Page 3 - Ubs Group

UBS reaps $28 billion in new assets in Q1; Credit Suisse deal looms

Swiss banking giant UBS said Tuesday it took in USD 28 billion of net new money for its wealth management business in the first quarter, with USD 7 billion of that coming in the days after the announcement of its government-backed takeover of ailing rival Credit Suisse. The Zurich-based bank, which is set to become Switzerland's banking titan after the merger closes in coming months, said underlying pre-tax profit dropped 22 per cent to USD 2.35 billion in the quarter compared to a year ago, while underlying revenues fell 8 per cent. UBS said it had bought back USD 1.3 billion worth of its shares during the quarter, and reiterated that the share-buyback programme has been temporarily suspended ahead of the closing of the 3 billion Swiss franc (USD 3.4 billion) takeover of Credit Suisse announced on March 19. In the first quarter, we maintained positive momentum across the firm and attracted USD 28 billion of net new money in GWM (Global Wealth Management), of which USD 7 billion cam

Swiss prosecutors probe Credit Suisse ahead of its takeover by UBS

The Swiss attorney general's office says it has opened a probe into the events surrounding embattled bank Credit Suisse, which is to be taken over by rival UBS. Switzerland's government and financial regulators helped engineer the hastily arranged, USD 3.25 billion agreement that was aimed in part to help calm worries about the global financial system and will leave the country with a single huge global bank. The attorney general's office said Monday that it wanted to proactively fulfil its remit and its responsibility to contribute to a clean Swiss financial sector. It said that it has set up monitoring that would enable it to get involved immediately if any offences were committed that come under its auspices. The office said the probe falls short of a formal investigation and is not a criminal inquiry. The office was responding to an emailed request Monday for comment after the Financial Times reported about the probe over the weekend. The statement made no reference to ...

UBS likely to cut workforce by 20-30% after Credit Suisse takeover

That number of predicted layoffs dwarfs the 9,000 job cuts that Credit Suisse announced before its rescue by UBS last month

UBS to bring back former CEO Ermotti with Credit Suisse deal ahead

UBS said Wednesday that it's bringing back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse. Ermotti, who was the bank's top executive for nine years, will take over next Wednesday from CEO Ralph Hamers. Hamers took up the job in November 2020 and will remain at UBS during a transition period to ensure a successful closure of the transaction and a smooth handover, the bank said in a statement. UBS credited Ermotti for having cut its footprint and changing the culture of the bank and it pointed to his experience in bringing big financial institutions together. The hastily arranged, $3.25 billion deal for Credit Suisse aimed to stem the upheaval in the global financial system after the collapse of two U.S. banks and jitters about long-running troubles at Credit Suisse led shares of Switzerland's second-largest bank to tank and customers to pull out their money. Swiss authorities urge

Credit Suisse, UBS among banks under scrutiny in Russia sanctions probe

The Swiss banks were included in a recent wave of subpoenas sent out by the US government, the people said. The information requests were sent before the crisis

Who are the owners of the risky, worthless Credit Suisse's AT1 bonds?

Big money managers such as Pacific Investment Management Co. and Invesco Ltd. are among the largest holders, owning around $807 million and $370 million, respectively

What are AT1 bonds, and why are Credit Suisse's worth $17 bn now wiped out?

The wipeout of $17 billion worth of AT1 bonds in the UBS-Credit Suisse deal has spooked investors as they now assess if this can happen to their AT1 holdings in other banks as well

Swiss govt temporarily suspends bonus payouts to Credit Suisse staffers

Switzerland's government said Tuesday that it's ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS. The Swiss Department of Finance says federal law allows the government to set remuneration-related measures in cases involving Switzerland's biggest banks. Late last week and into the weekend, authorities in Switzerland, backed by the central bank and financial regulators, scrambled to cobble together a $3.25 billion sale of Credit Suisse to UBS. An outflow of deposits and years of trouble raised fears that it could fail and trigger an international financial crisis after the collapse of two U.S. banks. The Swiss government says it doesn't plan to block bonus payments from last year that have been granted but are set to be immediately paid because it doesn't want to penalise Credit Suisse employees who did not cause the crisis. But authorities in the capital, Bern, said they will prohi

Markets slide after UBS rescue of Credit Suisse; Nifty ends below 17,000

Deal between Swiss banks fail to lift sentiment; Sensex drops 905 pts before settling 361 pts lower

UBS needs RBI approval to operate Credit Suisse as a bank in India

This is because UBS had surrendered its bank licence about a decade back after the banking regulator denied its request to offer wealth management services

UBS buy gives Credit Suisse India's employees a glimmer of hope

Industry players see better synergies at India units of Swiss banking giants

UBS takes over Credit Suisse: Everything you need to know about the crisis

Credit Suisse crisis: Swiss government said it would provide $9 bn to help UBS meet the possible losses while taking over Credit Suisse, and Swiss National Bank will provide $100 bn of liquidity

Top headlines: UBS to buy Credit Suisse for nearly $3.25 bn amid turmoil

Business Standard brings you the top headlines at this hour

To calm turmoil, UBS to buy Credit Suisse in $3.25 billion rescue deal

Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers. Shares of Credit Suisse and other banks plunged this week after the failure of two banks in the US sparked concerns about other potentially shaky institutions in the global financial system. Credit Suisse is among the 30 financial institutions known as globally systemically important banks, and authorities worried about the fallout if it were to fail. The deal was one of great breadth for the stability of international finance," said Swiss President Alain Berset as he announced it Sunday night. "An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the

Indian rupee, bond yields await Fed Reserve's policy move for cues

The move could bring early relief to the market when they open on Monday. The rupee non-deliverable forwards market signalled a slightly weaker rupee on open

Credit Suisse's 9,000 job cuts are foretaste of UBS takeover amid crisis

The merger creates significant overlaps. The two lenders together employed almost 125,000 people at the end of last year, with about 30% of the total in Switzerland

Credit Suisse's $17 bn of risky bonds are now worthless after UBS takeover

The bond wipe out is the biggest loss yet for Europe's $275 billion AT1 market, far eclipsing the only other write-down to date of this type of security

UBS agrees to buy Credit Suisse for more than $2 billion: Report

UBS had earlier tabled an offer of about $1 billion, or 0.25 francs a share for Credit Suisse, which the firm had pushed back on, people with knowledge of the matter said earlier on Sunday

Credit Suisse crisis nears finale as UBS discussions on takeover heat up

At the prodding of regulators, UBS has put aside its initial opposition to a deal and is exploring possible structures that could be executed quickly to halt a deep crisis of confidence

UBS Group, Credit Suisse oppose idea of forced merger, says report

Wall Street bank JPMorgan on Wednesday said that Credit Suisse's takeover by another lender, probably UBS, was the most likely scenario for the embattled bank