Andrew Bailey stresses Bank of England focused on inflation fight rather than Credit Suisse and SVB fallout April 12, 2023 The recent run of chaos in the global financial system that has laid waste to Credit Suisse and Silicon Valley Bank (SVB) has not distracted the Bank of England from trying to tame inflation in the UK, the monetary authority’s chief said today. Speaking at an event at the International Monetary Fund’s spring meeting, Andrew [...]
“A dramatic tragedy”: Swiss parliament split on UBS takeover of Credit Suisse April 11, 2023 Swiss authorities defended the state-brokered merger of the country’s two largest banks, UBS and Credit Suisse, in an emergency parliamentary session called to scrutinise the decision. The Swiss President, Alain Berset, argued “the Federal Council was obliged to intervene to maintain stability both in Switzerland and internationally and to protect the economy.” “A failure of [...]
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, [...]
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, [...]
UBS could cut tens of thousands of jobs following Credit Suisse takeover April 2, 2023 UBS may cut as much as a third of its workforce following its takeover of Credit Suisse, Swiss newspaper Tages-Anzeiger reported this weekend, as the bank considers its options for delivering the deal. At the end of 2022, the bank employed around 125,000 people, where approximately 30 per cent of those were based in Switzerland. [...]
Swiss prosecutors probe UBS-Credit Suisse deal ahead of bank’s AGM April 2, 2023 The Swiss Federal Prosecutor has opened an investigation into the state brokered takeover of Credit Suisse by UBS, according to the Financial Times. The newspaper reported that the prosecutor is looking into possible breaches of Swiss criminal law by government officials, regulators and bank executives. “The Federal Prosecutor’s office wants to proactively fulfil its mission [...]
Banks, inflation, recession, gold AND Ocado: Five lessons the markets taught us this week March 31, 2023 It’s spring. The days are longer, the sun is shining, and fears about the imminent implosion of the global financial system are fading, for now anyway. Markets appeared to calm down after several weeks of banking-related aftershocks and both the FTSE 100 and FTSE 250 were on course to end the week on a positive [...]
Credit Suisse continued enabling tax evasion after 2014 settlement with DoJ, US Senate finds March 29, 2023 Credit Suisse violated a settlement agreement with the US Department of Justice as it continued to help wealthy Americans to avoid paying tax, a Senate investigation has alleged. The probe, which took two years to complete, accused the lender – which will shortly be taken over by UBS – of committing “major violations” following its [...]
UBS re-appoints Sergio Ermotti as CEO saying he’s ‘ideally placed’ to steer through acquisition of Credit Suisse March 29, 2023 UBS has reappointed Sergio Ermotti as chief executive just weeks after the Swiss banking giant acquired its long-time rival Credit Suisse in a $2bn bail out. Emotti, who will replace the outgoing Ralph Hamers, was previously chief executive for nine years up to 2020, directing the bank in the aftermath of the financial crisis. Hamers [...]