Credit Suisse news

Swiss authorities expected to change country's law to bypass UBS shareholder vote.

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UBS is offering to buy Credit Suisse for as much as US$1 billion, a deal that the troubled Swiss firm is pushing back on with backing from its biggest ...

Switzerland's biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic ...

It had more than 50,000 employees at the end of 2022. It was worth just $8 billion at the end of last week. The global headquarters of UBS and Credit Suisse are just 300 yards apart in Zurich but the banks’ fortunes have been on very different paths recently. Shares in the 167-year-old bank fell 25% over the week, money poured from investment funds it manages and at one point account holders were withdrawing deposits of more than $10 billion per day, the Financial Times reported. “UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement. In 2022, it recorded its worst loss since the global financial crisis.

UBS will buy rival Credit Suisse for more than $2 billion in a deal brokered by Swiss officials to try and prevent a banking crisis.

In the last two years alone, the bank's stock has fallen by more than 80%. Panicked investors and jittery depositors pulled billions out of the long-troubled Credit Suisse in recent days, leading to worries the bank could become insolvent if emergency measures were not taken. Under the deal, UBS Group AG will buy Credit Suisse for more than $3 billion in an all stock deal.

The writer is managing partner and head of research at Axiom Alternative Investments. Bank investors are well aware of the risks; they know that banking ...

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LONDON/NEW YORK– 6am wake-up calls. Cancelled tennis dates. Anxious check-ins on bond prices while walking the dog. Read more at straitstimes.com.

He was working from home in his gym clothes, having given up on plans to play tennis in the morning. Still, there were unusual levels of activity in bonds of both SVB and Credit Suisse. and Morgan Stanley were among the bond desks open over the weekend, according to people familiar with the matter. The trader, who asked not to be identified, didn’t get home until 2 am on Friday, got an early wake-up call on Saturday after a few hours of shut-eye. A representative for Goldman declined to comment, while Morgan Stanley didn’t immediately respond to a request for comment from Bloomberg. And the unknown unknowns.”

BRUISED by Covid, war and interest rate hikes, real estate investors at the Mipim conference in Cannes last week had a new topic on their minds: the ...

Update: UBS has agreed to purchase Credit Suisse for $2B. Last week, Europe's banking stocks suffered their biggest drop in a year as Credit Suisse ...

This is an uneasy decision to make for any regulator, and especially for the Swiss, who have been proud bankers of the world for many decades. However, other options for the future of CS may be even worse for shareholders of the “Schrödinger’s Cat” of finance, unknown to be alive or dead before the markets open on Monday. The largest Swiss lender also insists that if CS’s credit default swaps (a price of an “insurance” against default) rise by 100 bps or more after the deal is signed, it would void the contract. UBS also demanded extensive guarantees and backstops to cover future risks and asking the Swiss government for a pledge to take on potential losses from the deal. This would work out perfectly for a small company or even a small bank, but it’s hard to see such a breakneck speed when the entity concerned is among the world’s largest wealth managers and is one of 30 global systemically important banks. Eventually, the Swiss central bank was forced to provide Credit Suisse with a $54 billion in a liquidity backstop to help revive investor confidence; although twice smaller than it was before the 2008 crisis, the bank is still too big to fail.

So farewell to Credit Suisse. Founded in 1856, the bank has been a pillar of the Swiss financial sector ever since. Although buffeted by the financial ...

In the coming days, there will be some tough questions to answer. There will also be job losses, perhaps in the thousands. In theory, it had the capital to prevent this week's catastrophe. Founded in 1856, the bank has been a pillar of the Swiss financial sector ever since. That lack of attention is going to be very costly. After the financial crisis 15 years ago Switzerland introduced strict so-called "too big to fail" laws for its biggest banks.

Regulators engineer takeover of stricken bank by larger Swiss competitor after frantic weekend.

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Creates leading global wealth manager with USD 5 trillion of invested assets across the Group · Extends UBS lead in Swiss home market · UBS strategy unchanged, ...

