UBS

UBS released numbers for the third quarter that investors and analysts judged somewhat disappointing; the stock fell 0.6 percent. Analysts point to weak operating trends in global wealth management and an uninspiring outlook, which limits the chances of upgrades. The bank is also examining a possible relocation of its domicile abroad or a merger because of planned tougher capital requirements. » Mais em finanzen.net

UBS reported an 8% profit increase for the third quarter (USD 2.7bn) and a pre-tax profit before restructuring charges of USD 4.1bn, while revenues rose 5% to USD 13.35bn. Despite net new money inflows into global wealth management of USD 55.1bn, assets under management remained stable at around USD 7.3 trillion, with net outflows in the fund business of USD 5.1bn. UBS raised planned cost savings by year-end to USD 13.7bn but remains cautious given macroeconomic and geopolitical risks; the share fell nearly 3%. » Mais em finanzen.net

UBS CEO Sergio Ermotti spoke before the National Council committee (WAK-N) on the planned increase in capital coverage for foreign subsidiaries. The government, SNB and FINMA are pushing for 100 percent hard own funds, while the Council of States supports 90 percent; UBS favoured 50 percent hard own funds plus AT1 instruments and sees a 90 percent solution as a competitive disadvantage. In the WAK-N, alternatives such as 75 percent are being discussed; the committee is expected to decide in November. UBS shares rose slightly in Swiss trading. » Mais em finanzen.net

The Swiss Bank Employees Association warns that if UBS were to leave Switzerland due to tighter capital rules, 10,000 to 12,000 of around 34,000 jobs in its home market could disappear. The association is urging parliamentarians to reach a viable compromise, while UBS chairman Colm Kelleher has already announced a careful review process about the future of the site. Insiders say UBS is working on contingency plans for relocating its headquarters or a merger, but the bank rejects the cited figures and still expects around 3,000 job cuts as a result of the Credit-Suisse takeover. » Mais em faz.net

The Swiss Bank Employees’ Association (SBPV) warns that up to 12,000 of roughly 34,000 UBS positions in Switzerland could be lost if tougher capital rules force the bank to relocate, sell or merge. The warning follows planned stricter regulations after the collapse of Credit Suisse; management is reportedly examining contingency plans to move the group’s headquarters. UBS stresses its commitment to the location and currently expects about 3,000 job adjustments from the Credit Suisse takeover, to be implemented over several years. » Mais em n-tv.de