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UBS to cut more than half of workforce at Credit Suisse: Report

Analysts had warned that huge job losses were likely because of the overlapping activities at two of the world's most important banks.

The logos of the Swiss banks Credit Suisse and UBS are pictured in Zurich, Switzerland, June 12.(AP)
Published on Jun 28, 2023 08:27 AM IST

Over $68 billion withdrawn from Swiss' Credit Suisse ahead of UBS merger

Credit Suisse-UBS merger: Switzerland's long-time second largest bank saw 61.2 billion Swiss francs ($68.6 billion) withdrawn in the first quarter alone.

The bank also reported deceptively bloated net profits for the quarter,(Reuters)
Published on Apr 24, 2023 04:25 PM IST

Credit Suisse accused of obstructing probe into Nazi accounts investigation

Reports show, Credit Suisse seems to have maintained accounts for at least 99 individuals who were senior Nazi officials or members of Nazi-affiliated groups.

The latest internal Credit Suisse investigation was conducted by forensic research firm AlixPartners and overseen by Neil Barofsky,(HT Print)
Published on Apr 19, 2023 05:07 PM IST
Bloomberg | | Posted by Animesh Chaturvedi

Credit Suisse rescue package rejected by Swiss parliament

Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS.

FILE PHOTO: The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File Photo(REUTERS)
Published on Apr 12, 2023 10:16 PM IST
Reuters |

Ex-RBI governor Raghuram Rajan says banking system headed for more trouble

Rajan said a decade of easy money and a flood of liquidity from central banks has caused an “addiction” and a fragility within the financial system.

Former Governor of Reserve Bank Of India (RBI) Raghuram Rajan(Mohd Zakir/HT PHOTO)
Published on Apr 07, 2023 12:07 PM IST
Bloomberg | | Posted by Aryan Prakash

US bank runs hold key lessons for India

Indian regulators should not be blind to risks in the underbelly of the system. And bank boards must challenge bank managements on their business models

A bank will survive only as long as it can carry the bluff that it can redeem all deposits even if it were to do so all at once. To SVB’s misfortune, its bluff got called. Avoiding that fate is a perennial challenge for a bank (AFP)
Updated on Apr 05, 2023 08:05 PM IST
ByDuvvuri Subbarao

Swiss financial regulator defends Credit Suisse takeover by UBS

Swiss government officials, including the financial regulator, hastily orchestrated a USD 3.25 billion takeover of Credit Suisse by UBS on March 19.

Signs of Swiss bank giant UBS bank are seen in Basel.(AFP)
Published on Apr 05, 2023 04:41 PM IST
PTI | | Posted by Singh Rahul Sunilkumar

'I apologise,' Credit Suisse chairman admits failure to shareholders

“The bank (Credit Suisse) could not be saved,” chairman Axel Lehmann said, and only two options awaited — a deal or bankruptcy.

Chairman of Credit Suisse, Axel Lehmann speaks during Credit Suisse Annual General Meeting, two weeks after being bought by rival UBS in a government-brokered rescue, at Hallenstadion, in Zurich, Switzerland, April 4, 2023. (REUTERS)
Published on Apr 04, 2023 06:26 PM IST
AP | | Posted by Singh Rahul Sunilkumar

UBS-Credit Suisse merger anticipated to cause over 30,000 jobs loss

The takeover by UBS of Credit Suisse was hastily arranged by the Swiss government on March 19 to prevent a global financial meltdown.

Logos of Swiss bank UBS and Credit Suisse.(REUTERS)
Published on Apr 02, 2023 04:10 PM IST
AFP | | Posted by Singh Rahul Sunilkumar

Nestle to examine banking relationships following Credit Suisse downfall

The maker of Nescafe instant coffee and KitKat chocolate bars raised prices by 8.2% last year, but that did not fully offset the impact of increased ingredient costs on margins.

Price increases had so far only had a
Published on Mar 28, 2023 02:56 PM IST
Reuters | | Posted by Yagya Sharma

Credit Suisse accessed billions in liquidity last weekend, says Swiss minister

Swiss bank Credit Suisse had said last week it intended to borrow up to 50 billion Swiss francs from the country's central bank to boost its liquidity

The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland.(Reuters)
Published on Mar 26, 2023 12:10 PM IST
Reuters | | Posted by Aryan Prakash

UBS offers retention packages to Credit Suisse Asia team: Report

UBS earlier on Sunday said it would pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse and assume at least $5.4 billion in losses in a deal backed by a massive Swiss government guarantee and expected to close by the end of 2023.

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland.(REUTERS)
Published on Mar 24, 2023 12:25 PM IST
Reuters | | Posted by Singh Rahul Sunilkumar

Credit Suisse rescue sends relief, but First Republic shares slump continues

Less than a week after large U.S. banks pumped $30 billion in deposits into the midsized U.S. lender, investors dumped First Republic on worries that infusion of capital would not be enough. Ratings agency S&P Global also downgraded it deeper into junk status on Sunday, citing liquidity risks.

Credit Suisse signage on the floor of the New York Stock Exchange (NYSE) in New York, US.(Bloomberg)
Published on Mar 21, 2023 10:30 AM IST
Reuters | | Posted by Singh Rahul Sunilkumar

Who are the winners and losers of UBS-Credit Suisse deal

UBS’s chief executive officer will see the bank’s wealth and asset management invested assets soar to about $5 trillion.

