UBS Group (USB) announced the launch of Hong Kong's first investment-grade tokenized subscription rights certificate on the Ethereum network. The product uses the on-chain issuance product framework provided by its internal tokenization service UBS Tokenize. The product is a subscription rights certificate for Xiaomi Corporation's stock, which is sold to virtual asset platform operator OSL Digital Securities.

On Thursday, Mt. Gox announced that its planned repayments have been delayed by another year, with the new date set for October 31, 2024. The defunct crypto exchange had previously planned to begin repayments on October 31, 2023. The creditors of Mt. Gox have been waiting for relief for a decade since the exchange was hacked in 2014, resulting in the theft of 850,000 bitcoin. While the release of the stolen tokens could have an impact on bitcoin prices, UBS has stated that it would not destabilize the cryptocurrency.

UBS has been fined $268.5 million by the US Federal Reserve Board due to Credit Suisse's misconduct in 2021. UBS acquired Credit Suisse in March 2023, and the misconduct involved Credit Suisse's unsafe counterparty credit risk management practices with Archegos Capital.

June 28 (Cointime) -Credit Suisse will cut more than 20,000 jobs after being bought by UBS. Among them, New York bankers and traders are most likely to lose their jobs. This is another round of mass layoffs following Goldman Sachs, Morgan Stanley, JPMorgan Chase and others. Credit Suisse already cut some jobs in the first quarter of this year, but the bank still needs to cut costs further as clients withdraw funds and an expected slowdown in the U.S. economy. The layoffs, which will start in July and run through October, are aimed at reducing the combined UBS-Credit Suisse workforce by 30% or 35,000 people.

June 19 (Cointime) - New blockchain-based security products are emerging in Hong Kong, offering investors a way to tap into the city's growing Web3 industry that goes beyond cryptocurrencies.

Switzerland's Social Democratic Party has suggested capping the size of UBS's assets after its acquisition of Credit Suisse, citing the risks posed to the country by the combined bank's balance sheet, which is estimated to be around 1.5tn Swiss francs. The party has proposed an upper limit on the bank's assets, suggesting they should not exceed half of Switzerland's GDP. This would require UBS to reduce its assets to a quarter of their current level. The proposal reflects the ongoing debate on balancing growth and stability in the banking sector and offers an opportunity for policymakers to reassess the regulatory framework.

UBS Group AG has announced that it is currently in negotiations with Swiss authorities regarding loss protections related to its takeover of Credit Suisse Group AG, as well as its regulatory capital requirements. Although the Swiss government agreed to shoulder up to 9 billion Swiss francs in potential losses from the deal and offered liquidity assistance of up to 100 billion Swiss francs, a definitive loss protection agreement remains under negotiation. UBS expects the main terms of the loss protection agreement to be agreed prior to the acquisition of Credit Suisse being completed. The bank is also in talks with the Swiss regulator FINMA about certain prudential capital requirements, risk weighted assets measures, and other capital and liquidity requirements for the combined firm.

UBS Group AG expects to take a financial hit of approximately $17 billion from the takeover of Credit Suisse Group AG, according to a presentation made by the bank. UBS estimates that it will suffer a negative impact of $13 billion from fair value adjustments of the combined group's assets and liabilities, as well as $4 billion in potential litigation and regulatory costs stemming from outflows. However, UBS also expects to book a one-off gain of $34.8 billion from the so-called "negative goodwill" of buying Credit Suisse for a fraction of its book value. The deal will create a wealth manager with more than $5 trillion in invested assets and over 120,000 employees globally.

Several top technology, media, and telecom investment bankers from Barclays have resigned to join UBS Group AG in the United States, according to sources familiar with the matter. This comes after UBS announced the hiring of three Barclays US investment bankers last month, indicating the bank's efforts to strengthen its US talent pool. UBS is set to inherit Credit Suisse Group's investment banking group following a Swiss government-orchestrated takeover in March, and plans to retain only a small number of Credit Suisse senior bankers with strong client relationships. The sources requested anonymity to discuss confidential personnel matters, and both Barclays and UBS declined to comment.

The Federal Reserve on Friday approved UBS Group AG’s takeover of the US subsidiaries of Credit Suisse Group AG.