Going Big: UBS’s Capital, Mike Mayo’s Forecast, Barclays’ NY Renovation
Also: A BofA succession plan takes shape; Itau fires WFH staffers after measuring their activities
A Swiss national flag, left, and flag of Geneva, above the offices of UBS Group in Geneva
Photographer: Andrew Kravchenko/Bloomberg
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It’s not easy being giant. For UBS, the problem until now was merely whether it’s too big to fail. Now the debate is whether it’s too big for Switzerland. The bank is doing just fine, thank you very much, but there’s concern that its home country couldn’t help UBS in an emergency, and there’s a demand from Switzerland for more capital. Some investors are wondering if the bank should leave town.
In the US, it’s good to be big: Veteran bank analyst Mike Mayo is predicting record capital market revenue for the largest Wall Street banks. Barclays is going big in New York with a $1 billion plan to renovate its Times Square skyscraper.