Hong Kong/London CNN — UBS is bringing back its former chief executive, Sergio Ermotti, to manage the hugely complex and risky task of completing the bank’s emergency takeover of rival Credit Suisse (CS). The surprise appointment, announced Wednesday, highlights the scale of the challenge facing the Swiss lender as it executes a first-of-its-kind merger of … Read more
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — After Silicon Valley Bank and Signature Bank failed, the US government stepped in with … Read more
Investors poured the most money into cash since April 2020 on fears of a looming recession, but stocks could see further declines as they don’t fully reflect that risk, say Bank of America Corp strategists. Even as major benchmarks bounced off last month’s lows, the bank’s report citing EPFR Global data showed cash funds received … Read more
By Michael P. Regan The sun was just rising over New York on Nov. 9 when an announcement from Pfizer Inc. set in motion what would be one of this year’s heaviest days of volume in the US stock market — and one of the most shocking sessions in recent memory for the quants who … Read more