Tag: Credit Suisse

March 18, 2024

UBS aims to expand its wealth management business in the U.S. through potential M&A activities within the next three to four years, Chair Colm Kelleher told the the Swiss NZZ newspaper Sunday, according to Reuters. Since its acquisition of Credit […]

July 24, 2023

The Federal Reserve fined UBS $268.5 million in connection with “unsafe and unsound counterparty credit risk management practices” between Credit Suisse — the bank UBS recently acquired — and defunct investment fund Archegos, according to a consent order announced Monday. […]

June 12, 2023

At least five high-profile Credit Suisse executives are leaving the company, UBS said in a memo Monday — the day UBS’s acquisition of the smaller Swiss bank closed. Credit Suisse’s CFO, Dixit Joshi, is out, along with the bank’s investment-banking […]

May 9, 2023

The most notable move will see Credit Suisse CEO Ulrich Körner join the group’s executive board upon completion of the takeover, which the firm anticipates will officially close “in the next few weeks”. Körner spent 11 years at UBS before […]

May 2, 2023

Hundreds more Credit Suisse Group AG bondholders sued Switzerland’s banking regulator after their securities valued at about $1.7 billion were wiped out during the lender’s government-brokered takeover by UBS Group AG. Law firm Pallas Partners, which filed the suit in […]

April 3, 2023

Switzerland’s top prosecutor has opened a probe into events leading up to the government-orchestrated takeover of Credit Suisse by UBS. The Swiss attorney general’s office is examining potential breaches of criminal law by government officials, regulators and executives of the […]

March 27, 2023

Bonds designed to insure Credit Suisse Group AG against disaster could outlive the bank. Credit Suisse’s Operational Re bonds, insurance-linked securities that cover the bank against perils such as falling victim to fraud and accounting errors, should remain unaffected by […]

November 23, 2022

Although the outflows have been “reduced substantially from the elevated levels of the first two weeks of October 2022,” they have yet to reverse, Credit Suisse said Wednesday. The pace of withdrawals pushed the bank’s liquidity below some local-level requirements, […]

October 27, 2022

Credit Suisse plans to cut 9,000 jobs over the next three years as part of a wide-ranging revamp it announced Thursday. About 2,700 of those cuts will come in the fourth quarter, the bank said. Credit Suisse also outlined its […]

September 7, 2022

Butterfield will acquire Credit Suisse Trust’s (CST) business in Guernsey, Singapore and the Bahamas while Gasser is set to snap up CST’s Liechtenstein business. Credit Suisse head of investment solutions and sustainability, Michael Strobaek, says the firm regularly reviews its […]

August 22, 2022

If details seemed sparse in last month’s sudden disintegration of the proposed merger between neobank American Challenger and Patriot National Bank, one missing component, a court filing indicates, appears to be Credit Suisse. American Challenger sued Switzerland’s second-largest bank and […]

January 4, 2022

Hannaford has replaced James Walker in the role, who will relocate to the US to become deputy chief executive of the Credit Suisse business in the region. Hannaford will also join the Swiss multinational’s executive board and will be based […]

April 28, 2021

LONDON — Deutsche Bank on Wednesday reported a 908 million euro ($1.1 billion) profit for the first quarter, buoyed by continued strong performance in its investment banking division. The bank vastly exceeded analyst expectations for net income of 642.95 million […]

March 11, 2021

ZURICH/TOKYO – Credit Suisse faces questions from regulators and insurers as it grapples with the fallout from the collapse of $10 billion worth of funds linked to British financial services firm Greensill Capital. The Swiss bank has hired external firms […]

February 12, 2021

Credit Suisse Group AG agreed to pay $600 million to settle a lawsuit over mortgage securities that collapsed in the 2008 financial crisis, an accord that locks in an expected hit to its profit. The plaintiff, MBIA Insurance, said late […]

September 2, 2020

Swiss watchdog FINMA (the Financial Market Supervisory Authority) said Wednesday it had initiated enforcement proceedings against Credit Suisse over the spying affair that came to light last year. “FINMA has opened enforcement proceedings against the bank, in which it will […]

October 3, 2019

Investors and economists are chasing a moving target of strong and weak economic data, making it increasingly confusing what the state of the economy really is. Credit Suisse said weak manufacturing data accompanied by healthy economic data elsewhere lands the […]

October 1, 2019

The chief operating officer of Credit Suisse, Pierre-Olivier Bouée, resigned on Tuesday as the company board examined his involvement in a corporate spy scandal. In August, Mr. Bouée ordered the Swiss bank’s head of security services to start surveillance of […]

August 27, 2019

Following a trend seen throughout Europe and North America, Credit Suisse is making significant changes at its Swiss Universal Bank (SUB) to tackle a new environment shaped by growing pressure on margins, digitisation, new rivals and evolving, tech-focused customer needs. […]

August 8, 2019

Vivint Solar closed a $325 million revolving warehouse facility, which refinanced the aggregation credit facility that was set to mature in 2020 The new warehouse reduces the cost of debt by 87.5 basis points and materially increases the amount of […]