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☆ UBS CEO: Europe still has scope for domestic banking consolidation
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS CEO: Europe still has scope for domestic banking consolidationSergio Ermotti, the CEO of UBS, speaks to CNBC's Silvia Amaro.

Persons: Sergio Ermotti, CNBC's Silvia Amaro Organizations: UBS Locations: Europe

☆ UBS CEO: We are making very good progress in our Credit Suisse integration plans
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS CEO: We are making very good progress in our Credit Suisse integration plansSergio Ermotti, the CEO of UBS, speaks to CNBC's Silvia Amaro after the bank's first-quarter results.

Persons: Sergio Ermotti, CNBC's Silvia Amaro Organizations: UBS, Suisse

☆ UBS makes first profit since Credit Suisse rescue
▼ + stars: | 2024-05-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —UBS has reported its first quarterly profit since buying ailing rival Credit Suisse, marking a sharp turnaround from six months of losses that immediately followed the closure of the rescue deal. It also realized cost savings of $1 billion, adding to cost cuts of some $4 billion last year. On Tuesday, Ermotti said UBS was “on track” to achieve “significant integration milestones” this year, including the merger of the two banks’ operations in Switzerland in the third quarter. UBS has raised serious concerns about the proposals and on Tuesday Ermotti reiterated the bank’s view that it wasn’t lack of capital that left Credit Suisse needing to be rescued. He said UBS was already adding almost $20 billion to its capital buffers as a result of the takeover of Credit Suisse, in part because of the bank’s increased market share and balance sheet size.

Persons: Sergio Ermotti, Johann Scholtz, ”, Ermotti, Karin Keller, Suter Organizations: London CNN, UBS, Credit Suisse, Morningstar, Credit, bank’s Locations: Swiss, Zurich, Switzerland

☆ Switzerland says UBS may need more cash. The bank is fuming
▼ + stars: | 2024-04-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

Now, the giant Swiss lender is hitting back, saying its finances are robust and warning that the proposal could harm Switzerland’s standing as a global financial center. “There can be no regulatory solution for a broken business model,” he continued, referring to Credit Suisse. UBS bought its stricken rival last March in a government-orchestrated rescue aimed at preventing a global financial crisis. It was not too-low capital requirements that forced Credit Suisse into the historic weekend rescue,” he added. But that leaves the stock more vulnerable to declines as a result of “execution risk in the Credit Suisse integration,” suggested Citi analyst Andrew Coombs.

Persons: London CNN —, Colm Kelleher, “, ”, Kelleher, Pascal Mora, Karin Keller, Keller Sutter, Anke, Andrew Coombs, ” Kelleher, Sergio Ermotti’s, Ermotti Organizations: London CNN, Credit Suisse, UBS, Bloomberg, Getty, RBC Capital Markets, Citi, Reuters Locations: Swiss, Switzerland, Europe

☆ 'Lose-lose situation': New Swiss bank laws could derail UBS' challenge to Wall Street giants
▼ + stars: | 2024-04-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Sergio Ermotti, CEO of Swiss banking giant UBS, during the group's annual shareholders meeting in Zurich on May 2, 2013. Fabrice Coffrini | Afp | Getty ImagesSwitzerland's tough new banking regulations create a "lose-lose situation" for UBS and may limit its potential to challenge Wall Street giants, according to Beat Wittmann, partner at Zurich-based Porta Advisors. The government-backed takeover was the biggest merger of two systemically important banks since the Global Financial Crisis. At $1.7 trillion, the UBS balance sheet is now double the country's annual GDP, prompting enhanced scrutiny of the protections surrounding the Swiss banking sector and the broader economy in the wake of the Credit Suisse collapse. The Wednesday report floated giving additional powers to the Swiss Financial Market Supervisory Authority, applying capital surcharges and fortifying the financial position of subsidiaries — but stopped short of recommending a "blanket increase" in capital requirements.