Under the terms of the all-share transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, equivalent to CHF 0.76/share for a total consideration of CHF 3 billion. The combined businesses will be a leading asset manager in Europe, with invested assets of more than USD 1.5 trillion. UBS Chief Executive Officer Ralph Hamers said: “Bringing UBS and Credit Suisse together will build on UBS’s strengths and further enhance our ability to serve our clients globally and deepen our best-in-class capabilities. It will further strengthen UBS’s position as the leading Swiss-based global wealth manager with more than USD 3.4 trillion in invested assets on a combined basis, operating in the most attractive growth markets. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure. The combination is expected to create a business with more than USD 5 trillion in total invested assets and sustainable value opportunities.

The deal, backed by the Swiss government, follows weekend talks aimed at preventing its collapse.

The acid test as to whether this Swiss rescue has calmed nerves in the financial world will be when financial markets open on Monday - which is why it was so important to get this done on Sunday night. Credit Suisse has become the latest and most important casualty of a crisis of confidence that has already seen the failure of two mid-sized US banks and an emergency industry whip-round for another. That has spooked investors and seen the share prices of all banks fall with those considered weakest hit hardest. The Bank of England said it welcomed the "comprehensive set of actions" set out by the Swiss authorities. The Bank of England said it welcomed the "comprehensive set of actions". The Swiss National Bank said the deal was the best way to restore the confidence of financial markets and to manage risks to the economy.

The deal was announced Sunday by both banks as well as Swiss National Bank -- the central bank -- and Switzerland's financial authority. "UBS today announced ...

With the fate of Credit Suisse Group AG finally decided, investors were getting ready for another gut-wrenching week of trading.

The bank's agreement to be bought by rival UBS marks the end of 167 years as an independent institution.

H&R Block Coupon Code](https://www.wsj.com/coupons/hrblock) [Save up to $15 with TurboTax coupon March 2023](https://www.wsj.com/coupons/turbotax) The agreement marks the end of 167 years as an independent institution, a humbling comedown for a bank that once went toe-to-toe with U.S.

UBS will pay for $4.34 billion and assume up to $7.24 billion in losses in a deal expected to close by the end of 2023. Read more at straitstimes.com.

Clients pulled out more than US$100 billion of assets in the final three months of 2022 as concerns mounted about its financial health, and the outflows continued even after it tapped shareholders in a capital raise of four billion Swiss francs. The two banks, both counted by the international Financial Stability Board as systemically relevant globally, are interlinked through frequent exchanges of executives. Credit Suisse has written down its Additional Tier 1 bonds to zero as part of its takeover by UBS, angering some bondholders who thought they would be better protected in the rescue deal. The European Central Bank vowed to support euro zone banks with loans if needed, adding the Swiss rescue of Credit Suisse was “instrumental” for restoring calm. “The UBS-CS deal is the best solution the market could have hoped for,” said Michael Rosen, chief investment officer at Angeles Investments. “The euro area banking sector is resilient, with strong capital and liquidity positions,” the ECB said.

Additional Tier 1 bonds are a creature of the post-financial crisis regulatory architecture for Europe. In addition to carrying far more plain equity, big banks ...

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The deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse from the Swiss central bank. Advertisement · Scroll ...

UBS earned $7.6 billion in profit in 2022, while Credit Suisse lost $7.9 billion. Credit Suisse's shares are down 74% from a year ago, while UBS's are relatively flat. lenders Silicon Valley Bank and Signature Bank, forcing it to tap $54 billion in central bank funding last week. To enable UBS to take over Credit Suisse, the federal government is providing a loss guarantee of a maximum of 9 billion Swiss francs for a clearly defined part of the portfolio, the government said. The deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse from the Swiss central bank. [(UBSG.S)](https://www.reuters.com/companies/UBSG.S) agreed to buy rival Swiss bank Credit Suisse [(CSGN.S)](https://www.reuters.com/companies/CSGN.S) for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.