UBS and Credit Suisse delay their dividends
In their decision, both banks cited the pressure from FINMA
Stocks impacted: UBS (UBSG), Credit Suisse Group AG (CSGN)
Switzerland's two big banks postpone half of their planned dividend distributions for 2019 to the fourth quarter. Earlier, financial markets watchdog FINMA criticised the Swiss banks' decision to maintain a full payout during the coronavirus crisis. Following the decision, the regulator said it welcomed the move by UBS and Credit Suisse. In their decision, both banks cited the pressure from FINMA and highlighted that they had strong capital and liquidity positions, allowing them to pay out their dividends. UBS expects to report a first-quarter net profit of around $1.5 billion, up from $1.1 billion in the year-ago period. The lender is due to report its data later this month.
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