enabling RLUSD's integration into various DeFi applications, thereby promoting its adoption and reliability in the market. This collaboration positions Chainlink as a leading oracle provider while supporting Ripple's vision of establishing RLUSD as a significant stablecoin.
Kepler Cheuvreux has upgraded UBS Group AG's stock rating from Hold to Buy, raising the price target from CHF 28.50 to CHF 33.00, reflecting confidence in the bank's financial prospects despite potential capital shortfalls. UBS reported a net profit of $1.4 billion for Q3 2024, with a year-to-date profit before tax of $7.1 billion and a 9% increase in underlying revenues. The bank plans $15 billion in buybacks from 2025 to 2027 and continues to invest in technology to support long-term growth.
Kepler Cheuvreux analyst Nicolas Payen has upgraded UBS AG from Hold to Buy, setting a new price target. This change reflects a positive outlook for the bank's performance in the market.
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