UBS chair says 2024 will be key year for Credit Suisse merger, flags ‘sticky costs’ November 28, 2023 UBS swung to a larger-than-expected loss of $785m (£637m) earlier this month in its first full quarterly results since acquiring troubled Credit Suisse.
UBS boss says bank is in ‘second phase’ of Credit Suisse merger that will ‘not change anything’ November 15, 2023 Ermotti is set to announce a strategy for the merged banks in February but is battling high costs as he winds down Credit Suisse’s unprofitable businesses while fully integrating its key Swiss banking unit.
What are AT1 bonds and why has UBS started selling them? November 8, 2023 AT1s were designed in part to make it less likely that the taxpayer would have to bail out a failing bank
UBS says not aware of Department of Justice probe into sanctions-related compliance failures September 30, 2023 UBS said on Saturday it was not aware of a probe by the U.S. Department of Justice into alleged sanctions-related compliance failures, after a media report earlier this week.
Credit Suisse warns of $2.2bn loss in third quarter as thousands of staff exit bank September 29, 2023 Credit Suisse has warned that it may face a $2.2bn loss in the third quarter as it attempts to deal with legacy loans and problematic parts of its business.
UBS shares slip after report of US sanctions probe into Credit Suisse September 27, 2023 Shares in UBS slipped today after a report suggested that Credit Suisse is at the centre of a US probe into potential sanctions breaches.
Mozambique president has immunity in London ‘tuna bond’ case, court rules September 4, 2023 Mozambican President Filipe Nyusi cannot be sued in Britain over allegations he accepted unlawful payments in the country's lawsuit against Credit Suisse.
Credit Suisse takeover helps UBS to huge profit of £23bn as integration begins August 31, 2023 UBS reported a pretax profit of £22.8bn ($29.2bn) thanks to its takeover of long time rival Credit Suisse, as it confirmed it will controversially integrate the bank’s domestic lending. UBS’s pretax profit soared to $29.2bn, with the vast majority of this comprising a ‘negative goodwill’ of $28.9bn. ‘ Negative goodwill’ reflects the difference between the [...]
UBS settles Credit Suisse lawsuit with Swiss financial blog Inside Paradeplatz August 29, 2023 UBS and Swiss finance blog Inside Paradeplatz have settled a lawsuit relating to comments published on the site about Credit Suisse.
UBS cancels £8bn backstop agreed to help soothe merger with Credit Suisse August 11, 2023 UBS has voluntarily ended the CHF9bn (£8bn) loss protection deal agreed with the Swiss government following its emergency acquisition of Credit Suisse. The decision followed “a comprehensive assessment of the designated portfolio of Credit Suisse non-core assets, including severe stress loss scenarios,” the bank said. UBS has also terminated the CHF100bn liquidity backstop from the [...]