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The Latest Breaking News from UBS

When Credit Suisse ruled the IPO game

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

Fortune

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.

Evening Standard

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

The Guardian - UK

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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,…

Barchart

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.

Bangkok Post

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

The Guardian - UK

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

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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.

Fortune

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

The Guardian - UK

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.

Fortune

Deutsche Bank leads sell-off in European bank shares

FTSE 100 also falls amid fears another bank could slip into trouble after UBS takeover of Credit Suisse

The Guardian - UK

Deutsche Bank shares drop amid global jitters over banks

Shares in Deutsche Bank, Germany’s largest lender, have fallen sharply and dragged down major European banks as fears about weaknesses in the global financial system send fresh shudders through the markets

The Independent UK

Global banking crisis anything but over as investors dump giant USB’s shares

Banking stocks have fallen sharply with heavyweights Deutsche Bank and UBS hit hard by fears of the worst crisis since 2008 financial crisis

The New Daily

EU Leaders Grapple with Bank Risks as Economy Weakens

European Union leaders gathered Friday to gauge the risk of a banking crisis developing from recent global financial turbulence and hitting the economy even harder than the energy crunch tied to Russia's war in Ukraine. The deliberations by EU government heads in Brussels follow US regulators shutting down two US…

Asharq Al-Awsat

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Zenger

UBS Acquisition Of Credit Suisse As Anxiety Builds Among Banks’ Subordinated Bondholders

UBS Group AG's takeover of Credit Suisse Group AG has done nothing to alleviate market concerns about the banking sector

The New Daily

Intensive monitoring backs local banks to ride out global market ructions

Financial regulators confirm the resilience of Australia's banking system following rigorous oversight during the past fortnight.

Bangkok Post

After Fed, European central banks hike rates

LONDON: The Bank of England joined Norway and Switzerland in hiking interest rates on Thursday to tackle stubbornly-high inflation, though banking-sector turmoil could soon lead to a pause in US tightening as hinted by the Federal Reserve.

The Independent UK

Credit Suisse deal halted crisis, Swiss national bank says

The Swiss central bank has hiked its key interest rate and insisted that a government-orchestrated takeover of troubled Credit Suisse by rival bank UBS ended the financial turmoil

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The New Daily

Alan Kohler: Banking is a paradox at the heart of capitalism

Banking is the confidence trick at the heart of capitalism, but preserving the trick has meant that banks have become arms of the state.

The Conversation

When banks go bust: the four factors at play - trust, confidence, contagion and systemic risk

Banks are in the news again. Two bank failures in the US, and the forced takeover of Credit Suisse by UBS in Switzerland, have triggered the worst turmoil in the banking sector since the 2008 financial crisis. There’s talk of a lack of trust, of a collapse in confidence, of…

The Independent UK

Credit Suisse customers feel mix of anger, relief after sale

Credit Suisse's customers are feeling a range of emotions after the government orchestrated a takeover of the country’s second-largest bank by rival UBS

Fortune

Shareholders won in UBS's Credit Suisse takeover -but this investment manager lost $340m

PIMCO's exposure now runs into the billions, a source familiar with the matter said.

Fortune

The long, strange history between Credit Suisse and UBS

The two banks have a long history of not getting along.

The Guardian - UK

Switzerland’s national pride dealt heavy blow by the merger of its banking titans

‘A monster is born’, say local press, as Credit Suisse takeover by UBS creates bank twice the size of the Swiss economy

Fortune

Swiss order Credit Suisse to suspend paying some bonuses

Credit Suisse had earlier written in an internal memo that it would pay outstanding bonuses as it tries to stick to "business as usual."

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