Switzerland’s financial supervisor has been scrutinising how UBS vets risky wealthy clients that it wants to transfer from Credit Suisse, sources said, as the regulator takes a hands-on approach to the bank’s integration of its fallen rival. Earlier this year, watchdog FINMA reviewed the filters UBS, currently worth $105 billion on the market, applies to...
Tag: UBS
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Swiss financial regulator closes UBS antitrust probe after Credit Suisse merger
Zurich: Switzerland‘s financial regulator, FINMA, on Wednesday said it would not further investigate UBS‘s market dominance after it rescued Credit Suisse last year. “The merger of UBS and Credit Suisse will not eliminate effective competition in any market segment,” FINMA said. The decision follows a report by the country’s competition authority, COMCO, which was sent...
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Official: the Swiss bank UBS has bought Bitcoin ETFs
Yesterday, the Swiss bank UBS presented an updated form 13F-HR to the US SEC. Inside the document all the assets owned by UBS Group AG at the end of the first quarter of the year (March 31, 2024) are listed, and among these is also the iShares Bitcoin Trust (IBIT). IBIT is the BlackRock’s ETF...
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Layoffs 2024: UBS CEO to start job cuts in Switzerland late this year
UBS’s CEO on Tuesday said the majority of job cuts in its home market, Switzerland, will start from around the end of the year and continue into 2025 and 2026. Sergio Ermotti, chief executive officer of UBS Group AG, during a Bloomberg Television interview in Zurich, Switzerland.(Bloomberg) In a call with journalists, Sergio Ermotti said...
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After Credit Suisse collapse Switzerland is now revamping its financial rulebook
Switzerland is accelerating efforts to reform its banking regulations a year after the collapse of Credit Suisse — and handing more power to those who will enforce them. The government is due to unveil long-awaited proposals for legislation in the coming days that are likely to touch on all of the main pillars of bank...
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Switzerland: Exercise of over-allotment brings Galderma listing to CHF2.3bn
Galderma, the pure-play dermatology business that recently listed on the SIX Swiss exchange, has taken total size of the transaction to around CHF2.3bn (US$2.54bn) with the full exercise of the 15% over-allotment option. Some additional 5,626,592 shares were sold to the global coordinators by sellers EQT, ADIA and Auba Investment at...
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85 Swiss branches of UBS and Credit Suisse to shut, report says
ZURICH, – UBS will close 85 branches in Switzerland of its combined operations with Credit Suisse by 2025 as part of its consolidation of its erstwhile rival, Swiss media reported on Friday. The Aargauer Zeitung said the closures would be where UBS and Credit Suisse branches stood in “immediate proximity”, and that a pilot phase...