0946 GMT - Switzerland's draft banking measures mark a turning point but don't change the investment case on UBS, Jefferies says in a research note. The bank's case is based more on return on tangible equity improvement and rerating than on accretion to per share metrics from share buybacks, Joseph Dickerson and Theo Massing write. They don't expect an immediate impact on shareholder distributions. "We see a robust and lengthy lobbying process ahead given the tone of UBS's response," they say. The bank said the proposals for higher capital requirements make it an outlier among peers, especially given a higher proportion of its revenue comes from wealth and asset management compared with European and U.S. peers. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

June 09, 2025 05:46 ET (09:46 GMT)

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