Swiss market regulator FINMA said on Wednesday it would appeal a ruling by a Swiss court that revoked a decree by the financial watchdog ordering the write-off of Credit Suisse debt during the bank's ... ...

By Dave Graham, John Revill and Oliver Hirt ZURICH (Reuters) -Writing off 16.5 billion Swiss francs ($20.53 billion) in Credit Suisse bonds was unlawful, a Swiss court ruled on Tuesday, boosting bondholders' hopes of recouping losses and raising fresh questions about how authorities handled the bank's rescue. Swiss market regulator FINMA's decision in March 2023 to wipe out Credit Suisse's Additional Tier 1 (AT1) bonds during the state-engineered takeover by its rival UBS triggered an investor backlash a ...

智通财经APP获悉，一项瑞士法院的重要裁决，为那些在瑞士银行业巨头瑞银集团(UBS Group AG)以政 府撮合的大型收购交易救助瑞信(Credit Suisse)时其投资被清零的瑞信债券长期持有人带来了新的希望。 原告方约3,000名投资者主张，2023年3月作出的将165亿瑞士法郎(大约205亿美元)额外一级资本(AT1)债 券减记的政令违法，应予撤销，并应将该减记予以恢复确认。 瑞士联邦行政法院于10月1日就其中一宗作为"测试案件"的诉讼作出裁决，并在周二发布的公告中表 示，法院支持上述原告的上诉权并支持撤销该政令。 但是法院表示，其尚未就"全面恢复"请求作出正式决定，且在关于撤销政令的决定最终生效之前，其他 的案件现在暂停审理。这意味着任何实际赔偿可能需要数年时间。 关于瑞银最终需要持有多少额外资本以及关于AT1债券的索赔诉讼，一直在某种程度上压制着瑞银股 价。投资者们普遍担心该行的派息可能因此受损，但即便如此，在美股交易市场，瑞银ADR价格今年 以来涨超35%大幅跑赢标普500指数。自今年以来，瑞银美股ADR可谓屡创历史新高，若关于CET1与 AT1的不确定性有所降温，瑞银股价表现或将更加强劲。 ...

By Dave Graham, John Revill and Kirsti Knolle ZURICH (Reuters) -Swiss authorities' 2023 decision to write off 16.5 billion Swiss francs ($20.53 billion) in Credit Suisse bonds was unlawful, a court said on Tuesday, raising fresh questions about how the bank's rescue and subsequent takeover by UBS was handled. The March 2023 decision by market regulator FINMA to wipe out Credit Suisse's Additional Tier 1 (AT1) bonds during the state-engineered takeover by its old rival UBS triggered an investor backlash a ...

The Swiss government and the country's financial market regulator on Tuesday both said they would analyse a court's partial decision that the write-off of Credit Suisse AT1 debt as part of the bank's ... ...

Core Points - UBS is suing a $1.1 billion advisory team that left for RBC, alleging they are breaching non-solicitation agreements [1][2] - The advisors are accused of orchestrating a scheme to unlawfully solicit UBS's most lucrative clients, particularly those with high asset values [2][5] - UBS claims the advisors signed non-solicitation agreements that cover virtually all of their UBS clients, with restrictions lasting until the end of 2027 [4] Summary by Sections - **Legal Action**: UBS filed for a temporary restraining order against advisors Jonathan Modiano, Adam Jones, and Mark Steinberg in Michigan federal court [1] - **Client Solicitation Allegations**: UBS alleges that the advisors planned their resignations to facilitate the removal of physical documents and have been soliciting legacy clients to transfer their accounts to RBC [2][5] - **Background of Advisors**: Modiano and Jones have been with UBS since 2003 and 2011, respectively, while Steinberg registered in 2000 and previously worked at Merrill Lynch [2] - **Legacy Client Program**: The advisors were part of a program allowing them to inherit clients from retiring advisors, receiving payments based on revenues from these accounts for five years post-retirement [3] - **Non-Solicitation Agreements**: UBS states that the advisors signed agreements restricting solicitation of clients and UBS employees, with time frames ranging from one year post-employment to the end of 2027 [4] - **Resignation Details**: The advisors allegedly resigned en masse on September 25, using identical notices and immediately began working for RBC [5] - **Post-Resignation Activity**: UBS claims to have received multiple calls from clients requesting materials to transfer assets shortly after the advisors' resignations, including a significant transfer request for a legacy account trust worth over $270 million [6]

ab 8 October 2025 Global Research Japan Economic Presentation Japan Economic Outlook 2025-2027: Is this really a big change? Economics Japan Masamichi Adachi Economist masamichi.adachi@ubs.com +81-3-5208 6214 This report has been prepared by UBS Securities Japan Co., Ltd.. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 51. Key message (as of October 8, 2025) Next 6 months US and Japanese economy to slow with the US ta ...

