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Credit Suisse

  • FTSE 100 close: Credit Suisse turmoil eases as Barclays and NatWest claw back losses

    March 21, 2023

    London’s FTSE 100 today shook off market turmoil sparked by UBS saving Credit Suisse, with the UK’s largest lenders, such as Barclays and NatWest, soaring to the top of the index. The capital’s premier index surged nearly two per cent to 7,536.23 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]

  • Europe’s banks post strong gains as Janet Yellen is set to signal further support for US banks

    March 21, 2023

    European Bank stocks continued to recover today as US Treasury Secretary Janet Yellen is set to signal further support for regional US lenders.  Europe’s largest banks were all firmly in the green around midday. BNP Paribas rose 3.9 per cent, Deutsche Bank was up 5.2 per cent, while UniCredit and Santander climbed 6.3 per cent [...]

  • Credit Suisse and Silicon Valley Bank chaos are symptoms of fragile banking system

    March 21, 2023

    City folk around in 2007 must have been getting very twitchy over the last week. Some of the market moves were reminiscent of the early stages of the financial crisis once people clocked on to just how bad banks had messed up. Credit Suisse tumbled more than 30 per cent at one point. Its peers [...]

  • FTSE 100 closes up as investors hope Credit Suisse deal will contain banking crisis

    March 20, 2023

    Markets managed to shrug off turmoil in the banking sector to finish the day higher despite huge turmoil in the financial sector. The FTSE 100 closed 0.93 per cent higher at 7,403.85 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.13 per cent [...]

  • Credit Suisse set to pay bonuses and boost salaries despite UBS takeover

    March 20, 2023

    Credit Suisse is reportedly set to pay out bonuses and go ahead with planned salary increases for its staff despite the dramatic acquisition of the bank by UBS over the weekend.  In an internal email sent to members of staff and seen by the Financial Times, the beleaguered lender said it “will continue to allocate [...]

  • Bank of England confirms AT1 bondholders priority over shareholders as it proclaims UK banks ‘safe and sound’

    March 20, 2023

    The Bank of England confirmed the pecking order in which investors would be paid out if a bank went bust as it sought to reassure markets about the stability of the UK’s financial system.  In a statement released today, the UK central bank confirmed that alternative tier 1 (AT1) bondholders would be prioritised over shareholders [...]

  • Banking crisis: Thousands of City jobs at risk with UBS set to ‘downsize’ Credit Suisse investment bank division

    March 20, 2023

    Thousands of jobs in the City are at risk after UBS’s dramatic acquisition of Credit Suisse last night, with Credit Suisse’s investment banking division at the heart of discussions. The Swiss banking stalwarts employ some 11,000 people in London, including a high concentration of their investment banking units which were already facing potentially hefty job [...]

  • Banks recover morning losses as markets digest Credit Suisse-UBS merger

    March 20, 2023

    Shares in UBS were trading over 5 per cent down around midday on Monday, having traded nearly 10 per cent lower earlier in the day, after it completed its emergency acquisition of Credit Suisse over the weekend.  Although many European banks were trading lower in the morning, most had recovered some of their losses shortly [...]

  • Explainer: What’s an AT1 bond – and why are Credit Suisse’s now worthless?

    March 20, 2023

    UBS’ rescue deal of Credit Suisse, which will see it buy its stricken Zurich rival at a discount £3bn price, has come with a surprise for holders of Credit Suisse’s AT1 bonds. These risky bonds – which had a nominal value of $17bn – are now precisely worthless. Unsurprisingly, holders of the bonds are less [...]

  • Hong Kong and Tokyo: Why Asian markets declined after Credit Suisse’ takeover

    March 20, 2023

    Asian stock markets fell on Monday after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis. Ahead of a Federal Reserve meeting to decide on more possible interest rate hikes, markets in Hong Kong, Tokyo and Sydney declined. While in Shanghai, stocks edged up. Oil prices also retreated. [...]

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