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The Latest Breaking News from UBS

How rising interest rates are exposing bank weaknesses

Recent collapses in US and Europe highlight new threats to lenders and upend conventional wisdom

Financial Times

Credit Suisse violates deal on rich clients’ tax evasion

The Senate Finance Committee finds that troubled Credit Suisse failed to report secret accounts held by U.S. citizens trying to avoid paying taxes.

Chicago Sun-Times

Stocks Rally as Risk Appetite Returns

What you need to know… The S&P 500 Index ($SPX ) (SPY ) Wednesday closed up +1.42%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +1.00%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed up +1.87%. Stock indexes Wednesday rallied moderately as waning banking concerns...

Barchart

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US accuses Credit Suisse of violating tax evasion deal

US lawmakers say the embattled bank Credit Suisse has violated the terms of a plea deal related to tax evasion. A two-year investigation suggests the lender has continued to conceal the bank accounts of wealthy Americans. Meanwhile, UBS has brought back former CEO Sergio Ermotti to lead its takeover of…

France 24

Strength in Tech Stocks Boosts Market Sentiment

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.99%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.66%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.36%. U.S. stock indexes this morning are moderately higher. Strength...

Barchart

Markets Today: Stock Indexes Climb as Tech Strength Buoys Sentiment

Morning Markets March S&P 500 futures (ESM2 3) this morning are up +0.79%, and March Nasdaq 100 E-Mini futures (NQM2 3) are up +0.82%. U.S. stock index futures this morning are moderately higher. Technology stocks are climbing in pre-market trading to lead stock index futures higher after Micron Technology forecasted...

Barchart

Switzerland brings back its most successful banker to steer the merged UBS-Credit Suisse behemoth

Heeding the "call to duty," Lugano native Sergio Ermotti returns to his old post as CEO of the Swiss wealth manager to navigate it through choppy waters.

Fortune

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UBS brings back former chief to oversee Credit Suisse takeover

Sergio Ermotti, who stepped down in 2020, will rejoin Swiss bank as it prepares to absorb troubled rival

The Guardian - UK

UBS brings back former CEO with Credit Suisse deal ahead

UBS says it’s bringing back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse

The Independent UK

Credit Suisse aided tax evasion, says US Senate committee; Bank of England reports UK banks are ‘resilient’ – as it happened

US Senate committee’s findings come on the day UBS appoints ex-boss Sergio Ermotti as new CEO to steer Credit Suissse takeover

The Guardian - UK

Ermotti back as UBS chief for Credit Suisse takeover

ZURICH: Sergio Ermotti will return as CEO of Swiss banking giant UBS to pilot the controversial acquisition of troubled rival Credit Suisse, its board announced Wednesday.

Bangkok Post

Why These 3 High Volume Financial Stocks Are Not Worth Buying

Volumes have soared with bottom fishers expecting gains through the residual value of sunken financial stocks Credit Suisse (CS), First Republic (FRC), and Silvergate (SI). However, with deflating asset prices amid increasing interest rates, it would be wise to avoid them altogether. Continue reading….

StockNews.com

Markets spooked by Deutsche Bank

Analysts have raised concerns about the growing risk of a Deutsche Bank collapse, reigniting fears about a widening banking crisis, though they said the potential impact on the Thai banking sector would be limited.

Bangkok Post

Saudi National Bank chair resigns after Credit Suisse comments

Ammar Al Khudairy’s remarks about Swiss lender spurred investor panic that led to emergency takeover

The Guardian - UK

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Fortune

Hedge fund made $30 million in days thanks to a well-timed bet on Credit Suisse’s problems

The NYC-based fund won big from Credit Suisse’s demise.

Fortune

When Credit Suisse ruled the IPO game

In the '90s, Frank Quattrone put Silicon Valley—and Credit Suisse—on the map.

Evening Standard

Family run US bank rescues tech lender Silicon Valley Bank

FAILED tech lender Silicon Valley Bank was taken over today by First Citizens in a deal that will cost about $20 billion but offered hope that the crisis of confidence in the global banking system could be easing.

The Guardian - UK

Markets rally despite banking fears; UK retailers turn optimistic after bleak winter – as it happened

Shares in First Citizens Bank surge 45% as it agrees to buy much of Silicon Valley Bank, while Saudi National Bank’s Ammar Alkhudairy resigns

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news in one place.

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Barchart

The Fed Speaks- Inflation Remains the Enemy

The U.S. central bank remains unphased by the recent upheaval in the banking sector as it continues to battle inflation by tightening credit. The Fed allowed inflationary pressure to mount in 2021, waiting too long to boost interest rates, pushing inflation to the highest level in four decades. In 2023,…

Bangkok Post

Thailand unscathed by Western banking turmoil

Most economists from the public and private sectors expect the ongoing US and European banking crisis to have a limited effect on the Thai banking sector thanks to the solid fundamentals of local banks and the strong supervision of the Bank of Thailand.

The Guardian - UK

IMF chief warns global financial stability at risk from banking turmoil

Kristalina Georgieva joins others in voicing fears about threat to world economy after recent bank collapses

Fortune

The ‘too big to fail’ regime for banks just doesn’t work, Swiss minister says. ‘The economic damage would be considerable’

A restructuring or liquidation would have triggered “major international upheaval," said finance minister Karin Keller-Sutter.

Fortune

How Credit Suisse redefined the IPO market during the Dot-Com boom—then lost its grip and spiraled into scandal

In the glory days of Credit Suisse, investment banker Frank Quattrone helped put Silicon Valley on the map.

The Guardian - UK

Head of Credit Suisse talks of his profound sadness over UBS takeover

Ulrich Körner acknowledges an ‘emotional and challenging week’ after emergency deal was forced through by Swiss authorities

Fortune

Europe will pay the price for wiping out Credit Suisse bondholders, warns ex-CEO Tidjane Thiam

Tidjane Thiam says the controversial decision by Swiss authorities will mean U.S. and Asian lenders could come out of banking crisis stronger.

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