Tag: Credit Suisse

September 28, 2023 BY Elizabeth Anderson

UBS shares decrease after US Department of Justice investigation

Bloomberg News reported that the U.S. Department of Justice launched an all-out probe regarding sanction violations by Credit Suisse. As UBS merged with Credit Suisse earlier this year, it invariably falls under the authority’s spotlight, too. The Swiss government orchestrated the UBS emergency takeover to prevent an economic meltdown in Switzerland and the global impact…

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September 07, 2023 BY Elizabeth Anderson

FINMA CEO steps down in the wake of Credit Suisse fiasco

The regulator received a volley of attacks because it did not act soon or effectively enough to stem the tide of wrongdoings at the world-renowned Swiss bank. This includes connections with Lex Greensill, which led to an approximate $1.8bn loss. Many believe FINMA’s communication with big financial institutions was lacking and that it was negligent…

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September 01, 2023 BY Elizabeth Anderson

UBS looks to axe 3,000 jobs in $10bn cost-cutting attempt

The bank, however, indicated these earnings were mostly assets acquired after the Credit Suisse takeover. The planned job cuts reflect the magnitude of the reshuffling needed after anxious clients withdrew billions when the Credit Suisse writing appeared on the wall.  Don’t miss out the latest news, subscribe to LeapRate’s newsletter As workforce reductions create the…

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Another legal challenge for UBS after Credit Suisse takeover
August 14, 2023 BY Elizabeth Anderson

More legal setbacks for UBS after Credit Suisse takeover

The Swiss Association for the Protection of Investors (SASV – or Schweizerischer Ankegerschutzverein) represents retail investors. The SASV’s claim includes investors from the UK who took a substantial financial knock during the hurried takeover. SASV’s general secretary, Arik Röschke, stated: Credit Suisse has a strong presence in London, and many employees received shares as part…

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FINRA
June 26, 2023 BY Steffy Bogdanova

FINRA imposes a $900k fine on Credit Suisse's US business arm

FINRA stated: The firm’s late and inaccurate TRACE reports violated FINRA Rules 6730 and 2010. In addition, the company failed to provide notifications for approximately 190 new issue offerings in TRACE-reportable securities. Moreover, Credit Suisse's supervisory system, designed to ensure the accuracy and timeliness of TRACE reporting, was found to be unreasonable by the self-regulatory…

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Another legal challenge for UBS after Credit Suisse takeover
June 12, 2023 BY Alan Sayer

UBS Completes Credit Suisse Deal - Creates Wealth Management Powerhouse

The move by UBS to acquire Credit Suisse represents the most significant banking deal since the 2008 global financial crisis. Ermotti and Kelleher added that there are challenges but also "many opportunities" for employees, shareholders, clients, and Switzerland itself. The newly created banking giant will oversee $5 trillion of assets, meaning UBS will now take…

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Credit Suisse
April 24, 2023 BY Steffy Bogdanova

Credit Suisse reports CHF 1.3 billion losses in Q1

The bank’s adjusted net revenue stood at CHF 2.8 billion, registering a 40% decline compared to the first quarter in 2022. The adjusted pre-tax loss came in at CHF 1.3 billion for Q1, increasing by CHF 300 million compared to the previous quarter. The official announcement detailed that significant deposit and net asset outflows impacted…

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Credit Suisse
March 20, 2023 BY Steffy Bogdanova

UBS-Credit Suisse’s acquisition deal triggers global markets backlash

Regulators elsewhere are attempting to minimize the damage, and the European Banking Authority, The Single Resolution Board, and the ECB Banking Supervision committee issued a joint statement. They said: The resolution framework implementing in the European Union the reforms recommended by the Financial Stability Board after the Great Financial Crisis has established, among others, the…

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Credit Suisse
March 20, 2023 BY Steffy Bogdanova

UBS to acquire Credit Suisse for more than $3 billion

UBS Chairman Colm Kelleher said: This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure. Acquiring Credit Suisse’s capabilities in wealth, asset…

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