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Swiss bank UBS is strengthening its presence in China after receiving regulatory approval to acquire a local securities firm fully. UBS will acquire an additional 33 percent stake in UBS Securities from Beijing State-owned Assets Management Co., Ltd (BSAM),…
Switzerland’s largest bank reports strong transactional activity in its core business and expects to achieve its objective of $100 billion in net new assets by the end of the year. UBS is turning the upheavals and drama of 2023, and its fraught…
Switzerland’s largest bank indicated that profitability in the second quarter returned to the levels it saw before being forced to rescue Credit Suisse. UBS indicated that profit before taxes in the second quarter was $1.5 billion, a media release sent by the…
The Federal Department of Finance (EFD) fined UBS for failing to report suspected money laundering. The long-standing cases all revolve around the former president of Yemen. The number of unreported cases to the Financial Department is alarmingly high.…
Switzerland’s UBS is doubling down on Hong Kong. Today, it topped out its new office based in West Kowloon. UBS topped out its new Hong Kong office building on Wednesday. The ceremony, featured UBS group CEO Sergio Ermotti, Asia global wealth management (GWM)…
It is a year since the government and regulators forced UBS to rescue Credit Suisse. The recent news of job cuts in Asia makes it very clear what could be just around the corner for the domestic financial hubs. UBS is cutting about 70 jobs in Asia, according…
UBS can’t grow fast enough for newly onboarded financial investor Cevian. Meanwhile, two other major shareholders are now expressing concerns about the size of the new megabank in Switzerland. The program for integrating Credit Suisse is in place, and UBS…
Switzerland’s largest bank puts out a view predicting a drastic cut in US interest rates by the Federal Reserve. Their forecast is completely out of sync with the rest of the market and peers. Every year, Saxo chief economist Steen Jakobsen draws significant…
The dust has settled since Switzerland’s largest bank announced it would completely integrate all of Credit Suisse. The third quarter is likely to slip by far more quietly even though it still faces stiff challenges. The usual UBS earnings figures are…
Switzerland’s UBS has reportedly offloaded more investment bankers in Hong Kong amid a slowdown in China. UBS has cut about 7 percent of its global banking unit in Asia, according to a report citing unnamed sources, mainly related to China-focused roles based…
European banks are more profitable than American ones for the first time in ten years. A study points to UBS being a key reason for that. The elite of Wall Street usually have their nose well ahead of the game in the perpetual battle between European and US…
The reorganization of UBS investment banking is proceeding. It’s eliminated some duplicate US staffing, but the big cutback is looming. According to a Bloomberg report, UBS has eliminated about a dozen investment banking jobs in the US in connection with the…
Swiss bank UBS is cutting wealth jobs in Asia following muted client activities and the slowing economy in China. Over the past months, UBS has reduced some overlapping roles in the wealth business in Asia, after the completion of Credit Suisse’s takeover.…
The share price of Switzerland’s largest bank seems to know only one direction right now – and that is up. If nothing else, shareholders benefit from the Credit Suisse takeover while everyone else looks on. Sergio Ermotti doesn’t have any time for nostalgia.…
The bank engaged in an extensive review after being one of the banks affected by a Russian ransomware attack early in the year. The first casualty? Going digital. It is a small section in UBS’s full second-quarter report, but a telling one. Buried on page 41…
UBS appoints country heads for its businesses in Europe, the Middle East, and Africa, with a quarter of the new executives coming from Credit Suisse. Country heads are critical in supporting the UBS Group strategy. By strengthening the firm’s profile and…
