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Client Funds

All articles tagged with #client funds

finance2 years ago•1 min saved

UBS Reports Loss Due to Credit Suisse Takeover

UBS reported a net loss of $785 million in the third quarter, largely due to costs associated with its takeover of Credit Suisse. However, the bank saw strong inflows of client funds, with $22 billion flowing into its global wealth management business, including positive flows into Credit Suisse's wealth management unit for the first time in 18 months. UBS attracted net new deposits of $33 billion, with two-thirds coming from legacy Credit Suisse clients. CEO Sergio Ermotti expressed optimism about the bank's future and plans to unveil a growth strategy early next year.

via CNN|

#client-funds #credit-suisse #finance

cryptocurrencyfinancial-crime2 years ago•6 min saved

FTX Trial Begins with Testimony from Cocoa Bean Trader Who Lost $100,000

Marc-Antoine Julliard, a cocoa bean trader, testified as the first witness in the criminal fraud trial against FTX founder Sam Bankman-Fried. Julliard recounted his experience with FTX, including the anxiety he felt when he unsuccessfully tried to withdraw $100,000 worth of crypto and cash from the platform. The prosecution aims to prove that FTX misled clients into believing their funds were safe. Bankman-Fried faces federal charges including wire fraud, securities fraud, and money laundering. The defense argues that clients should be accountable for their own choices in buying and trading crypto. The trial is expected to last six weeks.

via CNBC|

#client-funds #cryptocurrency-trading #cryptocurrencyfinancial-crime