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
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
Citigroup Inc CEO Jane Fraser on Wednesday expressed confidence in U.S. banks after a series of closures rattled investors and fueled in global financial markets. “The banking system is pretty sound,” and large and regional banks are well-capitalized, Fraser told the Economic Club of Washington D.C. on Wednesday. “This is not a credit crisis. This … Read more
By Elena Mazneva and Justina VasquezGold has just smashed a record, and every major bank agrees that it’ll cross $2,000 an ounce. What happens next is where forecasts diverge. JPMorgan Chase & Co. says the rally that has already seen prices rise 27% in 2020 could start to lose steam later this year. Goldman Sachs … Read more