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The Latest Breaking News from Credit Suisse

Shanghai Composite Index Fell 0.16% on Friday

Shenzhen Component Index closed down 0.64%

Caixin Global

Citadel Securities Bids for Credit Suisse’s China Venture

UBS’sale will face delay as Credit Suisse’s joint-venture buyout is still awaiting approval by Chinese regulators

Caixin Global

David Cameron must detail all involvement with Greensill, urges Labour

Call follows Guardian revelations about foreign secretary’s flights gifted to him during Greensill work

The Guardian - UK

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Swiss Watchdog Seeks Power Post Credit Suisse Crash

Switzerland's financial sentinel seeks more authority in the wake of the Credit Suisse's tumultuous tumble, marking a dramatic twist in the realm of finance.

Top News

Future of Finance: Paolo Ardoino on Tether proving crypto critics wrong and how ‘Bitfinex is a different company compared to Binance’

Ardoino talked about his early career and why it's mostly been "business as usual" after recently becoming Tether's CEO.

Fortune

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UBS reports pre-tax loss in 3Q but says benefits of Credit Suisse merger gather steam

UBS has reported a $255 million pre-tax loss, shed some 4,000 jobs globally, cut costs faster than expected, and reaped billions in asset inflows in the third quarter

The Independent UK

UBS reports $785m loss due to costs of Credit Suisse integration

Swiss banking group has cut 13,000 jobs this year as it recovers from rushed rescue deal

The Guardian - UK

UBS takes down Credit Suisse logo from Canary Wharf office

UBS rescued Credit Suisse from collapse in March

Evening Standard

Exclusive: UBS Committed to China, Sees Opportunities After Credit Suisse Deal

Merged group is looking at how best to expand its presence in the country, CEO Sergio Ermotti tells Caixin in an exclusive interview

Caixin Global

Banking regulator Sam Woods: ‘This is the most intense period since the 2008 financial crisis’

In an exclusive interview, the head of the Prudential Regulation Authority talks about Credit Suisse, the gilt market meltdown – and stress-testing banks for the climate crisis

The Guardian - UK

UBS reaps windfall gain from Credit Suisse deal after Swiss bank buys rival for $29 billion discount

UBS paid far too little for the assets of its cross-town rival when it agreed to a shotgun wedding for the bargain basement price of just $3.4 billion.

Fortune

UBS reports huge 2Q profit skewed by Credit Suisse takeover, foresees $10B in cost cuts

Swiss bank UBS announced plans to save $10 billion in costs as it moves ahead with “full integration” of longtime rival Credit Suisse’s domestic operations, releasing its first earnings report since the government-orchestrated merger to help stave off a possible global financial meltdown

The Independent UK

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The Times of India

Jefferies is hiring 10 investment bankers for India expansion

NEW DELHI: Jefferies Financial Group Inc is hiring about 10 investment bankers in India as the US advisory firm looks to beef up its operations in the world’s most populous nation, according to people familiar with the matter.

Fortune

‘Richcession’ hits as 3.5 million millionaires lost their status last year

The wealth gap between the richest Americans and the bottom 50% narrowed in 2022, according to a new report.

Fortune

$11.3 trillion in global wealth evaporated last year in the first drop since the Global Financial Crisis. But the next few years look ‘brighter’

Worldwide wealth fell 2.4% or $11.3 trillion last year to $454.4 trillion, according to a new UBS and Credit Suisse report.

The Independent UK

UBS to pay $1.44 billion to settle 2007 financial crisis-era mortgage fraud case, last of such cases

UBS will pay U.S. authorities $1.44 billion to settle the last lingering legal case over Wall Street’s role in the housing bubble of the early 2000s, which ultimately led to the 2008 financial crisis and Great Recession

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The Guardian - UK

‘Like horse trading’: Credit Suisse retail investors challenge UBS takeover

Fresh legal claim planned by group of almost 1,000 shareholders to rushed rescue in March

Barchart

Markets Today: Stocks Fall on a Hot U.S. July PPI

Morning Markets September E-Mini S&P 500 futures (ESU2 3) this morning are down -0.25%, and Sep Nasdaq 100 E-Mini futures (NQU2 3) are down -0.47%. Stock indexes this morning are moderately lower. Concerns that weakness in China’s economy will curb global growth prospects are weighing on stocks. Losses in stock...

The Independent UK

UBS ends billions in taxpayer-funded support that paved way for Credit Suisse takeover

Swiss taxpayers are off the hook from a government-engineered rescue plan that doled out billions to help UBS, the country’s largest bank, take over its ailing rival Credit Suisse

Zenger

Credit Suisse Bank Investigation Files To Remain Confidential For 50 Years

Swiss historians express concerns over extended access delay to crucial documents

Zenger

Shopify Payments Monetization: Credit Suisse’s Perspective On Revenue Modelling And Future Upside

Credit Suisse analyst Timothy Chiodo maintained Shopify Inc (NYSE: SHOP) with a Neutral and raised the price target from $53 to $55

Zenger

Credit Suisse Analyst Praises IBM’s Revenue Guidance, M&A Focus

Shannon Cross believes IBM is well-positioned to become a leader in artificial intelligence.

Zenger

Swiss Taxpayers Spared From Funding UBS’ Rescue Of Credit Suisse

UBS to handle potential losses of CHF 5 billion, Swiss government to cover next CHF 9 billion.

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