UBS intensifies cost reductions amid Credit Suisse merger
The banking behemoth UBS has found itself navigating turbulent waters as it reports back-to-back quarterly losses, a direct fallout from its bold move to rescue its beleaguered competitor, Credit Suisse. This financial quagmire saw UBS posting a $279 million loss in the last quarter of the previous year, a figure slightly less grim than market […]
Swiss financial watchdog wants more power post-Credit Suisse crash
In the wake of the tumultuous collapse of Credit Suisse, Switzerland’s financial watchdog, FINMA, has stepped into the spotlight, advocating for an expansion of its regulatory powers. This move is not just a reaction to a single financial debacle but a clear signal of a shifting paradigm in the Swiss banking sector’s oversight. The downfall […]
Credit Suisse results in $400m property expense for UBS
UBS, the renowned Swiss banking giant, has found itself grappling with a hefty $400 million in real estate expenses. This financial burden stems from its recent acquisition of Credit Suisse, a move that has necessitated breaking leases and rebranding efforts across key global office locations. The takeover, a landmark event in the banking sector, has […]
UBS Q3 loss hit $780 million post-Credit Suisse takeover
As the dust settles on one of the most audacious takeovers in banking history, UBS Group has emerged with a significant financial bruise. The Swiss banking titan’s third-quarter report paints a stark picture: a $785 million loss hanging over shareholders’ heads—a figure that overshadows the analysts’ projections of a $444 million shortfall. This comes on […]
Credit Suisse deal draws $9b in pending legal claims – The details
When UBS snapped up Credit Suisse for a cool $3.3 billion, the Swiss government sighed a breath of relief. The acquisition seemed to temporarily stave off a European banking crisis. However, the relief was short-lived. Now, with $9 billion in legal claims already pounding on the door, this supposed win might be more of a […]
UBS strikes a deal in Mozambique-Credit Suisse saga
As financial tremors ripple across the globe, UBS has demonstrated once again its knack for strategy and survival, stepping forward to finalize a settlement with Mozambique amidst the ongoing Credit Suisse £2bn “tuna bond” debacle that plagued the African nation’s finances. Their recent agreement, aiming to clear up the fiasco, just narrowly escaped the gavel […]
Credit Suisse’s $2.2b bombshell: UBS breaks up with Apollo
In an audacious reveal, Credit Suisse has forecasted a whopping $2.2 billion loss for the third quarter as repercussions emerge from the takeover by UBS. If ever there was a clear testament to the tumultuous terrain of bank mergers, this is it. The Rundown of Credit Suisse’s Losses Diving into the details, the significant losses […]
Credit Suisse bondholders prepare lawsuit – The details
The smoke hasn’t cleared from the firestorm surrounding Credit Suisse’s state-sanctioned rescue, and already, the embers of discord are lighting up. Bondholders, having been burnt to the tune of billions, have girded their loins for a courtroom showdown against none other than the Swiss state itself. A Challenge to Swiss Sovereignty Law firm Quinn Emanuel […]
UBS’s Credit Suisse rescue: The insane deal that broke records
If you had told me a few months ago that UBS would pull off one of the most audacious deals in banking history, I might have laughed. But here we are. When UBS, Europe’s now second-most valuable bank, decided to swoop in and save the drowning Credit Suisse, many eyebrows shot up in surprise. Today, […]
UBS makes profit history with Credit Suisse takeover
Setting the stage for a historical performance in the banking sector, UBS has showcased a profit spectacle rarely witnessed before. The Swiss financial mammoth has proudly marked its territory by reporting an astonishing $29 billion quarterly profit. The monumental gain is tethered to its acquisition of Credit Suisse, demonstrating the high stakes and returns of […]
UBS left $10b state backing behind in Credit Suisse deal
UBS boldly declared independence from a hefty financial safety blanket. A once-crucial $10.3 billion state support, granted during their acquisition of Credit Suisse, is now left behind in the banking behemoth’s rearview. The move highlights the bank’s renewed confidence, but more importantly, it’s a nod to the shifting undercurrents of global finance and the political […]
Credit Suisse’s retail investors attack UBS – Why?
