UBS: Credit Suisse deal poses a ‘major challenge’ – but it won’t alter bank’s strategy April 5, 2023 UBS chair Colm Kelleher said the bank’s $3.25bn acquisition of Credit Suisse would not force it to change its strategy over the next few years, but admitted the integration represented a “major challenge”. Speaking at the bank’s AGM in Basel today, Kelleher said the acquisition was “a new beginning” and brought “huge opportunities ahead for [...]
Meet the KPMG dealmaker putting the Big 4 firm in the green energy mix April 5, 2023 Hardly a week goes by without a new survey showing the slump in M&A activity in 2022. By some estimates M&A dropped 18 per cent after the flurry in 2021. However, looking a little closer reveals a more nuanced picture. Mid-level M&A remained fairly consistent while certain sectors saw continued growth. One of the most [...]
Sketch: Nutty shareholders provide comical end to Credit Suisse’s scandal-ridden history April 4, 2023 Credit Suisse’s final AGM was a suitably bizarre event for a firm that has become the byword for corporate scandal in recent years. As many disgruntled shareholders said, the bank’s collapse has been long in the making with a reliable string of wrongdoing slowly eroding trust in the 167-year old institution. Fortunately, a slightly less [...]
Gupta-linked bank Wyelands escapes £8.5m fine for series of failures April 4, 2023 The Bank of England has said it would have fined Sanjeev Gupta-connected bank Wyelands more than £8.5 million for a plethora of failures at the winding-down lender. Wyelands was far too exposed to just one client in the form of Gupta’s group of companies – which bought the bank in 2016 – the Bank of [...]
JP Morgan boss Jamie Dimon warns ‘crisis not yet over’ and against ‘knee-jerk’ response from regulators April 4, 2023 Jamie Dimon said today that the banking crisis is not yet over as he warned the regulators against making a “knee-jerk” response to the crisis. In a letter to shareholders, he wrote “the current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to [...]
Credit Suisse chair Axel Lehmann apologises to angry shareholders at fractious final AGM April 4, 2023 Credit Suisse chair Axel Lehmann apologised to angry shareholders at the bank’s last annual general meeting today in Zurich for failing to turn around the beleaguered bank that was forced into a rescue takeover by UBS last month. Lehmann told shareholders that he understood the “bitterness, anger and shock of all those who are disappointed, [...]
London fintech Clearbank triples revenues to £58m as firms flee to BOE-backed safety April 4, 2023 London fintech Clearbank has revealed its revenues tripled to £58m last year as financial firms rushed to the firm amid market turmoil and sharp rate hikes.
Credit Suisse shareholders fume at ‘greed and incompetence’ of execs as final AGM begins April 4, 2023 Credit Suisse hosts its final AGM today, and it could get ugly. It will be the first time chair Axel Lehmann and chief executive Ulrich Korner will speak to shareholders since Credit Suisse’s state-brokered takeover by UBS. The deal is unpopular with shareholders, politicians and the public alike. Reportedly crowds gathered outside the arena to [...]
Quinn Emanuel to represent Credit Suisse AT1 bondholders as lawsuit inches closer April 3, 2023 Litigation specialists Quinn Emanuel have been instructed by a group of Credit Suisse bondholders to represent them in discussions with Swiss authorities and to prepare for “possible litigation” to recover losses from the forced takeover of Credit Suisse by UBS. Quinn Emanuel received a mandate from AT1 bondholders to represent them on Thursday last week, [...]
UK pushes back Natwest share sale plan after banking volatility April 3, 2023 The Treasury has pushed back its deadline to sell a chunk of its remaining shares in Natwest by another two years after the lender’s share price slumped last month amid the recent turmoil in the banking sector. The government will now have until 11 August 2025 to gradually sell up to 15 per cent of [...]