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The Latest Breaking News from UBS

UBS to take in Credit Suisse CEO as merger closes in 2 weeks

UBS says it’s bringing the CEO of Credit Suisse on to its executive board and will keep the two banks operating separately “for the foreseeable future” as it moves forward with a high-profile merger expected to close within two weeks

The Independent UK

Credit Suisse History Of Doing Business Members Of The Nazi Party Remembered

Top Republican in the U.S. Senate Budget Committee questions the bank's history of the Nazi's interests.

Zenger

UBS reaps $28B in new money amid Credit Suisse fallout

Swiss bank UBS says it took in $28 billion in new money from wealthy clients in the first three months of the year

The Independent UK

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Morgan Stanley analysts think commercial real estate is heading for something ‘worse than in the Great Financial Crisis’—here’s what Goldman Sachs and UBS have to say

Commercial real estate headwinds—which are particularly strong in the office space sector—will increase the risk of defaults, distress, and delinquencies.

Fortune

Credit Suisse saw $69 billion in outflows at start of 2023

Credit Suisse says it saw nearly $69 billion in outflows in the first three months of the year and that clients are still withdrawing assets

The Independent UK

Bank panic leads to £55 billion in outflows at fallen giant Credit Suisse

Extent of bank run highlights City job fears into the shotgun marriage with UBS

Evening Standard

Credit Suisse investors suing Swiss regulator after £4bn bond wipeout

Finma accused of acting unlawfully and undermining confidence in Switzerland as a financial centre

The Guardian - UK

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Credit Suisse investors sue after facing billions in losses

A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses

The Independent UK

What does the Reserve Bank of Australia review mean, and how will it affect interest rates and mortgage payments?

A scathing review of the Reserve Bank of Australia is set to deliver a shake-up of the central bank not seen in a generation. Here's what it means for interest rates, your mortgage, and RBA governor Philip Lowe.

ABC News

Beware the boomerang CEO

Boomerang CEOs signal a succession-planning failure, as evidenced by Disney’s Bob Iger.

Fortune

Credit Suisse rescue rebuked by half of Swiss parliament

Switzerland’s lower house of parliament has issued a searing — though symbolic — rebuke of an emergency plan spearheaded by the executive branch to prop up embattled Credit Suisse and shepherd it into a takeover by Swiss banking rival UBS

The Independent UK

IMF forecasts inflation could remain high until 2025, affecting global growth

During its annual Spring Meeting in Washington, the International Monetary Fund has revised its forecasts upward to 7 percent for global inflation this year and 4.9 percent in 2024. Those figures, above the target rate of 2 percent, will be contributing factors in slowing down growth, including for developing economies.…

France 24

Credit Suisse rescue package rejected by Swiss parliament

Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing.

Reuters

UBS mulls retaining Credit Suisse unit serving India’s rich

NEW DELHI: UBS Group AG is considering retaining Credit Suisse Group AG’s private banking unit in India after the emergency rescue of its smaller rival last month, paving the way for a potential return to the market.

The Times of India

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The Independent UK

Swiss lawmakers pick apart Credit Suisse woes ahead of deal

Switzerland’s parliament is opening a special session to scrutinize the state-imposed takeover of Swiss bank Credit Suisse by rival UBS

Reuters

Credit Suisse rescue receives initial snub from Swiss parliament

Switzerland's parliament on Tuesday failed to approve the 109 billion Swiss francs ($120.5 billion) of financial guarantees used to rescue Credit Suisse last month, in a first-round vote that was largely symbolic given the state had committed the funds.

Fortune

The strange case of SVB Capital

Hundreds of pages of bankruptcy filings reviewed by Term Sheet outline the bizarre limbo the VC unit finds itself in.

Bangkok Post

Credit Suisse failure 'would have crashed Swiss economy'

GENEVA: Switzerland’s finance minister says the country’s economy probably would have collapsed had Credit Suisse gone bankrupt.

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Fortune

The Swiss banking giant that just took over Credit Suisse isn’t afraid of empty office buildings. A wave of defaults doesn’t mean a tsunami, it says

Commercial real estate “headlines are worse than reality,” wrote UBS analysts in a report published on Thursday.

Evening Standard

‘Too big to fail’ cannot be a licence to behave badly

City Voices: Time to get tough with the big banks

The Independent UK

Swiss cut up to $66M in bonuses for top Credit Suisse execs

The Swiss government says it’s ordered cuts to the bonuses of top executives of Credit Suisse worth tens of millions combined as the troubled bank heads toward a forced merger with rival UBS

The Guardian - UK

UBS bosses urged to avoid job cuts and hikes in their pay after Credit Suisse deal

Shareholders line up at AGM to criticise creation of $5tn mega-bank after takeover of smaller rival

The Independent UK

Swiss regulators defend rescue of Credit Suisse via UBS deal

The head of the Swiss financial regulator has defended the rescue of Credit Suisse through a controversial takeover by rival bank UBS as the best solution with least risk of spreading a wider crisis and severe damaging Switzerland’s standing as a financial center

The Guardian - UK

Treasury and business department postpone meetings with CBI after sexual misconduct claims – as it happened

Talks between Royal Mail and union end without a deal; UBS faces investors over merger with Credit Suisse

Fortune

‘I am truly sorry’: Credit Suisse chairman grovels with police security at his side as he apologizes for wiping out billions in shareholder value

“I apologize that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you,” Axel Lehmann said at the bank’s final shareholder meeting.

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