UBS, fresh off its acquisition of Credit Suisse, finds itself amidst yet another storm. The tumultuous takeover, that many saw as a bargain, has stirred the emotions and anger of hundreds of individual shareholders, including those who once worked loyally for the bank. On Monday, in the hallways of Zurich’s commercial court, these shareholders are […]
Credit Suisse’s massive job cuts in Hong Kong
It’s a choppy sea for Credit Suisse’s investment banking personnel based in Hong Kong, as the storm of massive layoffs hits the financial hub. As the Swiss banking giant merges with UBS Group, roughly 80% of its investment banking workforce in Hong Kong is set to vanish, according to insider sources. This puts a dark […]
Big fine for Credit Suisse after Archegos debacle
Staggering monetary penalties have been imposed on the renowned Swiss banking institution, Credit Suisse, following a cataclysmic financial debacle tied to the collapse of Archegos Capital. The regulatory watchdogs from both the U.S. and the UK have dealt out fines totalling a whopping $388 million, citing “significant failures in risk management and governance.” The aftermath […]
Investors embrace UBS-Credit Suisse deal with enthusiasm
Investors are reacting positively to the emergency takeover of Credit Suisse by Switzerland’s largest bank, UBS. The deal, viewed by many as a promising strategic move, could reposition UBS as a prominent player in the financial landscape, despite concerns of potential job losses and a complex integration process. Promising opportunities amid risks The takeover, completed […]
Ernst & Young scores mega audit deal with UBS bank
In the highly competitive landscape of financial services, professional service titan Ernst & Young (EY) has landed an exceptional contract to audit UBS, the Swiss multinational investment bank and financial services company. EY is taking over from PricewaterhouseCoopers (PwC), following UBS’s recent acquisition of Credit Suisse. A change in guard for UBS: From PwC to […]
Credit Suisse to withhold inquiry files for half a century
In an unexpected move, the parliamentary committee investigating the high-profile downfall of Credit Suisse announced that its investigative records would remain confidential for the next 50 years. This move has alarmed Swiss historians and academics, as this surpasses the usual 30-year duration for maintaining confidentiality. Credit Suisse securing confidentiality or veiling transparency? The decision implies […]
Credit Suisse loses top talent to competitors
As a recent wave of talent migration sweeps through the financial industry, Credit Suisse stands at the eye of the storm. Over 120 of its senior investment bankers have been lured away by competitors, marking an accelerating trend that paints a complex picture of the post-takeover landscape. Losses mitigate redundancy impact for UBS UBS, the […]
How the investigation into Credit Suisse’s crash is going
As the Swiss parliament braces itself to launch an unprecedented investigation into the collapse of Credit Suisse, once the country’s second-largest banking institution, the financial world is on tenterhooks. The findings of this investigation could potentially have far-reaching implications for the Swiss banking sector and beyond. The anatomy of the investigation A dedicated commission, comprising […]
Political backlash looms over UBS-Credit Suisse deal as UBS seeks to avoid taxpayer funding
UBS Group AG, Switzerland’s largest bank, is set to make a decisive statement next month, clarifying that its rescue of Credit Suisse will not involve funding from Swiss taxpayers, according to a report by the Financial Times on Sunday. However, the bank intends to alleviate the mounting political pressure surrounding the deal, particularly with national […]
UBS’s plan for Credit Suisse’s investment bank
Setting a historic precedent in the world of banking, UBS has completed the acquisition of Credit Suisse, its scandal-ridden rival. Focused on mitigating risks, UBS is undertaking a challenging initiative rarely attempted before – dismantling the unprofitable and capital-intensive business to its very foundations. Stripping back to basic foundations UBS’s bold step could potentially have […]
Former Credit Suisse CEOs under fire because of this
In a turn of events that has sent tremors through the world of struct finance, former executives from the embattled Swiss bank, Credit Suisse, find themselves in the crosshairs of a class-action lawsuit. The list of accused includes three former CEOs: Thomas Gottstein, Tidjane Thiam, and Brady Dougan, amongst several other executives. The lawsuit, filed […]
UBS CEO is confident about his company’s future
The Swiss banking industry is on the precipice of a significant transformation as UBS, one of the country’s banking giants, seals its historical acquisition of former competitor, Credit Suisse. In the wake of the deal, UBS CEO Sergio Ermotti took it upon himself to bolster confidence in his organization and reassure Swiss stakeholders of its […]
UBS completes takeover of Credit Suisse, imposing stricter regulations
UBS has successfully concluded its emergency acquisition of troubled local rival Credit Suisse, establishing a colossal Swiss bank with a balance sheet worth $1.6 trillion. The merger is the largest banking deal since the 2008 global financial crisis, positioning UBS as a dominant force in wealth management and offering numerous opportunities for clients, employees, shareholders, […]
UBS’s post-takeover rules for Credit Suisse staff
Brace for significant shifts in business operations as UBS, one of the world’s largest and most influential banks, readies for the monumental takeover of its competitor, Credit Suisse. As the day of fusion approaches, there is a palpable sense of anticipation and stringent restrictions prepared for the incoming Credit Suisse bankers. A red line approach […]
Credit Suisse CEO teases UBS deal finalization
