UBS chair says Swiss banking giant is not 'too big to fail'
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Big Six tech companies' profit momentum could 'collapse' in 2024, UBS says
Profit growth momentum of the so-called Big Six technology stocks could “collapse” over the next few quarters, UBS Global Research strategists said on Monday, downgrading its rating on the mega-cap companies. Growth in earnings per share (EPS) of the “Big 6 TECH+” stocks—Apple, Amazon.com, Alphabet, Meta, Microsoft, and Nvidia—was projected to decline to 15.5% by the first quarter of 2025, from 42.2% estimated for the same period this year, strategists led by Jonathan Golub said. “Our...
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Premji Invest in talks to pick up big stake in Bank of Baroda’s Nainital Bank
Premji Invest, the family office of Wipro founder Azim Premji, is in advanced talks to acquire a majority stake in Nainital Bank, which is a subsidiary of the publicly owned Bank of Baroda, three people aware of the discussions said. The proposed investment is likely to value the Uttarakhand-based lender at around Rs 800 crore, they added.“Premji Invest has signed a term sheet and the due diligence process is over. However, the final decision is yet to be made on the acquisition,” according to...
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Dutch banks need better money laundering checks and more vigilence says central bank
Banks are increasingly carrying out checks to verify that their customers are not laundering money, financing terrorism or violating sanctions, De Nederlandsche Bank (DNB) said on Monday. At the same time, the Dutch central bank noted that some banks are delaying or scaling back improvements to their controls and checks. As a result, they have to do more to get their controls in order.