Latest news with #ToddTuckner
Bloomberg
3 days ago
- Business
- Bloomberg
UBS Expects Gradual Rule Change on Swiss Deferred Tax Assets
Newly-proposed rules on how to value deferred tax assets will likely be introduced gradually, UBS Group AG Chief Financial Officer Todd Tuckner said, in a step that would delay their impact on the bank's capital requirements. 'It is reasonable to assume that there will be a phase-in period,' Tuckner said Wednesday at an investor conference hosted by Goldman Sachs, referring to capital deductions for DTAs and software.
Yahoo
3 days ago
- Business
- Yahoo
UBS finance chief voices disappointment over Swiss capital rules
ZURICH (Reuters) -UBS finance chief Todd Tuckner voiced his disappointment on Wednesday over proposed new Swiss capital regulations, which he said was the beginning of a possibly long process that the bank intends to contribute to. "Naturally, as to capital, we're disappointed," Tuckner said at a conference in Berlin, speaking days after the Swiss government proposed rules that could make the country's remaining big bank hold $26 billion more in core capital. "We are looking at every possible option to potentially mitigate the imposition of these extreme capital measures," he added. UBS planned to engage in political consultation processes on Switzerland's capital requirements, which could eventually lead to a more proportionate outcome, Tuckner said. Expecting a phase-in period of four years or more for stricter capital deductions rules on deferred tax assets and software was reasonable, Tuckner said, while reconfirming the bank's 2025 capital return expectations and 2026 targets. "In terms of longer-term ambitions that we've talked about in the past, we have to see what the timeline ultimately is and have more visibility around the rules." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
3 days ago
- Business
- Reuters
UBS finance chief voices disappointment over Swiss capital rules
ZURICH, June 11 (Reuters) - UBS (UBSG.S), opens new tab finance chief Todd Tuckner voiced his disappointment on Wednesday over proposed new Swiss capital regulations, which he said was the beginning of a possibly long process that the bank intends to contribute to. "Naturally, as to capital, we're disappointed," Tuckner said at a conference in Berlin, speaking days after the Swiss government proposed rules that could make the country's remaining big bank hold $26 billion more in core capital. "We are looking at every possible option to potentially mitigate the imposition of these extreme capital measures," he added. UBS planned to engage in political consultation processes on Switzerland's capital requirements, which could eventually lead to a more proportionate outcome, Tuckner said. Expecting a phase-in period of four years or more for stricter capital deductions rules on deferred tax assets and software was reasonable, Tuckner said, while reconfirming the bank's 2025 capital return expectations and 2026 targets. "In terms of longer-term ambitions that we've talked about in the past, we have to see what the timeline ultimately is and have more visibility around the rules."
Reuters
30-04-2025
- Business
- Reuters
UBS had 'okay-ish' start to Q2 but uncertainty could impact client activity- CFO says
LONDON, April 30 (Reuters) - Swiss bank UBS (UBSG.S), opens new tab had an "okay-ish" start to the second quarter due partly to market volatility induced by U.S. tariffs, but if increased uncertainty persists it "will have an impact on our activity levels with our clients," UBS Chief Financial Officer Todd Tuckner told reporters on Wednesday. Investment banks faced heightened market volatility at the beginning of April in response to the U.S. tariffs, which increased opportunities for traders to make profits, but also heightened the risks of losses as a result of wild and unexpected moves in certain products. The Swiss franc, for example, rapidly appreciated against the U.S. dollar, surging roughly 7% in April, and is set for its biggest rise in over a decade. A Swiss media outlet, opens new tab reported earlier this month that some UBS clients had lost money which was invested in currency derivatives products. UBS declined to comment on the report at that time. When asked about the report of the possible currency product losses during a call with reporters on Wednesday after UBS published its results, Tucker said that "when there's volatility, there's going to be clients that generate gains from that volatility and clients to generate losses." "We can't comment on and won't comment on the matter, but, you know, certainly in a volatile market, one can expect there will be swings, one would expect volatility in investment accounts," he added.
