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Credit Suisse

All articles tagged with #credit suisse

business2 months ago

Legal Battles and Revival Prospects for Credit Suisse's AT1 Bonds

A Singapore law firm, Drew & Napier, plans to sue the Swiss government for approximately $300 million, seeking compensation for Asian bondholders of Credit Suisse AT1 debt that was wiped out in 2023. The firm is pursuing claims based on bilateral investment treaties with Switzerland, Singapore, Japan, and Hong Kong, following a Swiss court ruling that the bond writedown was unlawful. The legal action targets the Swiss government's handling of the Credit Suisse rescue, with the process expected to take time and uncertain outcomes.

via Bloomberg.com|
#at1-bonds#business#credit-suisse
business7 months ago

Switzerland mandates $26B capital boost for UBS, shares climb

The Swiss government proposed stricter capital rules for UBS following its acquisition of Credit Suisse, potentially requiring an additional $26 billion in core capital and full capitalization of foreign units, which UBS criticizes as extreme and competitive disadvantages. Shares rose after the announcement, and the reforms aim to strengthen regulation and liquidity access, with a transition period of 6-8 years. The proposals also include measures to bolster the Swiss financial regulator and may influence UBS's business model and location decisions.

via Reuters|
#bank-regulation#business#capital-requirements
business7 months ago

UBS Must Raise $26bn Amid New Swiss Capital Rules

The Swiss government plans to require UBS to hold an additional $26 billion in capital following its acquisition of Credit Suisse, aiming to prevent the bank from becoming 'too big to fail.' This move could impact UBS's share buybacks and competitiveness, with the bank lobbying against these stringent requirements, which could raise its CET1 ratio to 17-19%. Despite the challenges, UBS shares rose 6% on the news, and the new rules are expected to be legislated by 2026-2027.

via Financial News London|
#bank-regulation#business#capital-requirements
finance7 months ago

UBS Shares Surge as Swiss Government Proposes Stricter Capital Regulations

UBS shares rose 4.5% after the Swiss government proposed new capital regulations requiring UBS to hold an additional $26 billion in core capital, following its takeover of Credit Suisse. The regulations are expected to be phased in by 2034, allowing UBS to lobby for concessions. The move aims to strengthen the bank's financial position amid recent banking sector turbulence, and negotiations for adjustments are already underway.

via CNBC|
#banking#capital-rules#credit-suisse
business7 months ago

Switzerland Imposes $26 Billion Capital Boost on UBS Amid Banking Reforms

The Swiss government has proposed new strict capital rules requiring UBS to hold an additional $26 billion in core capital following its acquisition of Credit Suisse, aiming to strengthen its stability but raising concerns about its competitiveness and impact on shareholder returns. UBS supports most proposals but opposes the extreme increase, and the implementation is expected to take several years, with full compliance by 2034.

via CNBC|
#bank-regulation#business#capital-requirements
finance7 months ago

Switzerland Plans to Impose Up to $26 Billion Capital Boost on UBS

The Swiss government has proposed increasing UBS's capital requirements by up to $26 billion to prevent another Credit Suisse-style crisis, including full capitalisation of foreign subsidiaries, with reforms expected to be enacted by 2028 and a transition period of six to eight years, amidst ongoing political debate and lobbying.

via Financial Times|
#bank-regulation#capital-requirements#credit-suisse
finance1 year ago

Archegos Founder Bill Hwang Sentenced to 18 Years for Fraud

Bill Hwang, founder of Archegos Capital Management, was sentenced to 18 years in prison for fraud and market manipulation related to the fund's collapse in 2021. The collapse significantly impacted Credit Suisse and other major banks. U.S. District Judge Alvin Hellerstein dismissed Hwang's request for no jail time, citing the massive financial losses caused by his actions.

via Benzinga|
#archegos-capital#bill-hwang#credit-suisse
business1 year ago

UBS Revamps Leadership Amid Board Shake-Up and CEO Succession Plans

UBS has announced a major overhaul of its executive board, splitting its global wealth management division and appointing new leaders in Asia-Pacific and the U.S. This move is part of a broader strategy for sustainable growth following its acquisition of Credit Suisse. The reshuffle also sets the stage for a successor to CEO Sergio Ermotti, who is expected to step down by early 2027.

via CNBC|
#business#credit-suisse#executive-board
finance1 year ago

"UBS Considers Credit Suisse China Stake Swap with Beijing Government"

UBS is in talks to acquire full ownership of its China platform by exchanging its stake in Credit Suisse's onshore securities venture with a Beijing government investment fund, potentially buying out the 33% stake held by Beijing State-Owned Assets Management Co. in their joint venture UBS Securities Co. in exchange for selling part or all of its 51% stake in Credit Suisse Securities (China) to the Beijing government fund.

via Bloomberg|
#beijing#china#credit-suisse
businessfinance1 year ago

"Ant Group Wins Bid for Credit Suisse's China Unit Over Citadel Securities"

Ant Group is competing with Citadel Securities in a bid to acquire Credit Suisse's China unit, as the Swiss bank seeks to offload the business amid a broader restructuring. The move reflects Ant Group's ambition to expand its financial services footprint in China, while Citadel Securities aims to strengthen its presence in the country's financial markets.

via Financial Times|
#acquisition#ant-group#businessfinance
finance1 year ago

"Ex-Credit Suisse Alumni Lead Job Market Growth Amid Morgan Stanley Layoffs"

Morgan Stanley's CEO, Ted Pick, has announced job cuts in the Wealth Management division, targeting non-customer facing and support roles, following a trend seen in other banks like Citi and Deutsche. The cuts may be a result of the completion of cloud computing projects, leading to reduced need for staff to operate and maintain legacy systems. Meanwhile, former Credit Suisse employees are dominating the market, forming a persistent alumni network, and Element Capital's Jeff Talpins is shrinking the fund to improve performance. Andrea Orcel is increasing the bonus pool for employees, and Citi is giving its Hong Kong staff generous "lucky money" for Chinese New Year.

via eFinancialCareers|
#banking-industry#cloud-computing#credit-suisse
finance1 year ago

"UBS Exceeds Earnings Expectations, Plans $1 Billion Share Buyback"

Swiss banking giant UBS narrowly beat fourth-quarter earnings expectations, posting a net loss of $279 million, and announced plans for up to $1 billion in share buybacks in the second half of the year. The bank also reported a quicker than expected return of client inflows to Credit Suisse's wealth management business since the takeover, with net new assets totaling $77 billion. UBS CEO Sergio Ermotti highlighted the progress in the integration of fallen rival Credit Suisse, which included cutting around 3,000 jobs as part of a wider restructure.

via CNBC|
#credit-suisse#earnings#finance
finance2 years ago

Swiss Authorities' Oversight Failure: Unraveling Credit Suisse's Mishap

Swiss authorities, including the central bank and financial regulator FINMA, failed to effectively oversee Credit Suisse, leading to its collapse and subsequent sale to UBS. About six months before the sale, the head of the Swiss central bank wanted to inject 50 billion Swiss francs ($57.6 billion) into Credit Suisse and nationalize it, but this idea was opposed by FINMA, the finance ministry, and Credit Suisse's management. The lack of coordination and differing opinions among Swiss officials undermined their ability to properly regulate the bank, which faced a series of scandals and failed restructuring attempts. The collapse of Credit Suisse has damaged Switzerland's reputation as a financial center and highlighted the need for stronger global financial regulation.

via Reuters|
#credit-suisse#finance#nationalization