Page 5 - Credit Suisse

Evercore hires media, telecom bankers from Credit Suisse amid takeover

The US advisory firm has recruited managing directors Giuseppe Monarchi, Laurence Hainault and Francesco Gurrieri, the people said

Regulators ask if Credit Suisse bond wipeout must trigger insurance payout

The five-year default swaps tied to Credit Suisse Group's AG's junior debt rose by 36 basis points on Thursday to 397, according to CMAI pricing

Markets too optimistic on interest rate reversal, says Hechler-Fayd'herbe

Hechler-Fayd'herbe said it's not the time for investors to relax because there is quite a lot of uncertainty beneath the surface, whether it is on the geopolitical front or the economic outlook

UBS to take in Credit Suisse CEO as banks' merger closes within 2 weeks

UBS said Tuesday it's bringing the CEO of Credit Suisse on to its executive board and will keep the two banks operating separately for the foreseeable future as it moves forward with a high-profile merger expected to close within two weeks. The two Zurich-based banks, longtime rivals, are uniting in a $3.25 billion deal hastily arranged in March by Swiss government officials and regulators after Credit Suisse's stock plunged and jittery depositors quickly pulled out their money. The merger aimed to stem upheaval in the global financial system after the collapse of two U.S. banks that has shaken confidence in the sector. This is a pivotal moment for UBS, Credit Suisse and the entire banking industry," said UBS CEO Sergio Ermotti, who was brought back to the bank to help see the deal through. Together we will solidify and represent the Swiss model for finance around the world, one that is capital-light, less reliant on taking risk and anchored by stability and high-touch service, he .

UBS weighs options for sale of Credit Suisse's Swiss unit, say reports

UBS is studying plans to sell the Swiss banking business of Credit Suisse in an initial public offering (IPO) after taking over its smaller rival, the people said, speaking on condition of anonymity

Credit Suisse AT1 bondholders who lost $1.7 bn in UBS deal file lawsuits

Law firm Pallas Partners, which filed the suit in a Swiss court on April 18, said the Finma agency had no right to order the writedown and is seeking full compensation for its clients

UBS looks to bring Tom Naratil back and mulls Swiss bank spin-off

UBS executives have repeatedly said that all options were still on the table concerning Credit Suisse's domestic business

Credit Suisse employee bonuses tied to AT1 bonds were also wiped out

The move, described by people briefed on the decision, erases so-called contingent capital awards that had been worth 360 million Swiss francs ($403 million) at the end of 2022

Indian markets likely to remain range-bound in the near term: Analysts

Rising interest rates, firm crude oil prices and geopolitical concerns, they believe, will keep the sentiment back home in check.

UBS reaps $28 billion in new assets in Q1; Credit Suisse deal looms

Swiss banking giant UBS said Tuesday it took in USD 28 billion of net new money for its wealth management business in the first quarter, with USD 7 billion of that coming in the days after the announcement of its government-backed takeover of ailing rival Credit Suisse. The Zurich-based bank, which is set to become Switzerland's banking titan after the merger closes in coming months, said underlying pre-tax profit dropped 22 per cent to USD 2.35 billion in the quarter compared to a year ago, while underlying revenues fell 8 per cent. UBS said it had bought back USD 1.3 billion worth of its shares during the quarter, and reiterated that the share-buyback programme has been temporarily suspended ahead of the closing of the 3 billion Swiss franc (USD 3.4 billion) takeover of Credit Suisse announced on March 19. In the first quarter, we maintained positive momentum across the firm and attracted USD 28 billion of net new money in GWM (Global Wealth Management), of which USD 7 billion cam

Credit Suisse saw $69 billion of outflows before UBS takeover

The Swiss bank lost more than 200 billion francs of customer deposits over a six-month period, culminating in several frantic days in March before the government-orchestrated sale

Credit Suisse's net asset outflows topped $68 billion in first quarter

Ailing Swiss bank Credit Suisse on Monday reported over 61 billion Swiss francs (over USD 68 billion) in net asset outflows in the first quarter, when Switzerland's government arranged for its takeover by rival UBS, and said investors are continuing to withdraw assets this month. The Zurich-based bank cited significant net asset outflows as it posted its first-quarter results that were skewed by the rescue plan, which was ordered by Switzerland's financial markets regulator and included the write-down of some 15 billion francs in debt tied up in a particular type of bond. The takeover by UBS is expected to close in the coming months, and was designed in part to help stabilise the global financial system that had been roiled by the collapse of two U.S. banks. The reputation of 167-year-old Credit Suisse had been pummeled in recent years over stock price declines, a string of scandals and the flight of depositors worried about the bank's future amid global financial turmoil. Credit .

Credit Suisse investors sue Swiss financial regulators after facing losses

A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses. The investors are contesting an order by the Swiss Financial Market Supervisory Authority, or FINMA, that wiped out about 16 billion Swiss francs (USD 17.3 billion) in higher-risk Credit Suisse bonds as part of an emergency rescue last month, lawyers said Friday. The hastily arranged, USD 3.25 billion deal prevented the downfall of Switzerland's second-largest bank after its stock plunged and customers rushed to pull out their money amid fears about long-running troubles at Credit Suisse and upheaval in the global financial system after the collapse of two U.S. banks. FINMA's decision undermines international confidence in the legal certainty and reliability of the Swiss financial center," said Thomas Werlen, managing partner in Switzerland for law firm Quinn Emanuel Urquhart & Sullivan. The firm filed

Credit Suisse AT1 holders' billions of debt challenged in Swiss court

The Swiss administrative court has received four filings linked to the additional-tier 1 debt writedown, a spokesperson said on Thursday declining to give any detail

Credit Suisse files long-awaited $440 million lawsuit against Softbank

The Swiss lender sued SoftBank in London earlier this month, saying it planned to focus on maximizing recovery for investors in its supply chain finance funds

Credit Suisse accused of hindering probe into Nazi-linked accounts

US lawmakers have accused embattled Swiss bank Credit Suisse of limiting the scope of an internal investigation into Nazi clients and Nazi-linked accounts, including some that were open until just a few years ago. The Senate Budget Committee says an independent ombudsman initially brought in by the bank to oversee the probe was inexplicably terminated as he carried out his work, and it faulted incomplete reports that were hindered by restrictions. Credit Suisse said it was fully cooperating with the committee's inquiry but rejected some claims from the Simon Wiesenthal Centre, a Los Angeles-based Jewish human rights group, that brought to light in 2020 allegations of possible Nazi-linked accounts at Switzerland's second-largest bank. Despite the hurdles, the reports from the ombudsman and forensic research team revealed at least 99 accounts for senior Nazi officials in Germany or members of a Nazi-affliliated groups in Argentina, most of which were not previously disclosed, the ...

Swiss parliament rebukes Credit Suisse rescue by rival bank UBS

While the upper house had approved the government's contribution to the rescue package, parliament's lower, and larger chamber, pushed back again on Wednesday

UBS Group weighs retaining Credit Suisse's private banking unit in India

Credit Suisse has just over 40 wealth management employees in India, and around 7,000 people overall in the country, according to a spokesperson for the bank

Is SHE enterprise an oxymoron?

History is replete with examples of when an enlightened business approach did not prevail, but even cynics agree it is worth striving for

After Credit Suisse wipeout, AT1 bonds make a return in the global market

A Bloomberg index of contingent convertible bonds has risen 10 per cent from the lows seen during the Credit Suisse crisis