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UBS reported an "okay-ish" start to Q2, impacted by market volatility from U.S. tariffs, which could affect client activity levels if uncertainty continues, according to CFO Todd Tuckner. The Swiss franc surged 7% against the U.S. dollar in April, leading to both gains and losses for clients in volatile markets. Tuckner acknowledged that such fluctuations are expected in investment accounts during periods of volatility.
Santander reported a 19% increase in Q1 net profit to 3.4 billion euros, surpassing forecasts, driven by strong performance in Spain and the U.S., despite declines in Brazil and Mexico. The bank remains focused on its 2025 profit goals while closely monitoring market uncertainties, with a diversified strategy aiding resilience. Net interest income fell 5% year-on-year, but efficiency improved, and the bank is on track to meet its full-year revenue target of around 62 billion euros.
European banks face a challenging outlook for 2025 earnings as rising tariffs and economic uncertainty dampen growth prospects. Analysts predict a decline in revenue and increased risk lending, with concerns over credit quality leading to higher provisions for loan losses. Despite some banks maintaining guidance, market volatility has resulted in significant share price declines for major institutions.
UBS plans to cut 180 jobs in Italy, approximately one-third of its workforce, as part of a restructuring effort. The majority of the reductions will occur at UBS Europe SE's Italian branch, affecting 162 positions, while UBS Fiduciaria will see 18 jobs eliminated. The bank emphasized that Italy remains a key area for future growth.
Banco BPM's CEO Giuseppe Castagna dismissed UniCredit's concerns regarding the bank's lending capacity following a regulatory setback related to the Anima acquisition. Despite a negative opinion from the ECB affecting capital ratios, Castagna assured that current and projected capital levels remain adequate for continued lending. UniCredit, preparing a bid for BPM, emphasized that the ECB's stance supports the premium in its offer.
Santander has engaged Barclays and Goldman Sachs to facilitate an initial public offering for Ebury, a payments firm it majority owns. The IPO is anticipated around May or June on the London Stock Exchange, with a projected valuation of approximately £2.5 billion ($3.22 billion). Ebury, part of Santander's PagoNxt global payments platform, recently appointed Bruce Carnegie-Brown as chairman in preparation for the listing.
Jan Harvey
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ubs reports mixed start to q2 amid market volatility and client concerns
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13:46 30.04.2025
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