Persons: Sergio Ermotti, Fabrice Coffrini, Beat Wittmann, Wittmann, Wittman, Goldman Sachs, Morgan Stanley — Organizations: UBS, Afp, Getty, Wall, Porta Advisors, Swiss, Credit Suisse, Suisse, Swiss Financial Market, Authority, JPMorgan, Citigroup Locations: Zurich, Switzerland

☆ UBS CEO says integrating Credit Suisse will become a 'case study' for future big bank mergers
▼ + stars: | 2024-04-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The mammoth integration of failed bank Credit Suisse into its former rival UBS will act as a "case study," UBS CEO Sergio Ermotti said Friday, one that will show that big bank mergers should be allowed. "Of course, we can't just rely on a crisis to create or facilitate the merger of banks," Ermotti said. "It's good to have strong players that can be part of the solution, like UBS was in the Credit Suisse case. UBS in June completed its takeover of the 167-year-old bank in a deal controversially brokered by Swiss authorities. The Swiss National Bank has said the size of the new entity flags potential competition issues that will need to be monitored.

Persons: Sergio Ermotti, Ermotti, CNBC's Steve Sedgwick, it's Organizations: Suisse, UBS, Credit, Credit Suisse, Swiss, Swiss National Bank Locations: Europe, Italy, underperformance

☆ UBS chief's surprise return to the Swiss banking giant bagged him a $15.9 million paycheck
▼ + stars: | 2024-03-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Newly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023. UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after his surprise return at the helm of the Swiss banking giant, following its takeover of stricken rival Credit Suisse. Hamers earned 12.6 million Swiss francs in 2022 during his last full year as CEO, according to UBS' annual report published on Thursday. In total, the bank's executive board picked up a 140.3 million Swiss franc pay package in 2023, a significant increase from the previous year's 106.9 million francs. UBS shares have gained more than 52% since Ermotti took the reins on April 5, 2023.

Persons: Sergio Ermotti, Colm Kelleher, Ermotti, Ralph Hamers, Hamers Organizations: UBS, Credit Suisse Locations: Zurich, Swiss

☆ UBS to cut another $3 billion in costs as it absorbs Credit Suisse
▼ + stars: | 2024-02-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

The savings will provide “necessary capacity for reinvestment to reinforce the resilience of our infrastructure as we absorb Credit Suisse and to drive sustainable growth by investing in talent, products and services,” it added. Already, UBS (UBS) slashed headcount in the fourth quarter by more than 3,100 to under 113,000, taking the number of layoffs announced last year above 16,000. “2023 was a defining year in UBS’s history with the acquisition of Credit Suisse,” CEO Sergio Ermotti said in a statement. UBS agreed to buy Credit Suisse last March for the bargain price of $3 billion in a rescue orchestrated by Swiss authorities to avert a banking sector meltdown. Ermotti has previously said that 2024 will be the “pivotal” year in the takeover of Credit Suisse, with the migration of IT systems presenting huge risks as the two banks merge operations across more than 50 countries.

Persons: Sergio Ermotti, Ermotti Organizations: London CNN, UBS, Credit Suisse, Swiss Locations: Switzerland, Swiss

GENEVA (AP) — UBS on Tuesday reported a fourth-quarter pretax loss of more than $750 million as the Swiss banking giant continued to integrate its longtime rival Credit Suisse after a government-orchestrated merger. UBS said it expects to complete the merger of Credit Suisse by the end of the second quarter this year, and the merger of the two banks’ Swiss operations by the end of the third quarter. For the year, UBS took in $77 billion in new assets across its wealth-management and personal and corporate banking segments. Woes at Credit Suisse — before the UBS merger — and the two U.S. banks unsettled global financial markets in 2023. UBS said revenues jumped 35% to nearly $10.9 billion in the fourth quarter.

Persons: —, Sergio Ermotti Organizations: GENEVA, — UBS, Credit Suisse, SIX Group, UBS, U.S . Federal Deposit Insurance Corp, Valley Bank, Signature Bank, Credit Suisse —, — Locations: Swiss, Zurich, United States

☆ UBS CEO: Delays are the only risk to Credit Suisse integration
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS CEO: Delays are the only risk to Credit Suisse integrationUBS CEO Sergio Ermotti discussed the Swiss bank's fourth-quarter earnings report and its progress on integrating Credit Suisse's businesses.

