Sorry about the takeover, but welcome to the board: Suisse boss to join UBS top team May 9, 2023 Credit Suisse’s boss will join the board of UBS after it closes its rescue takeover of the Swiss banking rival. It is part of a major leadership reshuffle two months after the Government-led rescue takeover of Credit Suisse in a 3.25 billion US dollar (£2.64 billion) deal by UBS. Ulrich Korner, who joined Credit Suisse [...]
Swiss spin off? UBS set to carve up Credit Suisse after shotgun marriage April 30, 2023 As UBS’s takeover of former rival Swiss bank Credit Suisse nears completion, details are emerging of what the new merged bank will look like. UBS is working towards spinning off the Swiss part of Credit Suisse and having the business’s current head, Andre Helfenstein, run it, NZZ am Sonntag reported on Sunday. The Swiss newspaper cited a [...]
Analysis: UBS begins tricky task of integrating Credit Suisse April 25, 2023 While profit was down, analysts and investors were today far more concerned with how UBS will manage the integration of its long-time rival Credit Suisse.
Credit Suisse and Silicon Valley Bank collapses flood City with idled talent April 25, 2023 Credit Suisse and Silicon Valley Bank’s failures have flooded the City with idled bankers looking for new work, a new report out today reveals. Over 4,000 more workers in the UK’s financial services sector were looking for a new gig in the first three months of this year, according to recruiter Morgan McKinley. Available financial [...]
UBS: Mortgage litigation hits profits but inflows soar after Credit Suisse takeover April 25, 2023 UBS reported significant inflows across the bank in the first quarter as customers sought the bank’s stability but its profit more than halved due to costs from legacy issues dating back 15 years. In the first quarter, UBS saw $28bn of new money in global wealth management, of which $7bn came in the last ten [...]
FTSE 100 close: Credit Suisse suffers £55bn outflow as BP and Shell claw back losses April 24, 2023 London’s FTSE 100 kicked off a new week in subdued style today, dragged lower by big industrial firms extending last week’s poor performance. The capital’s premier index slipped 0.02 per cent to 7,912.20 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, shed 0.22 per [...]
Time lapse at UBS as CRO Bluhm delays planned photography career April 24, 2023 UBS’ chief risk officer Christian Bluhm postponed plans to focus on his photography today as the bank confirmed he will stay for the “foreseeable future” to handle the acquisition of Credit Suisse. Bluhm, who has been in place since 2016, was planning to handover to Damian Vogel on 1 May. Bluhm had been hoping to [...]
Credit Suisse: Final results reveal impact of crisis as bank haemorrhages over £55bn assets, and counting April 24, 2023 In the quarter in which it was taken over by rival UBS, Credit Suisse reported outflows of CHF61.2bn (£55.3bn) with clients and customers pulling funds as fear over the stability of the ailing lender grew. These “significant” outflows were concentrated in the second half of March, the bank said, and while they have “moderated”, they [...]
Credit Suisse files $440m claim against SoftBank from Greensill’s collapse April 19, 2023 Credit Suisse formally filed its $440m lawsuit against SoftBank earlier this month as it seeks to claim back funds which were locked in Greensill Capital when it collapsed in 2021. The legal action is the first since it was taken over by UBS last month. The bank said it “continues to prioritise maximising recovery for [...]
Credit Suisse accused of limiting scope of probe into Nazi-linked accounts April 19, 2023 US senators have accused embattled Swiss bank Credit Suisse of limiting the scope of an internal investigation into Nazi clients and Nazi-linked accounts – including some open that were until just a few years ago. The US senate budget committee said an independent ombudsman initially brought in by the bank to oversee the probe was [...]