UBS, Credit Suisse File 6-K as Foreign Private Issuers

TL;DR

**UBS and Credit Suisse are keeping up with their SEC filings as foreign companies.**

AI Summary

This 6-K filing from February 7, 2024, indicates that UBS Group AG, UBS AG, and Credit Suisse AG are all filing as foreign private issuers. The filing lists their principal executive offices in Zurich and Basel, Switzerland, and Stamford, CT, with their fiscal year ending on December 31. This matters to investors because it confirms the ongoing regulatory reporting for these major financial institutions, particularly Credit Suisse AG, which is now part of UBS, ensuring transparency and compliance with U.S. SEC requirements.

Why It Matters

This filing confirms that UBS Group AG, UBS AG, and Credit Suisse AG are fulfilling their regulatory obligations as foreign private issuers, providing transparency to U.S. investors about their operations and financial status.

Risk Assessment

Risk Level: low — This filing is a routine regulatory update and does not indicate any new or elevated risks.

Analyst Insight

A smart investor would note this as a routine compliance filing, confirming that UBS and Credit Suisse are maintaining their regulatory transparency. No immediate action is suggested by this specific filing, but it reinforces the ongoing integration and regulatory oversight of these entities.

Key Players & Entities

• UBS Group AG (company) — Registrant's Name
• UBS AG (company) — Registrant's Name
• Credit Suisse AG (company) — Registrant's Name
• February 7, 2024 (date) — Date of filing
• December 31 (date) — Fiscal year end
• Bahnhofstrasse 45, 8001 Zurich, Switzerland (location) — Principal executive office for UBS Group AG and UBS AG
• Aeschenvorstadt 1, 4051 Basel, Switzerland (location) — Additional principal executive office for UBS AG
• Paradeplatz 8, 8001 Zurich, Switzerland (location) — Principal executive office for Credit Suisse AG
• 001-36764 (other) — Commission File Number for UBS Group AG
• 001-15060 (other) — Commission File Number for UBS AG

FAQ

Filing Documents

• investorpreso20240207.htm (6-K) — 479KB
• 0001610520-24-000026.txt ( ) — 481KB

business

business outside the US, underlying operating expenses ex litigation and FX ticked down in the quarter and have dropped 8% compared to 2Q23 on an exit rate basis. In the US, where a year-over-year comparison is more relevant, costs were down 2% ex financial advisor compensation, the FDIC assessment and litigation. Slide 9 – Personal & Corporate Banking (CHF) Turning to Personal & Corporate Banking on slide 9. In its first full quarter since the announcement of the Swiss decision at the end of August, P&C generated a pre-tax profit of 794 million Swiss francs, up 3%, with lower revenues more than offset by lower operating expenses and credit charges. As I highlighted last quarter in connection with September trends, the focus on win-back and coverage alignment across both Swiss platforms continues to contribute to strong financial performance for P&C, including over 7 billion of net new deposit inflows in the fourth quarter and revenue resiliency. Net interest income was down 1%, as the benefits from deposit inflows and higher rates were slightly more than offset by the effects of lower loan volumes and clients shifting deposits into higher-yielding products. We expect NII for P&C and GWM combined, and in US dollar terms, to be roughly flat sequentially in the first quarter, with higher rates broadly offsetting the residual effects of deposit mix shifts and the initial impact of financial resource optimization, which Sergio and I will cover in greater detail shortly. Non-NII revenues in P&C declined by 11%, mostly driven by transaction-based income, including lower client activity, particularly in Corporate and Institutional Clients. Credit loss expenses in the quarter were 72 million Swiss francs, mainly related to defaults across several names on the Credit Suisse platform, and from aligning provisioning approaches pertaining to Credit Suisse's watch

business

business model and lack of profitability, there is a significant amount of restructuring and optimization that must take place over the next three years before we can harvest the full benefits of the combination. As we previously communicated, during 2024 and 2025, we will incur substantial integration-related expenses as we materially restructure and remove duplication across our operations. The Non-core and Legacy portfolio will continue to be a meaningful drag on our results as it is actively unwound. In addition, over the next three years, Credit Suisse's core businesses will also continue to require balance sheet optimization. While we will sacrifice some reported profitability and growth in the short-term, we are convinced this will improve the quality of our long-term growth trajectory, and bring greater cost and capital efficiency. As a result, we are reiterating our targets to realize an underlying return on CET1 capital of around 15% and cost/income ratio of less than 70% as we exit 2026. 8 Slide 18 – Restructuring and delivering on integration milestones by end-2026 As I've said before, 2024 is a pivotal year for UBS. We are taking a staged approach in our execution plan to minimize the risk of disruption for clients and employees. With over six thousand deliverables over the next three years, the task is not as simple as the illustrative overview you see on slide 18. We expect to complete the merger of our parent banks and establish a single US IHC by the end of the first half of the year. The merger of our Swiss entities should occur before the end of the third quarter. Completing these key milestones will allow us to realize the associated cost, capital and funding benefits. These significant legal-entity mergers are a pre- requisite for the first wave of client migrations and will allow us to begin streamlining and decommissioning legacy platforms in the second half

View Full Filing

View this 6-K filing on SEC EDGAR