Secret meetings, mistrust among officials and attempts to downplay the gravity of Credit Suisse‘s problems hamstrung Switzerland in the run-up to the bank’s collapse in 2023, an inquiry by lawmakers found on Friday. Almost two years after the implosion of the country’s second-largest bank, Swiss lawmakers issued a 560-page-plus report on Friday revealing a culture … Read more
UBS Group AG will liquidate a flagship real estate fund in the latest sign of the turmoil caused by investors pulling money out of slumping commercial real estate markets. The fund-which was inherited in the takeover of Credit Suisse-was highly exposed to some of the weakest sectors. It had more than 80% of its 1.9 … Read more
Switzerland’s financial markets authority said Thursday that an in-depth review of more than 30 banks conducted this spring found that “a large number” failed to meet basic requirements for analysing the risk of money laundering. The authority, known as FINMA, said the review was prompted by repeated signs of shortcomings in money-laundering risk analysis during … Read more
UBS is considering delaying its quarterly results at least until the end of August, as the Swiss banking giant deals with complexities over its takeover of Credit Suisse, the Financial Times reported on Sunday. The bank is scheduled to report its April-June results on July 25. UBS did not immediately respond to a request for … Read more
UBS Group AG was rushed into buying cross-town rival Credit Suisse Group AG in a deal it did not want, as a global bank crisis worsened the latter’s finances and prompted authorities to take swift action, a regulatory filing showed. UBS, in a Tuesday filing to the U.S. Securities and Exchange Commission, told investors it … Read more
The collapse of 3 major banks in the US within a span of 2 months indicates that the crisis in the financial sector is deeper than one probably imagined. Valuation guru Aswath Damodaran believes there are more dominos waiting to fall in the US banking business, with banks that have grown the most in the … Read more
Switzerland’s Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group, the office of the attorney general said on Sunday. The prosecutor, based in the Swiss capital Bern, is looking into potential breaches of the country’s criminal law by government officials, regulators and executives at the two banks, which … Read more
Incoming UBS Chief Executive Sergio Ermotti has sought to ease worries about the size of the new bank being created by its takeover of Credit Suisse. Critics have voiced concern about the forced deal, designed to help secure financial stability globally during a period of turmoil, which will create a new Swiss bank with $1.6 … Read more
Regulators are singling out a trade on Deutsche Bank AG’s credit default swaps that they suspect fuelled a global selloff on Friday. It was a roughly ₹5 million ($5.4 million) bet on swaps tied to the German bank’s junior debt, according to people familiar with the matter, who said regulators have spoken to market participants … Read more
DUBAI: The chairman of top Credit Suisse shareholder Saudi National Bank (SNB) has stepped down less than two weeks after making comments blamed for contributing to the Swiss lender’s demise. Ammar Al Khudairy said on March 15 that the biggest Saudi bank by assets could not buy more shares in Credit Suisse on regulatory grounds. … Read more