UBS stock price falls, AT1 bond case and Swiss reforms overshadow performance
UBS Group AG's overall performance exceeded expectations, but it failed to dispel investors' concerns about the risks associated with the previously written-down Credit Suisse bonds, the potential impact of Swiss capital reforms, and the bank's involvement in the First Brands bankruptcy case. CEO Ralph Hamers downplayed the risks posed to the bank by potential losses incurred by clients due to investments in this automotive parts supplier, while CFO Todd Tuckner attempted to sidestep questions regarding UBS's potential liability in a Swiss legal case related to the 2023 Credit Suisse bond write-down. As of 12:54 PM Zurich time, UBS's stock price fell by 0.7%, having previously risen by 4% after the market opened
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