UBS posts profits of £1.4bn as banking giant reaps rewards of cost cutting and a reported client exodus from rival Credit Suisse European banks UBS beat analysts’ profit estimates as a drop in expenses and a significant influx of new assets helped offset a fall in revenue. UBS’s profits rose 23 per cent to $1.7bn (£1.4bn) in the fourth quarter of the year, ahead of an estimated $1.3bn. Net interest income at the Swiss lender fell year-on-year compared to [...]
Barclays promotes Wright and brings in ex- Credit Suisse dealmaker Deasy to co-head its investment banking division Barclays Barclays has appointed Taylor Wright and Cathal Deasy as new co-heads of investment banking yesterday. Wright and Deasy will jointly manage the business and will be tasked with “deepening client relationships and dealmaking efforts around the world”. They will replace John Miller and Jean-Francois Astier and report to Paul Compton, global head of Barclays’ corporate [...]
UK’s Supreme Court to decide whether £1.6bn Tuna Bonds case should be heard in London’s courts Tuna Bonds Britain’s top court will this week hear a long-running dispute between Mozambique and a Lebanese shipmaker over whether a case relating to the ‘Tuna Bonds’ should be heard in London’s courts. The UK’s Supreme Court will decide whether the dispute between shipping company Privinvest and the Republic of Mozambique over the $2bn (£1.6bn) scandal should [...]
Credit Suisse to offer senior bankers cash bonus upfront to ‘reward loyalty’ and stem talent outflow January 18, 2023 Credit Suisse is considering offering its senior executives upfront bonuses as it seeks to incentivise its top performing staff to stay at the bank. An internal memo seen by City A.M. said that managing directors and directors “in most locations” will be awarded the cash component of their variable compensation upfront. The memo said upfront [...]
Davos round-up: Citi’s lazy homeworkers, Credit Suisse’s ‘horrifying year’ and ESG investing gets political January 17, 2023 As some of the world’s most important bankers gather at the World Economic Forum in Davos to discuss an array of economic, political and social challenges, City A.M. wraps up some of the top lines from the day. Credit Suisse’s “horrifying year” Credit Suisse’s own chair, Axel Lehmann, described 2022 as “a horrifying year for [...]
Credit Suisse preparing to cut 10 per cent of European investment bankers – report January 15, 2023 Credit Suisse is preparing to lay off more than 10 per cent of its European investment bankers after issuing redundancies to hundreds of staff last month. The Swiss bank is planning to make widespread layoffs, as it pushes forwards with plans to sack thousands of workers, the Financial Times reported. Credit Suisse declined to comment [...]
Cash-strapped Credit Suisse considers halving its bonus pool following £1.7bn loss January 11, 2023 Credit Suisse is considering cutting its bonus pool by 50 per cent as the embattled investment bank seeks to cut costs, Bloomberg has reported. The Swiss asset manager faced a challenging 2022 when its share price sunk 67 per cent. In the nine months to September 2022, Credit Suisse swung to a pretax loss of [...]
The never ending shakeup: Credit Suisse shuffle top bankers yet again January 3, 2023 Credit Suisse announced a series of staff changes on Tuesday following the departure of the co-head of its European investment banking operation, according to internal memos seen by Reuters and confirmed by a company spokesperson. The Swiss bank, in the midst of an overhaul that includes spinning-off its investment bank into a newly re-branded entity, [...]
Credit Suisse took suspicious invoices as backing for £114m Greensill loan December 12, 2022 Credit Suisse accepted suspicious invoices from Sanjeev Gupta’s metals empire as collateral for a $140m (£114m) loan to Greensill Capital, just months before it collapsed in October 2020, according to reports. The Swiss bank accepted invoices, issued by Gupta’s Liberty Commodities and sold to Greensill, as collateral on the loan, even though several of the [...]
Gupta’s UK steel business strikes nears deal with creditors to stave off bankruptcy November 15, 2022 The UK arm of Sanjeev Gupta’s steel empire has struck a preliminary deal with major creditors that could let it stave off insolvency proceedings by restructuring its debts. Liberty Steel Group has reached a preliminary agreement with Credit Suisse Asset Management, Greensill Capital, and Greensill Bank to restructure its debts, the steelmaker said in a [...]