Persons: Sergio Ermotti Organizations: UBS, Credit Suisse Locations: Swiss

☆ Watch the full CNBC Leaders interview with UBS CEO Sergio Ermotti from Davos
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch the full CNBC Leaders interview with UBS CEO Sergio Ermotti from DavosUBS CEO Sergio Ermotti sits down with CNBC's Sara Eisen for a one-on-one interview from the World Economic Forum in Davos, Switzerland.

Persons: Sergio Ermotti, CNBC's Sara Eisen Organizations: CNBC, UBS, Davos UBS, Economic Locations: Davos, Switzerland

People attend the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 18, 2024. Javier MileiArgentina's President Javier Milei delivers a speech at the World Economic Forum (WEF) meeting in Davos on January 17, 2024. Sam AltmanSam Altman, CEO of OpenAI, attends the 54th annual meeting of the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. He said AGI could be developed in the "reasonably close-ish future," speaking at a private gathering at the Bloomberg House in Davos, Switzerland. AI took a huge leap forward in the last year or two years," Benioff said on a World Economic Forum panel Thursday.

Persons: Denis Balibouse, Donald Trump, Ursula von der, Ursula von der Leyen, Jamie Dimon Jamie Dimon, JPMorgan, Adam Galici, Jamie Dimon, Dimon, Larry Fink's, bitcoin, Volodymyr Zelenskyy, CNBC's Andrew Ross Sorkin, Vladimir Putin, Zelenskyy, Putin, Javier Milei, Fabrice COFFRINI, FABRICE COFFRINI, Fabrice Coffrini, Milei, Adena Friedman Adena Friedman, Adena Friedman, Friedman, Sam Altman Sam Altman, Sam Altman, Altman, Antony Blinken Antony Blinken, CNBC Putin, Antony Blinken, Blinken, Trump's, it's, Christine Lagarde, Emmanuel Macron, Macron, Dmytro Kuleba, Arnd Wiegmann, Trump, Vladimir, Ukraine's, Kuleba, Michelle Yeoh Michelle Yeoh, Mike Coppola, Michelle Yeoh, CNBC's Tania Bryer, Yeoh, Pedro Sanchez Spanish, Pedro Sanchez, Isabel Infantes, Sanchez, Li Qiang Li Qiang, Li Qiang, Li, Isaac Herzog, Kfir Bibas, Herzog, Kfir, Hossein Amir, Abdollahian, Atta Kenare, Joe, Biden, Netanyahu, Amir, Sergio Ermotti, MICHAEL BUHOLZER, Ermotti, Marc Benioff Marc Benioff, Salesforce, CNBC's Sara Eisen, Marc Benioff, Benioff, Ray Dalio Ray Dalio, Bridgewater, Ray Dalio, Dalio, Mark Carney Mark Carney, DANIEL LEAL Organizations: Economic, Reuters, European, JPMorgan Chase, CNBC, BlackRock, Getty, Afp, NASDAQ, CNBC Nasdaq, Reuters OpenAI, Bloomberg, State, European Central Bank, Central Bank, Reuters Ukraine's, United Nations Development, Spanish, Getty Images, Hamas, Palestinian, Hezbollah, Turkish, AFP, Iranian, Sergio Ermotti UBS, Getty Images UBS, Credit Suisse, Bridgewater Associates, U.S, Bank of England, UN, OLIVAS Locations: Davos, Switzerland, Ukraine, Gaza, Russia, China, Moscow, WEF, AFP, OpenAI, U.S, Russian, Iran, Europe, United States, Hollywood , California, Madrid, Spain, Beijing, Washington, Lebanese, Tehran, Israel, Hiroshima

☆ Inflation isn’t beaten yet and risks of a new price shock are rising
▼ + stars: | 2024-01-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The job is not yet done,” François Villeroy de Galhau, the governor of France’s central bank, said this week in Davos. Those “upside risks to inflation” include supply chain fragmentation, trade protectionism, climate shocks and armed conflicts, according to Gopinath. As soon as central banks start lowering interest rates “people feel better, they start spending more,” she said. Now the bank has to keep interest rates high “for as long as necessary” to put inflation firmly on the path back to 2%, she added. Meanwhile, container shipping costs along many of the world’s busiest trade routes have doubled — and in some cases tripled — since the middle of December, according to data from London-based shipping consultancy Drewry.

