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The Latest Breaking News from UBS

JPMorgan CEO Jamie Dimon reportedly leading discussions on First Republic rescue

JPMorgan's 2008 rescues ended up costing the bank $19 billion.

Fortune

Jobs at risk after UBS takeover of Credit Suisse; FTSE 100’s biggest rally of 2023 – as it happened

UBS’s rescue of Credit Suisse is expected to result in tens of thousands of job cuts, while bank shares are recovering today on both sides of Atlantic

The Guardian - UK

Credit Suisse and SVB: Is global banking in crisis?

Economists caution against comparisons to 2007-08 bank failures despite persistent market turmoil.

Al Jazeera

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Gold skyrockets as banks still wobble

Gold prices passed US$2,000 for the first time in more than a year on Monday as UBS's recent takeover of its Swiss rival Credit Suisse for $3.2 billion failed to assure investors about ongoing bank woes.

Bangkok Post

Stock Market Today: Stocks Rise Ahead of Fed

Bank headlines dominated another choppy day of trading on Wall Street.

Kiplinger

First Republic Bank shares sink to another record low, but stock markets are calmer

Shares in the midsized lender continued to tumble as fears grow about First Republic's financial health grow even after it received a $30 billion lifeline from its bigger rivals last week.

WEKU

Banking system ‘safe’ says Downing Street – but job losses loom at Credit Suisse

Credit Suisse employs around 5,500 people in the UK

The Independent UK

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Banking turmoil questions answered: What it means for you, your mortgage and your pension

Financial authorities are now trying to prevent problems spreading throughout the global banking system and a repeat of the disastrous financial meltdown of 2008

Daily Mirror

Why are banks collapsing? Signature Bank and SVB fail as UBS buys Credit Suisse

The aftermath of the SVB collapse led to heavy losses on the London Stock Exchange and a sharp fall in US banking stocks

Evening Standard

OPINION - The Leader podcast: How banking panic could hit London

More global banking drama. The Swiss banking giant UBS has acquired its rival Credit Suisse for £2.6 billion in an emergency rescue deal.

Evening Standard

Credit Suisse collapsed weeks after receiving a clean bill of health from regulators

The Swiss lender with nearly $575 billion in total assets collapsed at first slowly, then all at once.

Fortune

What are AT1 bank bonds – and why are Credit Suisse’s wiped out?

Global banking system is under pressure amid row over who should lose out first when a bank struggles

The Guardian - UK

Interest rates: why the Federal Reserve and Bank of England should still raise them (a bit)

What will the Federal Reserve and Bank of England do with benchmark interest rates in the wake of the banking crisis? Traditionally, controlling inflation has been the prime mandate of central banks.

The Conversation

Will the Credit Suisse bank takeover calm financial fears?

Globally connected Credit Suisse has been taken over by rival UBS at the urging of Swiss authorities to avoid a collapse that could have sent shock waves through the global economy

The Independent UK

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The Conversation

Four ways to protect your small business from a banking crisis

The banking sector is currently experiencing great strain, which has resulted in several bank bailouts – most recently UBS’ deal to buy its Swiss competitor Credit Suisse following a collapse in confidence in the latter. HSBC’s acquisition of the UK arm of the collapsed Silicon Valley Bank the previous week…

Evening Standard

OPINION - Window of opportunity to preserve liveable climate rapidly closing

The Metropolitan Police. The Democratic Unionist Party. Xi Jinping in Moscow. Boris Johnson at the Privileges Committee. UBS acquiring Credit Suisse. Beavers marauding around Ealing. There is always something going on that seems more urgent than climate change. More ‘newsy’. I mean, what’s another UN report or additional tonne of…

The Guardian - UK

Swiss solve one problem at Credit Suisse, but create another for bondholders

Decision over bonds rips up convention and could undermine confidence in banking system

Fortune

Bitcoin soars past $28,000 to hit its highest point in 9 months as investors get spooked by the banking sector struggles

The cryptocurrency had previously struggled to maintain momentum past the $25,000 mark.

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Reuters

Giant bank deal triggers political backlash in Switzerland

Switzerland's two biggest political parties sharply criticized UBS's takeover of Credit Suisse saying multi-billion state support for the deal created enormous risks for the country.

The Independent UK

Credit Suisse: What does the takeover mean for UK banks and is your money safe?

Bank of England insists UK’s banking system is ‘safe and sound’

Radio France Internationale

EU, Asia bank shares slide despite UBS decision to buy out Credit Suisse

The European financial system is "resilient" the European Central Bank said on Monday, as global bank shares and oil prices slumped following the announcement that Switzerland's biggest bank UBS will take over troubled rival Credit Suisse.

Evening Standard

OPINION - The Standard View: Central bank co-ordination underlines lessons learned – and the scale of the threat

Not long ago, the acquisition of Swiss banking giant Credit Suisse by UBS would have been unthinkable. Now, it is happening at speed to prevent the unbearable.

France 24

UBS buys Credit Suisse in government-brokered, $3.2 billion all-share deal

Credit Suisse, a storied bank established in the 19th century, is in its last days as an independent entity. Switzerland's largest bank UBS has agreed to acquire it in a $3.2 billion all-share deal. The forced takeover was brokered by regulators and the Swiss government, who feared reputational damage to…

Evening Standard

Billions knocked off UK banking shares as financial fears linger after $3.3 billion Credit Suisse rescue

Interest rate rises look less likely as turmoil continues in financial sector as wider markets find support

Axios

UBS-Credit Suisse deal shows that shareholders are no longer in charge

The Swiss government literally changed the law to get this deal done.

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