Credit Suisse, the prominent Swiss banking conglomerate, is bracing for an unprecedented transition as it nears the completion of its emergency takeover by rival UBS AG. The deal, according to the bank’s Chief Executive, Ulrich Koerner, is expected to close on Monday, signaling a transformative shift in the landscape of the Swiss banking industry. Ulrich […]
Credit Suisse’s China brokerage hits the market
It has come to light that Credit Suisse, the Swiss banking giant, is making moves to divest its securities brokerage operations in China. This decision has been precipitated by the impending takeover by UBS, a fellow Swiss financial behemoth. As the unfolding situation unfolds, industry insiders reveal a keen interest from potential buyers. Eyeing the […]
UBS’s Credit Suisse takeover set to conclude in a week
The long-anticipated unification of two Swiss banking titans, UBS and Credit Suisse, is scheduled to conclude in a week. This colossal merger, fostered by a government-backed salvage operation earlier this year, is set to birth a behemoth in the banking industry, boasting a balance sheet that tips the scales at $1.6 trillion. Preparing for a […]
UBS assessing results delay post-Credit Suisse takeover
Swiss banking colossus, UBS, is reportedly mulling over the prospect of postponing its quarterly results until late August, as it grapples with the complexities arising from its acquisition of Credit Suisse. This information comes in light of a recent Financial Times report. The UBS leadership is said to be deliberating over deferring the results’ publication […]
UBS faces job challenges post-Credit Suisse takeover
The anticipated fusion of banking giants, UBS and Credit Suisse, has been met with enthusiasm by market watchers, even as UBS grapples with job complexities. Sergio Ermotti, UBS Chief Executive, recently addressed these concerns, acknowledging the difficult choices the merger necessitates in terms of job cuts. The top brass at UBS has been tasked with […]
UBS expects $17 billion loss from Credit Suisse rescue
In a bold financial maneuver, UBS Group AG is bracing for a staggering $17 billion fallout following its swift rescue of domestic competitor Credit Suisse. UBS, the banking titan of Switzerland, acknowledges that the rushed nature of this deal may have compromised the thoroughness of its due diligence process, according to a recent filing with […]
Credit Suisse CEO tapped to join UBS leadership team
UBS Group announced on May 9 that Credit Suisse CEO Ulrich Koerner will remain in the leadership team following the acquisition of its Swiss rival. The reshuffle also sees Todd Tucker, currently the finance chief of UBS’s core asset management business, promoted to group chief financial officer, succeeding Sarah Youngwood who is set to leave […]
UBS ready to pounce on Credit Suisse with new leadership lineup
UBS Group AG’s Chief Executive Sergio Ermotti has reportedly shortlisted key Credit Suisse Group AG executives to join the management team as the Swiss bank giant prepares to finalize its merger with the struggling rival, according to the Financial Times. The imminent merger, set to be completed by the end of May or early June, […]
UBS was actually wary of buying Credit Suisse – Why?
Investment banking company UBS was considering the potential impact of buying struggling rival Credit Suisse as early as December, months before the takeover was hastily arranged by Swiss authorities in March, according to a regulatory filing. UBS’s Early Considerations The filing with the U.S. Securities and Exchange Commission (SEC) revealed that UBS concluded in February […]
Credit Suisse hemorrhaged funds during March turmoil
During last month’s financial turmoil, Credit Suisse suffered a staggering 4.6 billion euros ($5.04 billion) withdrawal from its funds, according to data released by Morningstar. This event occurred as Switzerland’s financial authorities coordinated an emergency acquisition of Credit Suisse by rival bank UBS. In contrast, Swiss asset manager Swisscanto saw a remarkable 6.2 billion euros […]
Swiss finance minister says there are no obstacles for UBS and Credit Suisse
Swiss Finance Minister Karin Keller-Sutter has confirmed that UBS’s multi-billion state-sponsored takeover of Credit Suisse should proceed smoothly without any political obstructions. Credit Suisse’s rescue is a sure thing In an interview with the newspaper, Finanz und Wirtschaft, published on Saturday, Keller-Sutter stated that she does not see any stumbling blocks at the moment. The […]
Credit Suisse chairman apologizes amid growing fury
Axel Lehmann, the chairman of Credit Suisse, issued an apology to shareholders at its final meeting on Tuesday. Lehmann took responsibility for the bank’s downfall, acknowledging the loss of trust that had led to the bank being taken over by UBS. Shareholders, who had been critical of the deal and the lack of involvement in […]
UBS to reportedly lay off 20-30% of staff after Credit Suisse takeover
The collapse of banks such as UBS has had far-reaching repercussions in the financial world, with Credit Suisse being taken over by UBS in a bid to save the failing bank. 2023 saw the downfall of some prominent banking institutions, including Silicon Valley Bank, Signature Bank, and Silvergate Bank; this was coupled with the collapse […]
UBS CEO Ermotti plays down critics over forced merger with Credit Suisse
In an interview with Italian business daily Il Sole 24 Ore, incoming UBS Chief Executive Sergio Ermotti eased worries about the size of the new bank created by its takeover of Credit Suisse. While critics have voiced concern about the forced merger – designed to bolster global financial stability in a period of turmoil – […]
UBS sees shares plummeting after Credit Suisse bailout
UBS saw its shares plummet on Monday after its recent rescue of Credit Suisse raised concerns among investors about the long-term benefits of the deal. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.23 billion) and absorb up to $5.4 billion in losses, with the backing of Swiss authorities. The bank’s shares […]
