The merger of UBS AG and Credit Suisse AG is expected to complete on 31 May 2024.
Merger of the US intermediate holding companies and Swiss specific entities is on hold for future quarters pending regulatory approvals.
UBS made a net profit of 1.8bn USD in Q1 2024 with underlying QoQ revenue growth of 15%. A reduction of USD 16bn in RWA for non-core and legacy was achieved reflecting active unwinds. RWA now stands at 526bn USD. It spent 523m USD on integration expenses in Q1.
xAI has raised $6n from investors including Andreesen Horowitz to bring its “first products to market, build advanced infrastructure, and accelerate the research and development of future technologies.” Some of this money will go into data centers with some expensive GPUs. Founder Elon Musk is also suing its competitor OpenAI for its partnership with Microsoft citing an abandonment of its mission to benefit humanity.
Citadel hedge fund manager Ken Griffin has stopped giving funding to Harvard over how it has handled campus protests. He has stressed a necessary return to values of meritocracy, speaking at the Managed Funds Association Conference in Miami.
