Credit Suisse warns of $2.2bn loss in third quarter as thousands of staff exit bank September 29, 2023 Credit Suisse has warned that it may face a $2.2bn loss in the third quarter as it attempts to deal with legacy loans and problematic parts of its business.
UBS shares slip after report of US sanctions probe into Credit Suisse September 27, 2023 Shares in UBS slipped today after a report suggested that Credit Suisse is at the centre of a US probe into potential sanctions breaches.
Mozambique president has immunity in London ‘tuna bond’ case, court rules September 4, 2023 Mozambican President Filipe Nyusi cannot be sued in Britain over allegations he accepted unlawful payments in the country's lawsuit against Credit Suisse.
Credit Suisse takeover helps UBS to huge profit of £23bn as integration begins August 31, 2023 UBS reported a pretax profit of £22.8bn ($29.2bn) thanks to its takeover of long time rival Credit Suisse, as it confirmed it will controversially integrate the bank’s domestic lending. UBS’s pretax profit soared to $29.2bn, with the vast majority of this comprising a ‘negative goodwill’ of $28.9bn. ‘ Negative goodwill’ reflects the difference between the [...]
UBS settles Credit Suisse lawsuit with Swiss financial blog Inside Paradeplatz August 29, 2023 UBS and Swiss finance blog Inside Paradeplatz have settled a lawsuit relating to comments published on the site about Credit Suisse.
UBS cancels £8bn backstop agreed to help soothe merger with Credit Suisse August 11, 2023 UBS has voluntarily ended the CHF9bn (£8bn) loss protection deal agreed with the Swiss government following its emergency acquisition of Credit Suisse. The decision followed “a comprehensive assessment of the designated portfolio of Credit Suisse non-core assets, including severe stress loss scenarios,” the bank said. UBS has also terminated the CHF100bn liquidity backstop from the [...]
Credit Suisse hit with record £87m fine by UK bank regulator for Archegos failings July 24, 2023 Credit Suisse has been hit with a record £87m fine by the Prudential Regulation Authority (PRA) for its failures relating to the collapsed hedge fund Archegos Capital. The PRA criticised Credit Suisse’s “significant failures in risk management and governance” between the start of 2020 and the end of March 2021. “This is the PRA’s highest [...]
Swiss investors set to launch legal challenge of Credit Suisse deal in pursuit of greater compensation July 17, 2023 UBS’s takeover of Credit Suisse faces yet another legal challenge as an association of Swiss investors have announced their intention to file a lawsuit on behalf of former Credit Suisse shareholders. The Swiss Association for the Protection of Investors said that after receiving a “large number of inquiries”, it has decided to coordinate a lawsuit. [...]
London jobs at stake as UBS considers cutting over half of Credit Suisse’s workforce June 28, 2023 UBS is reportedly planning to cut over half of Credit Suisse’s workforce as it completes its takeover of the Swiss bank. The newly merged banking behemoth is planning on reducing its headcount by as much as 35,000 people in an attempt to cut costs, Bloomberg reported. Credit Suisse currently employs around 45,000 people. UBS is [...]
UBS set to pay huge fines over Credit Suisse’s Archegos failings June 20, 2023 UBS is reportedly to set to pay out hundreds of millions of dollars in fines over Credit Suisse’s failings linked to the collapsed hedge fund Archegos Capital. Credit Suisse was one of the banks hardest hit by the collapse of Archegos, with the bank facing losses of around $5.5bn. In contrast, UBS faced a $861m [...]