Skip to content
Market Spectator

Market Spectator

Primary Menu
  • Business
  • Domestic
  • Economy
  • Politics
  • Top News
  • Newsletters
Live
  • Home
  • 2024
  • March
  • 18
  • Swiss bank UBS targets US deals, says chairman
  • Business

Swiss bank UBS targets US deals, says chairman

Market Spectator March 18, 2024
Global Financial Leaders' Investment Summit, in Hong Kong

Global Financial Leaders' Investment Summit, in Hong Kong

ZURICH (Reuters) – Swiss banking giant UBS will look for merger and acquisitions opportunities in the United States in the years to come, its chairman told the NZZ newspaper on Sunday.

UBS, which took over former rival Credit Suisse last June, wants to expand its U.S. wealth-management business through potential M&A in three or four years, Colm Kelleher said.

“Only in wealth management and not yet,” he added.

Since rescuing Credit Suisse, UBS has faced criticism over a $1.6 trillion-plus balance sheet that is nearly twice the size of the Swiss economy and has prompted the country to review its regulation of systemically important banks.

Kelleher, however, pushed back against calls for UBS to be subject to higher capital requirements.

“If you have too much capital, you penalise the shareholders, but also the customers because banking services become more expensive,” he told NZZ.

The first merger of two systemically important global banking groups also resulted in the return of former boss Sergio Ermotti for a second stint at the helm.

Kelleher said Ermotti is the right person for the “Herculean task” of integrating Credit Suisse, adding that he would like Ermotti’s successor to be someone from within UBS.

(This story has been corrected to show M&A is envisaged in three or four years’ time, not over the next three or four years, in paragraphs 1 and 2)

(Reporting by Noele Illien; Editing by David Goodman)

tagreuters.com2024binary_LYNXNPEK2G03F-VIEWIMAGE

Continue Reading

Previous: Putin wins Russia election in landslide with no serious competition
Next: Berkshire Hathaway speeds up stock buybacks

Related Stories

2025-01-03T141432Z_1_LYNXMPEL020G8_RTROPTP_4_PERNOD-RICARD-INDIA-RAJASTHAN
  • Business

European drinks group skid after US surgeon general calls for cancer warnings

Market Spectator January 3, 2025
2024-12-11T214504Z_1_LYNXMPEKBA10D_RTROPTP_4_REUTERS-NEXT-GOLDMAN-SACHS-CEO
  • Business

AI a productivity boost to banks but making money from it is a challenge

Market Spectator December 11, 2024
2024-12-11T212535Z_1_LYNXMPEKBA102_RTROPTP_4_ADOBE-RESULTS
  • Business

Adobe forecasts fiscal 2025 revenue below estimates on slower subscription spending

Market Spectator December 11, 2024

Live Market Pulse

The charting technology is provided by TradingView. Learn how to use theTradingView Stock Screener.

Categories

  • Business
  • Domestic
  • Economy
  • Politics
  • Top News
  • Uncategorized

Recent Posts

  • European drinks group skid after US surgeon general calls for cancer warnings
  • AI a productivity boost to banks but making money from it is a challenge
  • Adobe forecasts fiscal 2025 revenue below estimates on slower subscription spending
  • Microsoft expects $800 million impairment charge in Q2 2025 over General Motors’ Cruise exit
  • Stunning rally in Big Tech drives Nasdaq to 20,000

You may have missed

2025-01-03T141432Z_1_LYNXMPEL020G8_RTROPTP_4_PERNOD-RICARD-INDIA-RAJASTHAN
  • Business

European drinks group skid after US surgeon general calls for cancer warnings

Market Spectator January 3, 2025
2024-12-11T214504Z_1_LYNXMPEKBA10D_RTROPTP_4_REUTERS-NEXT-GOLDMAN-SACHS-CEO
  • Business

AI a productivity boost to banks but making money from it is a challenge

Market Spectator December 11, 2024
2024-12-11T212535Z_1_LYNXMPEKBA102_RTROPTP_4_ADOBE-RESULTS
  • Business

Adobe forecasts fiscal 2025 revenue below estimates on slower subscription spending

Market Spectator December 11, 2024
2024-12-11T213952Z_1_LYNXMPEKBA109_RTROPTP_4_TECH-ANTIRUST-MICROSOFT
  • Business

Microsoft expects $800 million impairment charge in Q2 2025 over General Motors’ Cruise exit

Market Spectator December 11, 2024
  • Home
  • Terms of Service
  • Privacy Policy
  • Disclaimer
  • Contact Us
Copyright 2025 © All rights reserved | Market Spectator | marketspectator.com