Regulator’s review of over 30 Swiss banks finds shortcomings in money-laundering controls

Regulator’s review of over 30 Swiss banks finds shortcomings in money-laundering controls

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 considers delaying results after Credit Suisse rescue: Report

UBS considers delaying results after Credit Suisse rescue: Report

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 says it was rushed into unwanted Credit Suisse rescue merger

UBS says it was rushed into unwanted Credit Suisse rescue merger

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

More dominos waiting to fall in the US banking business: Aswath Damodaran

More dominos waiting to fall in the US banking business: Aswath Damodaran

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

Swiss prosecutor probes Credit Suisse takeover by UBS Group

Swiss prosecutor probes Credit Suisse takeover by UBS Group

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

New UBS CEO plays down concerns over size of Swiss bank combination

New UBS CEO plays down concerns over size of Swiss bank combination

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

A single bet on Deutsche Bank’s credit default swaps seen behind Friday’s rout

A single bet on Deutsche Bank’s credit default swaps seen behind Friday’s rout

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

Saudi National Bank chair resigns in wake of Credit Suisse loss

Saudi National Bank chair resigns in wake of Credit Suisse loss

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

Investors who accumulate stocks on dips in H2 will be in a king position: Vinod Nair

Investors who accumulate stocks on dips in H2 will be in a king position: Vinod Nair

The ongoing instability of the world banking sector will urge central banks to go slow on aggressive monetary policy. We can expect the rates to peak in the next couple of months.And the world economy and stock market will take it with open arms. Generally, it is a good development, preaching out the probability of … Read more

US officials study ways to expand FDIC coverage to all deposits: Report

US officials study ways to expand FDIC coverage to all deposits: Report

U.S officials are looking at ways to temporarily expand Federal Deposit Insurance Corp (FDIC) coverage to all deposits, Bloomberg News reported on Monday. U.S. Treasury Department staff are studying whether federal regulators have enough emergency authority to insure deposits above the current $250,000 cap on accounts without the consent of Congress, the report said, citing … Read more