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 [...]
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. [...]