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    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
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Real-time Estimate Cboe Europe  -  11:08:49 2023-02-03 am EST
3.310 CHF   -1.25%
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UBS not seeking to benefit from crisis at Credit Suisse- chair

11/30/2022 | 05:13am EST

ZURICH, Nov 30 (Reuters) - UBS is not actively benefiting from the crisis at rival Credit Suisse, UBS Chairman Colm Kelleher told a Financial Times banking conference on Wednesday.

Credit Suisse has reported sharp outflows as wealthy clients turn their back on the embattled Swiss bank.

"We are not actively benefiting at their expense. We view them as a worthy competitor going through a crisis which I believe they will manage," Kelleher said.

"But clearly we are also in a world of clients moving money around so where clients proactively approach us we either let the money come to us or we let it go to our American competitors and on that basis we do what we can," Kelleher said.

He said rich clients at UBS, the world's biggest wealth manager, were holding more cash than at any time since the financial crisis of 2008.

Kelleher touched on the

scrapped $1.4 billion

deal to buy Wealthfront, an automated wealth provider with a U.S. focus that would have enabled the Swiss bank to expand in the mass affluent wealth category.

"There has been management change in the United States, valuations have changed, other circumstances have changed," he said.

The chairman said he felt the deal would have also complicated things for the Swiss bank's investors and was not in line with the company's otherwise clear U.S. strategy.

Kelleher dismissed speculation of tension between himself and CEO Ralph Hamers. "Ralph and I get on phenomenally well, we are very complementary," he said. (Reporting by Noele Illien and Oliver Hirt, Editing by Michael Shields)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -1.28% 3.305 Delayed Quote.21.27%
MORGAN STANLEY 0.03% 99.24 Delayed Quote.15.49%
UBS GROUP AG 1.46% 20.14 Delayed Quote.15.37%
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Financials
Sales 2022 15 276 M 16 777 M 16 777 M
Net income 2022 -6 708 M -7 367 M -7 367 M
Net Debt 2022 - - -
P/E ratio 2022 -1,62x
Yield 2022 1,32%
Capitalization 13 301 M 14 608 M 14 608 M
Capi. / Sales 2022 0,87x
Capi. / Sales 2023 0,82x
Nbr of Employees 51 680
Free-Float 99,0%
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Mean consensus HOLD
Number of Analysts 21
Last Close Price 3,35 CHF
Average target price 4,09 CHF
Spread / Average Target 22,0%
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Managers and Directors
Ulrich K÷rner Group Chief Executive Officer
Dixit Joshi Chief Financial Officer
Axel P. Lehmann Chairman
Joanne Hannaford Chief Technology Officer
Francesca Jane McDonagh Chief Operating Officer
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