UBS Bank

Swiss bank UBS downgraded GQG's stock rating from 'buy' to 'neutral' on Monday and reduced its price target from A$3.30 to A$2.30

The bank will begin migrating clients booked in Luxembourg and Hong Kong in the coming weeks, and Singapore slightly later, and other countries would follow later in 2024 and next year

The net profit of $1.1 billion for the April-June period beat the $528 million forecast in a company-provided poll

Investors warmed to the takeover, by this summer pushing up the value of UBS's shares by more than two-thirds since it bought Credit Suisse in March 2023

UBS in a note on the company said that it expects Indigo's market share gains in international travel to continue, further aided by A321 XLRs and A350s in the medium to long term

UBS, which acquired its former rival Credit Suisse last year after the bank's collapse, had previously indicated the two units would be combined

The group's wealth management arm reported $27 billion in net new assets for the first quarter of the year, compared to $22 billion for the three months prior

From acquisitions & mergers to resignations 2023 has been a year of significant milestones in the global corporate world. Here is a recap on all the major event that unfolded in 2023

The losses from the loan portfolios won't affect UBS's third-quarter results because the impact was previously taken into account, according to Andreas Venditti, an analyst

Swiss bank UBS announced Thursday plans to save USD 10 billion in costs as it moves ahead with full integration of longtime rival Credit Suisse's domestic operations, as UBS released its first earnings report since the government-orchestrated merger to help stave off a possible global financial meltdown. The announcement came as the Zurich-based bank reported a whopping USD 29 billion in pre-tax profit in the second quarter. But underlying profit before taxes came in at USD 1.1 billion, which excludes some USD 29 billion in negative goodwill, integration costs and other impacts of the Credit Suisse takeover. In a separate statement, Credit Suisse, calling itself a UBS subsidiary following the completion of the deal on June 12, announced a loss of 8.9 billion Swiss francs (USD 10.1 billion) as it wrapped up its accounting for all of 2023. UBS appeared to make no mention of one of the major outstanding questions: how many of Credit Suisse's 50,000 employees would be kept on. But it

The bank intends to either wind-down or sell off the majority of Credit Suisse's more complex and higher-risk structured loans in APAC, people familiar with the matter said

Shareholders of Credit Suisse will receive one UBS share for every 22.8 outstanding shares held. All of Credit Suisse's outstanding debt securities will become obligations of UBS

The Swiss bank lost more than 200 billion francs of customer deposits over a six-month period, culminating in several frantic days in March before the government-orchestrated sale

A Bloomberg index of contingent convertible bonds has risen 10 per cent from the lows seen during the Credit Suisse crisis

After years of scandal and losses, Credit Suisse came to the brink of collapse before UBS rode to the rescue with a merger engineered and bankrolled by the Swiss authorities

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

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 and led a turnaround following the 2008 global financial crisis, 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, who is now chairman of insurer Swiss Re, 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, USD 3.25 billion deal for Credit Suisse aimed to stem the upheaval in the global financial system after the collapse of two US banks and jitters about long-running troubles at Credit Suisse led shares

Deutsche Bank shares fell for a third day, dropping more than 12 per cent after a sharp jump in the cost of insuring its bonds against the risk of default

UBS is buying the bonds at the price at which they were sold rather than at market prices, which compensates investors after the sell-off earlier this week

Catch all latest news updates from across the globe here