Persons: Sergio Ermotti, ”, “ It’s, Galhau, Gita Gopinath, Francois Villeroy de, Stefan Wermuth, Gopinath, Mary Callahan Erdoes, Christine Lagarde, “, Joe Biden, Vincent Clerc, CNN’s Richard Quest, Tobias Meyer, ” Robert North Organizations: London CNN, UBS, Economic, Federal Reserve, International Monetary Fund, Bloomberg, Getty, JPMorgan, Central Bank, IMF, Oxford University, Drewry, Oxford Economics, Maersk, DHL Locations: Iran, Africa, Davos, Switzerland, Red, United States, Europe, United Kingdom, France’s, Israel, Pakistan, British, Yemen, Suez, London, Asia

☆ UBS CEO says Swiss public 'indoctrinated' to worry about bank's balance sheet
▼ + stars: | 2024-01-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

UBS CEO Sergio Ermotti on Wednesday said people with concerns about the size of the bank's balance sheet are getting "indoctrinated" by academics and should "do their homework." The bank's share price has recovered from below 17 Swiss francs ($19.69) per share in the aftermath of the deal to over 25 Swiss francs as of Wednesday morning. However, the new entity's combined balance sheet is estimated to be around twice the size of the entire GDP of Switzerland, raising concerns about the concentration of risk in the Swiss economy. "If you look at risk-weighted assets as a percentage of GDP or as a percentage of our balance sheet, you will discover that the new UBS is de facto very low risk, very focused business model. The risk we have is in Swiss mortgages, in Lombard loans, in stuff that is very low risk," he said.

Persons: Sergio Ermotti, Ermotti Organizations: UBS, Credit Suisse, Swiss, CNBC, Economic Locations: Swiss, Switzerland, Davos, Lombard

☆ UBS CEO: Markets too complacent about rate cuts
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS CEO: Markets too complacent about rate cutsSergio Ermotti, CEO of UBS, outlines the main challenges the Swiss lender faces in 2024, his outlook for central banks and how their communication is creating additional uncertainty.

Persons: Sergio Ermotti Organizations: UBS

☆ UBS CEO says private buyer preferred outcome in case of rescue
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 22 (Reuters) - UBS is one of the world’s safest large institutions, the Swiss bank's CEO said while speaking at a Swiss Risk Association event on Wednesday. "Even in the unlikely event of something going wrong at UBS, we have enough cushion before even speaking about a resolution of the bank and its very unlikely risk of a loss for the taxpayer," Sergio Ermotti said. Would UBS need to be rescued, Ermotti said a private buyer would continue to be preferable. The head of Switzerland's largest bank also advocated for certain regulatory improvements including strengthening the tools for early intervention by supervisors. Reporting by Noele Illien; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Ermotti, Ermotti, Noele, Jonathan Oatis Organizations: UBS, Swiss, Swiss Risk, Thomson Locations: ZURICH, Switzerland

☆ 'Boomerang' CEOs of major companies
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Sam Altman reached an agreement with OpenAI to return as CEO on Wednesday, after a tumultuous few days following his ouster by the company's board. He joins a list of big name "boomerang" chief executives who have made comebacks at a later date. DELL (DELL.N) - MICHAEL DELLMichael Dell founded Dell Inc in 1980s and held the position of CEO until 2004, when he stepped down to serve as chairman. He returned as CEO in 2007 and led the company through the merger with EMC, which resulted in the emergence of Dell Technologies. He returned as CEO in 2023 amid challenges related to UBS's takeover of peer Credit Suisse.

