News | Latest Breaking News Stories & Headlines

UBS CEO says against reducing bank's size

UBS chief executive Sergio Ermotti said today he did not plan to reduce the bank's size amid pressure from Swiss regulators to boost its resilience following its emergency takeover of Credit Suisse.

Business • 05 Sep

UBS second-quarter profit doubles to $2.4 billion

UBS's second-quarter profit more than doubled from a year earlier, comfortably ahead of expectations, as it joined other major banks in making the most of a surge in trading activity amid market turmoil.

Business • 30 Jul

Julius Baer's H1 profit falls 35% on loan provisions

Swiss bank Julius Baer posted a first-half profit of 295 million francs ($370m), down 35% year-on-year, pressured by loan loss provisions and a charge related to the sale of its Brazilian wealth management unit.

Business • 22 Jul

Credit Suisse collapsed in March 2023 and was taken over by its longstanding rival UBS in an operation orchestrated by Swiss authorities

Swiss court rules Credit Suisse bonus cuts were unlawful

A top Swiss court has ruled that the Swiss government's reductions and cancellations of bonus payments to former executives of Credit Suisse after the bank failed in 2023 were unlawful, according to the ruling published last night.

Business • 14 May

UBS has warned of an uncertain outlook as US tariffs raise global growth fears even as the market tumult drove up earnings in its trading activity

UBS profit tops forecasts but tariffs shock cloud outlook

UBS has today posted better than expected first-quarter net profit, but the Swiss bank warned of an uncertain outlook as US tariffs raise global growth fears even as the market tumult drove up earnings in its trading activity.

Business • 30 Apr

UBS fourth quarter profit beats expectations

UBS Group has posted fourth-quarter profit that beat forecasts by a wide margin and said it would buy back up to $3 billion in shares this year if there were no major changes to bank capital rules in Switzerland in the near term.

Business • 04 Feb

UBS boss warns against excessive banking regulation

Switzerland should not set rules for its banking sector that put it at a disadvantage, UBS CEO Sergio Ermotti was quoted as saying today, as the country prepares to overhaul regulation following his bank's takeover of Credit Suisse.

Business • 30 Dec 24

UBS said its group Q3 total revenue came in at $12.3 billion, ahead of a consensus figure of $11.5 billion

UBS posts robust third-quarter profit, double forecasts

UBS Group has today posted third-quarter profit that was almost double expectations, reducing costs and boosting revenues and said it had completed the first wave of client migrations from Credit Suisse since acquiring its old rival last year.

Business • 30 Oct 24

Switzerland's financial regulator last month ruled that the takeover deal did not create any competition concerns

UBS completes merger of Swiss business with Credit Suisse

Swiss bank UBS has has completed the merger of its domestic unit with Credit Suisse's operations in its home market, the bank said today, adding that the head of the Credit Suisse business was leaving the bank.

Business • 01 Jul 24

Switzerland's financial regulator has ruled that the UBS takeover of Credit Suisse did not create any competition concerns

Swiss regulator rules out UBS competition action

Switzerland's financial regulator has today ruled that the UBS takeover of Credit Suisse did not create any competition concerns, despite recommendations from the country's antitrust watchdog that it merited further scrutiny.

Business • 19 Jun 24

UBS said its turnover increased by 46% to $12.7 billion in the first quarter of this year

UBS back in profit in Q1 after two quarters in the red

UBS has today reported net income for January-March that was nearly triple estimates as the bank logged its first quarterly profit since taking over fallen rival Credit Suisse.

Business • 07 May 24

The Swiss government-backed takeover by UBS of Credit Suisse last year was the biggest merger of banks of systemic importance since the 2007-9 financial crisis

UBS to face tougher rules due to Credit Suisse rescue

Switzerland's government said today that UBS and three other systemically relevant banks must face tougher capital requirements to shield the country's wider economy, a year after the rescue of Credit Suisse.