Core Viewpoint - UBS Wealth Management emphasizes the importance of being a "super connector" between Chinese and global entrepreneurs, leveraging its extensive experience and network to facilitate wealth management and investment opportunities [1][4]. Group 1: Wealth Management Strategy - UBS has over 160 years of history, focusing on wealth management, which accounts for over 50% of its total revenue [3]. - The firm adopts a "banking integration" strategy, where it first establishes long-term relationships with entrepreneurs, then extends services to investment banking and asset management as their needs grow [3][4]. - UBS has been active in the Chinese market for over 35 years, with a strong presence in Hong Kong and the broader Asia-Pacific region for over 60 years [3]. Group 2: Family Wealth Management - Many overseas families view family offices as a "school" for nurturing the next generation, with younger family members increasingly interested in entrepreneurship rather than traditional family businesses [6]. - Family offices are also seen as platforms for social impact, with younger generations preferring to invest in socially valuable projects rather than merely donating [6]. - The core demand from high-net-worth clients in China is shifting towards stability and diversification, with a growing interest in alternative investments such as private equity and hedge funds [6]. Group 3: Opportunities in the Greater Bay Area - UBS manages one-third of its assets in the Greater Bay Area, highlighting its significance to the firm [8]. - The number of trips between Hong Kong and cities in the Greater Bay Area has increased by 25% compared to last year, with related meetings rising by over 20% [8]. - The firm plans to relocate its Hong Kong office to a more efficient location by the end of 2026, enhancing its service capabilities for clients in the Greater Bay Area [9].

Core Insights - UBS Wealth Management emphasizes the importance of being a "super connector" between Chinese and global entrepreneurs, leveraging its extensive experience and network to facilitate wealth management and investment opportunities [2][7]. Group 1: Wealth Management Strategy - UBS has over 160 years of history, focusing on wealth management, which constitutes over 50% of its total revenue [6]. - The firm adopts a "banking integration" strategy, where it first establishes long-term relationships with entrepreneurs, then extends services to investment banking and asset management as their needs evolve [6][7]. - UBS has been active in the Chinese market for over 35 years, with a strong presence in Hong Kong and the broader Asia-Pacific region [6]. Group 2: Family Wealth Management - Many overseas families view family offices as a "school" for nurturing the next generation, with younger family members increasingly interested in entrepreneurship rather than traditional family businesses [9]. - Family offices are also seen as platforms for social impact, with younger generations preferring to invest in projects that create social value rather than merely donating [9]. - Current high-net-worth clients in China are maturing and becoming more rational, focusing on "stability" and diversifying investments into alternatives like private equity and hedge funds [9]. Group 3: Opportunities in the Greater Bay Area - UBS manages one-third of its assets in the Greater Bay Area, highlighting its significance to the firm [11]. - The number of trips between Hong Kong and cities in the Greater Bay Area has increased by 25% compared to last year, with related meetings up by over 20% [12]. - UBS plans to relocate its Hong Kong office to a more strategic location by the end of 2026, enhancing its ability to serve clients in the Greater Bay Area [12].

本周五，全球金融市场走势动荡，股市、大宗商品、原油甚至加密货币都出现大跌，唯有黄金价格保持 坚挺。 冲上4000美元每盎司后，金价还有多少上涨空间?智通财经APP获悉，瑞银近期发布一份研究报告指 出，今年以来黄金价格累计涨幅已超 50%，尽管短期波动或有所加大，但多重核心支撑因素下，金价 涨势尚未终结。瑞银预计未来数月金价将升至4200美元/盎司，并维持黄金 "有吸引力"的战略评级。 多重宏观因素为黄金注入动能 瑞银预计未来数月金价将升至4200美元/盎司，并维持黄金 "有吸引力"的战略评级。 瑞银认为，此次金价突破关键关口，并非孤立行情，而是多重宏观变量共振的结果： 美国政府停摆与财政担忧：持续的美国政府停摆为黄金交易注入新动能，市场对美国财政稳定性的担忧 升温;同时，日本、法国近期政治领导层变动引发两国财政前景不确定性，进一步推升避险需求。 美联储降息周期与美元长期价值担忧：美国重启降息周期，叠加市场对美元长期购买力的疑虑，成为黄 金的重要支撑。瑞银分析指出，持有黄金的 "机会成本"—— 美国实际利率(名义利率减去通胀)已降至 2022 年中以来最低水平，且仍有进一步下行至负区间的可能，这将持续削弱美元吸 ...