Persons: Sam Altman, OpenAI, Steve Jobs, John Sculley, DELL, MICHAEL DELL Michael Dell, ROBERT IGER Robert Iger, HOWARD SCHULTZ Howard Schultz, JACK DORSEY Jack Dorsey, Evan Williams, Dorsey, SERGIO ERMOTTI Sergio Ermotti, Ralph Hamers, Boleslaw Lasocki, Victor Goury, Milla Nissi, Jane Merriman Organizations: Apple, Dell Inc, EMC, Dell Technologies . DISNEY, NBA, TWITTER, Twitter, UBS, Suisse, Thomson Locations: U.S, Swiss, Laffont, Gdansk

☆ UBS CEO: confident it will win back some of Credit Suisse business
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Nov 16 (Reuters) - UBS (UBSG.S) chief executive Sergio Ermotti voiced optimism on Thursday that the Swiss bank will be able to attract some of the assets that have left Credit Suisse, its former rival it has taken over earlier this year. "I am pretty confident that we will continue to see some good winbacks from assets that left Credit Suisse," Ermotti told a conference organised by the Swiss Finance Institute. He also said he did not expect Credit Suisse's integration to extend beyond 2026. Reporting by Noele Illien Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Sergio Ermotti, Ermotti, Noele, Tomasz Janowski Organizations: Credit Suisse, UBS, REUTERS, Rights, Swiss Finance Institute, Thomson Locations: Zurich Switzerland, Swiss

☆ Biggest test of Credit Suisse rescue yet to come, says UBS
▼ + stars: | 2023-11-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —2024 will be the “pivotal” year in the takeover of Credit Suisse by UBS, with the migration of IT systems presenting huge risks as the two megabanks merge operations across more than 50 countries, UBS CEO Sergio Ermotti said Wednesday. Next year is “probably the most important year in terms of execution” of the deal, he told clients at a UBS (UBS) conference in London. “In a sense, that will allow us to create clarity.”Ermotti was brought back to helm UBS through its takeover of Credit Suisse within days of the government-orchestrated deal being announced in March. Ermotti said Wednesday that Credit Suisse’s keen focus on clients was both a strength and a weakness of the bank’s culture. “The biggest opportunity (is) allowing the people, the clients, and the product and service capability that Credit Suisse brings to be able to flourish within UBS and make UBS stronger,” Ermotti said.

Persons: Sergio Ermotti, Ermotti, —, Morgan Stanley, ”, ” Ermotti Organizations: London CNN, Credit Suisse, UBS, Suisse Locations: London, United States

☆ UBS CEO says mergers can help strengthen Europe's banks
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Nov 15 (Reuters) - UBS CEO Sergio Ermotti said Europe needs stronger banks and that this could be achieved through mergers. "It’s crystal clear that Europe needs to have stronger banks and the way to achieve that is only possible allowing consolidation in the industry," said Ermotti. Reporting By Stefania Spezatti; editing by John O'DonnellOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Ermotti, Stefania Spezatti, John O'Donnell Organizations: UBS, Thomson Locations: FRANKFURT, Europe

☆ UBS boss Ermotti says 'incredible' bond demand is 'a signal to the Swiss banking system'
▼ + stars: | 2023-11-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Sergio Ermotti, CEO of UBS gestures during a panel discussion at the Swiss-American Chamber of Commerce in Zurich, Switzerland January 18, 2019. UBS Group CEO Sergio Ermotti says the "incredible" market demand for the bank's recent issuance of AT1 (additional tier one) bonds is a "signal to the Swiss banking system." The Swiss lender last week began selling the bonds — which were at the heart of controversy during its emergency rescue of Credit Suisse earlier this year — for the first time since the takeover. Ermotti told CNBC on Wednesday that he was "more than encouraged" by the massive oversubscription received for last week's return to the market. "The AT1 demand was incredible — 36 billion euros ($39.1 billion) of demand for what happened to be 3.5 billion [euros] of placements — and in my point of view, it was probably the highlight in a sense of the confidence is restoring not only for UBS, I would say also it is a signal to the Swiss financial system," Ermotti said.

Persons: Sergio Ermotti, Ermotti Organizations: UBS, Swiss, American Chamber of Commerce, Credit Suisse, CNBC Locations: Zurich, Switzerland, Swiss

☆ Sergio Ermotti, UBS CEO, is leading the biggest banking deal in history. Failure is not an option
▼ + stars: | 2023-11-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +11 min

The caller was UBS (UBS) chairman Colm Kelleher. “I was definitely not expecting the phone call,” Ermotti told CNN on the sidelines of a conference in Geneva last month. UBS paid 60% less than the beaten-down value of Credit Suisse shares just before its last-ditch rescue over a weekend. Even if Credit Suisse had none of that painful baggage, the sheer size of the two banks makes the merger an enormous undertaking. “The fact that UBS was asked to be part of the solution (to Credit Suisse), that was the ultimate success,” Ermotti told CNN.