Business • 10 Apr 24

The Swiss government this month will publish its recommendations for policing banks that are "too big to fail", which could see tougher business rules for UBS

UBS near Switzerland's 'too big to fail' reckoning

Since UBS rescued its stricken rival Credit Suisse a year ago, it has been waiting to hear how authorities will protect Switzerland from the risk of the country's only remaining big bank also imploding. It is about to find out.

Business • 08 Apr 24

UBS is planning a new share buyback programme of up to $2 billion

UBS launches new $2 billion share buyback

UBS has today announced it was launching a new share buyback programme of up to $2 billion, with up to half being completed in 2024.

Business • 02 Apr 24

UBS CEO Sergio Ermotti earned $15.9m last year

UBS CEO Ermotti had pay package of $16m last year

UBS chief executive Sergio Ermotti earned 14.4 million Swiss francs ($15.90m) in 2023, making him the best paid European bank boss last year.

Business • 28 Mar 24

UBS currently had about 190 branches across Switzerland and Credit Suisse has 95

85 Swiss branches of UBS and Credit Suisse to shut

UBS will close 85 branches in Switzerland of its combined operations with Credit Suisse by 2025 as part of its consolidation of its former rival, Swiss media reported today.

Business • 08 Mar 24

UBS Group emerged as Switzerland's one and only global bank, after a state-backed rescue of its smaller peer Credit Suisse last year

Global watchdog tells Switzerland to bolster controls

Switzerland must strengthen its banking controls, a global financial watchdog said today, highlighting the risk a failure of UBS would pose to the country in the starkest warning yet of the perils from its takeover of Credit Suisse.

Business • 29 Feb 24

UBS's balance sheet has expanded to be worth more more than $1.6 trillion, nearly twice the size of Switzerland's economy

UBS flags up to $1 billion in share buybacks

UBS said today it had completed the first phase of integrating fallen rival Credit Suisse, was benefiting from net new asset flows and plans to restart share buybacks in the second half of the year, with up to $1 billion slated for 2024.

Business • 06 Feb 24

Sergio Ermotti, CEO of Swiss bank UBS, speaking at Davos today

UBS CEO dismisses criticism of bank's balance sheet

UBS chief executive Sergio Ermotti dismissed critics' warning about the size of his bank's balance sheet today, arguing that the bank's rescue of Credit Suisse had created a larger but also stronger lender.

Business • 17 Jan 24

UBS reports Q3 loss amid integration expenses

UBS Group has today posted a $785m 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.

Business • 07 Nov 23

UBS has identified Ireland, India, South Korea and Saudi Arabia as 'slow jurisdictions' in granting licences for its Credit Suisse deal

UBS names Ireland, India as 'slow' to clear CS deal

UBS Group said it had identified at least four countries including Ireland and India as "slow" in granting regulatory approvals which it needs to complete its takeover of Credit Suisse, according to an internal document reviewed by Reuters.

Business • 19 Sep 23

UBS shares have gained some 30% since the takeover of Credit Suisse was announced and are hovering around their highest levels in 15 years.

UBS to absorb Credit Suisse's domestic bank

UBS Group plans to cut 3,000 jobs in Switzerland in the next couple of years, as it offered the first glimpse of how it plans to achieve more than $10 billion in cost savings after taking over Credit Suisse.

Business • 31 Aug 23

UBS to give first glimpse of new group after CS deal

UBS will publish its first earnings report on August 31 since a hastily arranged takeover of its Swiss rival Credit Suisse, shedding new light on the deal's impact and the inner workings of the new banking giant.

Business • 29 Aug 23

Analysts suggest that UBS might be looking at cutting about a third of the combined group's global workforce, or up to 35,000 jobs

Winners & losers as Switzerland absorbs bank layoffs

Switzerland's financial capital is bracing itself for the biggest wave of job losses in over a decade following Credit Suisse's collapse earlier this year.

Business • 03 Aug 23

Credit Suisse's collapse has the potential to be a major accelerator for Julius Baer over the next two to three years, analysts say

Julius Baer reports 18% half year net profit rise

Swiss private bank Julius Baer has today reported an 18% increase in net profit for the first half of 2023 as it said it also increased its assets under management and attracted more money from rich clients.

Business • 24 Jul 23

Swiss banks