UBS Stock Recent News

South Korea's financial authorities have notified Credit Suisse AG it could face 50 billion won ($36.32 million) in fines over allegations it breached short-selling rules, South Korea's Chosun Ilbo daily reported on Thursday, citing industry sources.

A new lawsuit by U.S. hedge fund Appaloosa LP accuses the former Credit Suisse of misleading investors about its health before $17 billion of its bonds were written down to zero in a government-orchestrated rescue by Swiss rival UBS.

UBS has thrown a bone to metallurgical coal producers, suggesting prices should hold up over the next twelve months as Indian steel production ramps up, China demand recovers and restocking kicks in. Supply growth is expected to be modest, with recent sanctions on Russian producers to impact trade flows and new investment in growth and depletion-replacement challenging.

Norway's sovereign wealth fund has backed UBS' plan to make its Additional Tier 1 (AT1) bonds, a form of debt, more appealing to investors by protecting them from a wipeout, and also signed off on UBS CEO Sergio Ermotti's pay package.

UBS Chief Investment US Equity Strategist Jonathan Golub downgraded the "Big Six" tech stocks - Amazon (AMZN), Apple (AAPL), Alphabet (GOOG, GOOGL), Nvidia (NVDA), Meta (META), Microsoft (MSFT) — from Overweight to Neutral citing "difficult comps and cyclical forces weighing on these stocks." In addition, Golub claims that the monumental earnings that catapulted these companies are "collapsing.

UBS Group (UBS) plans to cut jobs in five separate waves, starting June 2024, to save costs. The other waves are set to take place in the months of August, September, October and November.

Gerry Fowler, UBS's head of European equity strategy, says small-cap stock performance looks set to improve as central bank interest rate cuts play out.

Analysts say there could be room for both UBS and its smaller rivals to grow.

Warnings that a sharp decline in interest rates will lead to a potential fall in UK bulk annuity volumes are overdone, suggests UBS, which expects Legal & General to be a major beneficiary of the continuing trend. UK bulk annuity volumes hit historic levels in 2023 at £49.1bn according to actuarial consultancy LCP.

Layoffs under Swiss banking giant UBS's cost-cutting programme announced after its takeover of Credit Suisse will take place in five waves this year starting in June, newspaper SonntagsZeitung reported on Sunday.