Persons: Sergio Ermotti, Colm Kelleher, Ermotti, ” Ermotti, Anke Reingen, Roger Federer, “, ”, Morgan Stanley, ” Kelleher, Michael Buholzer, it’s, Katrin Koch, Tom Naratil, —, Merrill Lynch, Stefan Wermuth, Oswald Gruebel, ” Christopher Wheeler, Fabrice Coffrini, … Organizations: Switzerland CNN, UBS, Credit Suisse, CNN, Bank of America, JPMorgan, HSBC, RBC Capital Markets, RBC, Ermotti’s, Banca, Citi, UBS —, Bloomberg, New York Times, Getty Locations: Geneva, Switzerland, Swiss, Zurich, Lugano, Singapore, Europe, Middle East, Africa, New York, AFP

☆ UBS CEO: AT1 sale a sign of confidence in Swiss financial system
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 9 (Reuters) - UBS's Chief Executive said the Swiss bank's ability to raise $3.5 billion from the issuance of its first Additional Tier 1 (AT1) bond sale since taking over Credit Suisse was a sign of confidence for UBS and the Swiss financial system. "People are slowly but surely recognising that that event in March was an idiosyncratic event," Sergio Ermotti said speaking at the Bloomberg New Economy Forum in Singapore on Thursday. The shotgun merger between the two banks had seen Credit Suisse's $17 billion of AT1 bonds wiped out. An AT1 rout that followed had raised concern about the future of an asset introduced after the 2008 financial crisis to act as shock absorbers if bank capital levels fell below a certain threshold. "People understand that the AT1 is a very important element of our capital stack and we have the credibility to continue to use it," Ermotti said.

Persons: Sergio Ermotti, Ermotti, Noele Organizations: Credit Suisse, UBS, Bloomberg, Economy, Thomson Locations: ZURICH, Swiss, Singapore

☆ UBS dragged into the red with Credit Suisse takeover
▼ + stars: | 2023-11-07 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

ZURICH, Nov 7 (Reuters) - UBS Group (UBSG.S) posted a $785 million loss in the third quarter after expenses tied to the Swiss bank's takeover of Credit Suisse while signalling that its core wealth business is stabilising. Stripping out the impact of the takeover, UBS made an underlying profit of $844 million. With the takeover, UBS now oversees more than $5 trillion in assets. It has been working to recover from the exodus of client funds from Credit Suisse with above-market rates on deposits. It also continued to cut staff, which accounted for a big chunk of the more than 2 billion Swiss francs ($2.22 billion) of costs related to integration.

Persons: Sergio Ermotti, Goldman Sachs, Colm Kelleher, Noele Illien, John O'Donnell, Christopher Cushing Organizations: UBS, Credit Suisse, Goldman, Thomson Locations: ZURICH, Swiss, Switzerland, Zurich

☆ UBS faces a long wait for M&A share-price boost
▼ + stars: | 2023-11-07 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

But investors in his bank UBS (UBSG.S) still seem relatively cool on his Credit Suisse acquisition. Ermotti has reversed the client exodus that ultimately sank Credit Suisse. Yet there’s much to do before investors give UBS credit for that rosier future. Bloomberg reported in September that the U.S. Department of Justice had stepped up a probe into Credit Suisse and UBS over suspected Russian compliance failures. The group also booked a $2 billion expense related to the cost of integrating Credit Suisse, which it bought earlier this year.

Persons: Sergio Ermotti, Ermotti, Ermotti reckons, UBS’s, there’s, Neil Unmack, Streisand Neto Organizations: Reuters, UBS, Credit Suisse, Analysts, Bloomberg, U.S . Department of Justice, Reuters Graphics Reuters, Alpha, Suisse, Thomson

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