Source: Financial Times [UK]
“The Swiss financial regulator has ordered UBS to bolster its emergency and recovery plans in light of the added risk it has taken on following its takeover of Credit Suisse last year. In a statement on Tuesday morning, Finma said it had suspended its annual approval of UBS’s resolution strategy — commonly known as its ‘living will,’ which banks have to draw up in case they run into difficulties — and called on the bank to improve its existing plan. … UBS is midway through its three-year integration of Credit Suisse, which collapsed last year following years of scandal and losses.” (10/15/24)