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The Latest Breaking News from Credit Suisse

Global Market: UBS posts 17% jump in Q2 profit, announces $3 billion share buyback plan

UBS reported a 17% rise in Q2 net profit to $2.8 billion, beating analyst estimates on strong wealth management and investment banking growth. The Swiss lender announced a $3 billion share buyback plan and achieved $12.6 billion in cumulative Credit Suisse integration savings while trimming its workforce below 100,000.

The Economic Times

US Stock Market: SEC clears path for UBS crisis resolution plan with key bail-in guidance

The US Securities and Exchange Commission will not object to certain UBS securities transactions. This regulatory relief aids Switzerland's bank resolution framework during financial crises. The move addresses potential conflicts between Swiss and US securities regulations. It ensures UBS can execute bail-in measures if directed by Swiss authorities. This clarification…

The Economic Times

Financier Lex Greensill banned from running UK companies for nine years

Founder of Greensill Capital says there was no finding he acted dishonestly after his company collapsed owing £1.6bn

The Guardian - UK

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UBS Announce Exit of Group Chief Operations and Technology Officer Amid Credit Suisse Integration

UBS announced changes on their executive board as Mike Dargan steps down from his post as the bank's Group Chief Operations and Technology officer.

International Business Times UK

Swiss prosecutors file charges against Credit Suisse and UBS over ‘tuna bonds’ scandal

Banks accused of ‘organisational deficiencies’ relating to scam that crashed Mozambique economy nearly a decade ago

The Guardian - UK

Ambassador to Spain Dario Item Exposes Swiss Secrecy in Major US Court Battle

Antigua's Ambassador Dario Item leads a legal battle in New York, accusing Credit Suisse and Swiss regulators of using secrecy laws to conceal key documents tied to the $17bn AT1 bond collapse.

Latin Times

Ouattara Favourite As Fourth Ivory Coast Term Looms

Incumbent Alassane Ouattara is the overwhelming favourite to secure a fourth term as Ivory Coast holds presidential polls Saturday, a task facilitated by the absence of several key opposition figures.

International Business Times

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Credit Suisse loses 440 million US dollar claim against SoftBank Group

In early 2021, Credit Suisse found itself exposed to the collapse of Greensill Capital.

Evening Standard

‘Hopelessly insolvent’: how ‘saviour of steel’ Sanjeev Gupta’s global empire unravelled

This week’s collapse of the tycoon’s Yorkshire operations brought relief for some. It echoes insolvency steps at 15 of his companies

The Guardian - UK

IMF Urges Swiss To Strengthen Bank Resilience

The International Monetary Fund on Tuesday urged Switzerland to strengthen the resilience of its banks and address the flaws exposed by the collapse of Credit Suisse.

International Business Times

Credit Suisse was ‘warned’ about Greensill three years before firm collapsed

Anonymous messages questioned judgment of senior managers in dealing with Greensill, says Swiss regulator

The Guardian - UK

Lex Greensill says SoftBank managers ‘felt threatened’ by his links to founder

Financier tells court he travelled to Tokyo ‘often weekly’ for mentoring sessions with Masayoshi Son

The Guardian - UK

Exclusive: Sauber stalwart Zehnder on 601 consecutive F1 races

In Imola, Sauber celebrated its 600th grand prix, from its humble Formula 1 beginnings in 1993 through a rollercoaster of manufacturer and independent stints before morphing into the Audi works team next year. One man was there for every single race, and as Sauber celebrated its anniversary, so did long-time…

Autosport

Interview: Sauber talisman Beat Zehnder on 601 consecutive races in F1

Motorsport

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The Guardian - UK

‘I knew I would die in jail’: how the right-hand man of Georgia’s de facto ruler ended up on the run

Giorgi Bachiashvili worked for billionaire Bidzina Ivanishvili for over a decade – but their spectacular falling out ended with a trial

Al Jazeera

Why did rumours of a coup sweep Ivory Coast this week?

Tensions over upcoming elections and the barring of an opposition candidate are mounting.

International Business Times

Credit Suisse to Pay $511 Million for Helping US Taxpayers in Hiding Money Offshore

Credit Suisse will pay $511 million for helping wealthy Americans hide $4 billion in offshore accounts.

Euronews

UBS to pay hundreds of millions to settle Credit Suisse US tax probe

UBS agreed to pay hundreds of millions of dollars to settle the US tax probe into Credit Suisse after a two-year investigation. UBS said that it was "not involved in the underlying conduct and has zero tolerance for tax evasion".

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Fortune

Credit Suisse admits scheme to hide more than $4 billion in offshore accounts for ultra-rich Americans

Credit Suisse’s services unit agreed to pay $511 million in fines, penalties, restitution, and forfeitures, authorities said.

The Independent UK

Former Credit Suisse CEO nominated to run in Ivory Coast presidential election

Tidjane Thiam, a former banker, has won a near-unanimous vote to represent the Democratic Party of Ivory Coast in the forthcoming presidential election

International Business Times

UBS Profit Beats Forecast As Credit Suisse Merger Nears End

Switzerland's biggest bank posted a net profit of $770 million for the last three months of 2024, compared with a $279 million loss in the same period a year earlier as it wrestled with the weight of integrating its closest domestic rival.

Evening Standard

The never ending saga of the Georgian billionaire and the Swiss banks

Bidzina Ivanishvili is pursuing litigation in Bermuda, Singapore and Switzerland

International Business Times

Credit Suisse Collapse Probe Slams Banking Regulator

Switzerland's financial regulator was ineffective in tackling the scandals at Credit Suisse, where executive mismanagement scuppered the bank and nearly triggered a global financial crisis, a Swiss inquiry concluded Friday.

The Independent UK

Democrats’ failure to punish CEOs for 2008 crash contributed to Trump’s rise, says top Obama aide

Rahm Emanuel criticized the Democrats for being ‘blind to the rising sea of disillusionment’ that has been simmering for years in America

International Business Times

UBS Smashes Forecasts With $1.4 Bn Net Profit

Swiss banking giant UBS said Wednesday it earned a net profit of $1.4 billion in the third quarter, beating analyst expectations.

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