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UBS Group AG is living through two stories: There’s its business, and then there’s the politics surrounding it. The first has progressed almost perfectly since the Swiss bank’s 2023 rescue deal for its failing rival Credit Suisse, as shown in full-year results on Wednesday. The second has taken a darker turn this year, casting a greater shadow over its future.
In recent weeks, it’s become clear that the Swiss government isn’t scaling back its plans to hit UBS with more than $20 billion of extra capital demands. At the same time, old wounds are being reopened related to Credit Suisse’s history of helping German Nazis launder stolen Jewish wealth during the Holocaust and escape after World War II. These troubles threaten to weigh on the bank and its investors in the years ahead — but UBS executives are unable to say anything concrete about how they might resolve them.