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UBS is implementing a new monitoring tool to track employee office attendance, requiring staff to be present three days a week. This has raised concerns about potential impacts on bonuses and job security, especially amid anticipated job cuts following the Credit Suisse takeover. Employees report difficulties in securing workspaces and express uncertainty regarding compliance with the new attendance targets.
UBS is implementing stricter office attendance rules, requiring employees to be in the office at least three days a week, which has raised concerns about potential impacts on bonuses. A new digital dashboard monitors compliance, leading to anxiety among staff regarding their performance assessments. As job cuts loom following the Credit Suisse takeover, uncertainty within the workforce is growing.
UBS reported a pre-tax profit of $2.6 billion in Q1 2025, benefiting from increased trading activity amid market turbulence, despite a slight decline from the previous year. The bank's wealth management division saw net new money of $32 billion, while integration costs from the Credit Suisse acquisition continue to weigh on performance. UBS shares have fallen 12% this year, attributed to concerns over future capital requirements as the government considers tightening regulations for large banks.
Deutsche Bank has revised its price target for Builders FirstSource, Inc. to $129 from $151. The company specializes in manufacturing and marketing building materials for the home building sector, with net sales primarily derived from prefabricated products, lumber, specialized materials, and manufactured products, all within the U.S. market.
Deutsche Bank has revised its price target for Airbnb, Inc. to $112 from $122. The company operates an online platform for short-term housing rentals, allowing individuals and accommodation providers to list various types of properties. Geographically, its net sales are distributed as follows: North America (50.1%), Europe/Middle East/Africa (34.8%), Latin America (7.7%), and Asia/Pacific (7.4%).
Numis has reported a loss of £900,000 as it continues the integration process with Deutsche Bank. The financial challenges highlight the complexities involved in merging operations and aligning strategies between the two institutions.
Deutsche Bank has announced potential stabilization actions for LHMC Finco 2 S.à r.l.’s EUR 550 million Senior Secured PIK Toggle Notes due 2030, following its role as Stabilisation Manager. These measures, aimed at supporting market prices post-issuance, may begin today and continue until May 29, 2025, in compliance with EU regulations. The securities are targeted at investors outside the UK and have not been registered under the U.S. Securities Act of 1933.
The Bank of England (BoE) is expected to cut interest rates by 25 basis points to 4.25% at its upcoming meeting, with a majority vote of 8-1. Analysts from BofA and Deutsche Bank predict further rate cuts throughout the year due to economic pressures, including the impact of tariffs on growth forecasts.Both firms anticipate significant revisions to growth and inflation projections, with BofA expecting a total of four rate cuts this year and Deutsche Bank forecasting three additional cuts in 2028. The focus will be on the BoE's approach to quantitative tightening and future inflation reports.
Swiss authorities are pushing for stricter capital requirements for UBS, which they argue is necessary to prevent future financial instability. The Basel Committee supports this move, stating that capital standards are similar globally, countering UBS's claims of competitive disadvantage. UBS currently holds 14.82% of its risk-weighted assets as capital, but may need to raise over $20 billion if double counting of foreign subsidiary capital is restricted.
Neil Esho, Secretary General of the Basel Committee, has countered UBS's criticism of stricter Swiss capital regulations, asserting that claims of disadvantage are misleading. He emphasized that Swiss banks have more flexibility in capital recognition compared to other jurisdictions, supporting the Swiss government's requirement for UBS to hold additional capital. Esho noted that the Basel framework aims to ensure sufficient capital across banking groups, highlighting the importance of capital availability in legal entities, particularly for UBS's large US subsidiary.
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