FT News Briefing

The ECB is in a pickle

Sep 1, 2023

11:01

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UBS reports record-breaking profit, eurozone core inflation decreases, Switzerland proposes measures to crack down on money laundering, challenges of integrating Credit Swiss with UBS, and Switzerland's efforts to tackle money laundering

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Episode notes

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Quick takeaways

The ECB faces a tough decision on whether to prioritize reducing inflation or preventing an economic downturn and recession.

UBS aims to integrate Credit Suisse into its business, focusing on regaining client trust and aligning IT platforms and corporate cultures.

Deep dives

Eurozone Inflation Data Poses Dilemma for ECB

Eurozone inflation remained stagnant at 5.3% in August, slightly higher than expected. The biggest economies in the Eurozone, such as Germany, are facing stagnation, indicating a weak third quarter. The upcoming ECB meeting on September 14th is crucial, as economists consider it a coin toss decision. The ECB faces the challenge of deciding whether to prioritize reducing inflation or preventing a potential economic downturn and recession.

Introduction

2min

Stagnation of Inflation and the Balancing Act for the ECB

2min

UBS's $29 billion gain and the performance of its business divisions

2min

Challenges Faced in Integrating Credit Swiss with UBS and Swiss Banks' Action on Transparency

2min

Proposed Measures to Tackle Money Laundering in Switzerland

4min

UBS has reported the biggest-ever quarterly profit for a bank, eurozone core inflation has edged down, and Switzerland has proposed sweeping measures to clamp down on money laundering.

Mentioned in this podcast:

UBS breaks record with $29bn profit after Credit Suisse deal

‘Deal of the century’ — How UBS’s rescue of Credit Suisse proved a boon

Eurozone core inflation edges down ahead of crunch ECB decision

Switzerland unveils money laundering clampdown

FT Weekend festival promo code: FTPodcast

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Monique Mulima, Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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