UBS Group AG (UBS) sued Bank of America (BAC) yesterday for $200 million. The lawsuit, filed in a New York state court in Manhattan, alleged that the latter refused to cover the legal costs associated with risky mortgages issued before the 2008 financial crisis, per the Reuters report.The Swiss bank packaged mortgages from Countrywide Financial, which was acquired by Bank of America in 2008, into securities. The bank stated that Countrywide agreed to indemnify it against any claims that the mortgages were i ...

UBS analysts raised their price targets on Meta Platforms (NASDAQ:META) stock to $635 per share, reaffirming their “buy” rating on the back of stellar second-quarter earnings.Meta earned $13.46 billion, $5.16 per share, on revenue of $39 billion during the quarter ending in June. The company reported after the market closed yesterday. Earnings were up 73%, and revenue was up 22% from a year ago. All the numbers beat analyst estimates.META stock was trading early today at $502 per share, up about $30 or 6% o ...

Last week, UBS (NYSE:UBS) raised its year-end price target for the S&P 500 to 5,900, attributing the increase to a conducive environment for U.S. equities. The Swiss investment bank also introduced a mid-2025 forecast for the index, setting the target at 6,200, signaling confidence in the market’s future performance.The upgraded targets hinge on several pivotal factors, including robust earnings growth, the trend of disinflation, the prospect of interest rate reductions by the Federal Reserve, and a signifi ...

After Tesla (NASDAQ:TSLA) released its second-quarter results, which disappointed Wall Street, Swiss bank UBS reiterated its "sell" rating and $197 price target on Tesla stock. UBS' price target is about 10% below the stock's current level. TSLA stock is down about 11% this morning. Why UBS Is So Bearish on Tesla Stock According to UBS analyst Joseph Spak, Tesla's valuation is very high because investors believe that its initiatives in autonomy and artificial intelligence (AI) will bear great fruit in the f ...

Gold prices have surged in 2024 and judging by the latest analyst commentary, this trend is unlikely to stop anytime soon. UBS (NYSE:UBS) updated its gold price forecasts recently, raising its expectations for the precious metal’s future performance. The bank’s Chief Investment Officer (CIO) now anticipates gold to reach $2,500 per ounce by the end of September, up from the previous forecast of $2,400. Moreover, the year-end projection for 2024 has been increased to $2,600 per ounce from $2,500, with the sa ...

WATERTOWN, Mass., July 09, 2024 (GLOBE NEWSWIRE) -- Kymera Therapeutics, Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company advancing a new class of small molecule medicines using targeted protein degradation (TPD), today announced that the Company will participate in a fireside chat at the UBS Virtual TPD Day on July 15, 2024, at 1:00 p.m. ET. A live webcast of the presentation will be available under “News and Events” in the Investors section of the Company’s website at www.kymeratx.com. A re ...

BOSTON, July 08, 2024 (GLOBE NEWSWIRE) -- Monte Rosa Therapeutics, Inc. (Nasdaq: GLUE), a clinical-stage biotechnology company developing novel molecular glue degrader (MGD)-based medicines, today announced that Markus Warmuth, M.D., Chief Executive Officer, will participate in a fireside chat at the virtual UBS Targeted Protein Degradation Day on Monday, July 15, 2024, at 3:30 p.m. ET. A webcast of the presentation will be accessible via the “Events & Presentations” section of Monte Rosa’s website at ir.mo ...

UBS Group AG (UBS) marks an important milestone in the integration of UBS and Credit Suisse by completing the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG. This merger aligns with UBS' growth strategy to strengthen its market presence in competitive regions.Following this merger, Credit Suisse (Schweiz) AG has been deregistered from the Commercial Register of the Canton of Zurich and no longer exists as a separate business. Consequently, UBS Switzerland AG now owns all the rights and obligati ...

Group 1: UBS Group AG Developments - UBS Group AG is re-aligning its wealth-management business to enhance offerings for ultra-rich clients, with a new division called GWM Solutions set to launch on July 1, 2024 [1] - GWM Solutions will consolidate various products, including investment management, lending, family and institutional wealth management, and alternative investments, managed by Yves-Alain Sommerhalder [1] - UBS is also establishing a unit named Unified Global Alternatives to integrate alternative asset-management products with its wealth business [2] Group 2: Financial Performance and Restructuring - Wealth management constitutes over 50% of UBS Group's total revenues, highlighting its significance as the bank's flagship business [2] - UBS plans to release over $6 billion of capital by the end of 2026 by winding down non-core and legacy portfolios, aiming for gross cost reductions of approximately $13 billion compared to 2022 levels [2] - UBS shares have decreased by 4.7% on the NYSE over the past six months, contrasting with the industry's growth of 0.8% [4] Group 3: Industry Trends - Other banks, such as AssetMark Financial Holdings Inc. and Citizens Financial Group, are also restructuring their wealth management businesses to attract high-net-worth clients [5][6] - AssetMark is acquiring approximately $12 billion in assets from Morningstar Wealth as part of a strategic coalition, expected to close in the second half of 2024 [5] - Citizens Financial Group is focusing on growth in wealth management offerings and enhancing capabilities in the high-net-worth segment [6]

UBS Group AG (UBS) is asking the Swiss authorities to clarify how much additional the bank will need to hold in capital buffers after acquiring Credit Suisse. Investors are concerned that the negotiations could be delayed for months.The sources stated that some top executives at the bank had been relieved by the government's 'too-big-to-fail' recommendations released in April, which were unexpectedly flexible and modest following Credit Suisse's collapse.Concerns have been raised, nevertheless, after Stefan ...