UBS Chairman Colm Kelleher (R) shakes hands with Credit Suisse chairman Axel Lehmann (L) after a press conference. (AFP)
Published on Mar 20, 2023 05:10 PM IST
Bloomberg |

Meet Dixit Joshi, the Indian-origin CFO of Credit Suisse

Dixit Joshi had taken over as Credit Suisse's chief financial officer in October 2022.

Dixit Joshi had first joined Credit Suisse in 1995. (LinkedIn)
Updated on Mar 20, 2023 03:56 PM IST

UBS agrees to buy Credit Suisse for more than $2 billion to end crisis: Report

The Swiss National Bank has agreed to offer a $100 billion liquidity line to UBS as part of the deal.

Representatives for the two banks declined to comment.(AP)
Updated on Mar 20, 2023 03:36 AM IST
Bloomberg |

Credit Suisse opposes ‘too low’ offer of $1 bn by UBS: Report

The UBS offer for Credit Suisse was communicated on Sunday with a price of 0.25 francs a share to be paid in stock.

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland. (Reuters)
Published on Mar 19, 2023 06:56 PM IST
Bloomberg |

Credit Suisse to assess survival options as regulators push for UBS merger

After wild swings in the bank's share price this week, Credit Suisse had lost a quarter of its market value by Friday night.

The illuminated logos of the Swiss banks Credit Suisse and UBS in Zurich, Switzerland. (AP)
Published on Mar 18, 2023 06:48 PM IST
Reuters |

UBS in talks to acquire embattled Credit Suisse: Report

Switzerland's second largest bank Credit Suisse is under pressure following the collapse of two American banks which rocked the banking sector. By Friday, its shares had dropped by eight per cent.

Credit Suisse says the merger of the PSU Banks unlikely to revive credit flow.(Reuters photo)
Published on Mar 18, 2023 09:11 AM IST
AFP | | Posted by Aryan Prakash

Credit Suisse overstated financial prospects to shareholders, charges lawsuit

The suit was filed on Credit Suisse Group AG by the Rosen Law Firm, which specializes in representing individual shareholders in such suits and was also first to sue Silicon Valley Bank after it was put into receivership last week.

The front entrance of the headquarters of Swiss bank Credit Suisse in Zurich.(AFP)
Published on Mar 17, 2023 10:48 AM IST
Bloomberg | | Posted by Singh Rahul Sunilkumar

Credit Suisse crisis bigger worry for India than Silicon Valley Bank: Report

Credit Suisse owns more than 200 billion rupees ($2.4 billion) of assets in India, making it the 12th largest offshore lender. Loans form 73% of its total liabilities in the South Asian nation, with the majority of them of a short tenure.

A Credit Suisse Group AG bank branch illuminated at night in Geneva, Switzerland.(Bloomberg)
Published on Mar 16, 2023 01:10 PM IST
Bloomberg | | Posted by Singh Rahul Sunilkumar

Credit Suisse gets $54 bn loan from Swiss central bank as shares slump

Credit Suisse is the first major global bank to be given an emergency lifeline since the 2008 financial crisis and its problems have raised serious doubts over whether central banks will be able to sustain their fight against inflation with aggressive interest rate hikes.

Switzerland's national flag flies above a logo of Swiss bank Credit Suisse in front of a branch office in Bern. (Reuters)
Published on Mar 16, 2023 09:32 AM IST
Reuters | | Posted by Singh Rahul Sunilkumar

After Silicon Valley Bank failure, fears over this major global bank's collapse

Signs of stability in banking stocks, that have tanked in the past week, following the collapse of Silicon Valley Bank, soon paved way for renewed selling as Credit Suisse shares fell to fresh record lows.

Switzerland's national flag flies above a logo of Swiss bank Credit Suisse in front of a branch office in Bern. (Reuters)
Updated on Mar 15, 2023 08:12 PM IST
Reuters | | Posted by Ritu Maria Johny

'Swissleaks' investigation exposes how Credit Suisse bank handled dirty money

Credit Suisse rejected the "allegations and insinuations", saying that many of the issues raised were historical, some dating back as far as the 1940s.

The front entrance of the headquarters of Swiss bank Credit Suisse in Zurich.(AFP)
Published on Feb 21, 2022 08:36 AM IST

Credit Suisse pays $600 Million to settle US mortgage case

The plaintiff, MBIA Insurance Corp., said late Thursday that it had reached an agreement, after a post-trial court decision that ordered the Swiss bank to pay about $604 million in damages. The settlement means there will be no appeal trial.

Credit Suisse is among lenders including UBS Group AG, Morgan Stanley and Nomura Holdings Inc. that are still defending themselves against claims over the sale of the securities that plummeted in value during the 2008 crisis.(Reuters photo)
Published on Feb 12, 2021 08:28 PM IST
Bloomberg |

Credit Suisse pledges funds for healthcare boost in Mumbai, Pune

Additionally, Credit Suisse India employees will contribute to providing food and personal care kits to communities of dailywage earners and their families who have been among the worst affected.

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich's Oerlikon suburb, Switzerland.(REUTERS)
Updated on Apr 26, 2020 07:44 PM IST
Hindustan Times, Pune | By, Pune

Roger Federer to donate to Australia bushfires appeal

The 20-time Grand Slam winner and current world number three said he would pledge the funds at a charity match he will take part in later this week to raise funds for the appeal ahead of the Australian Open starting on January 20.

File image of Roger Federer.(AP)
Updated on Jan 13, 2020 10:14 PM IST
Melbourne | ByAgence France-Presse

‘Appreciate reminders of my responsibility’ - Roger Federer responds to Greta Thunberg’s criticism over climate crisis

Several protesters gathered outside the court in Lausanne, and some of them carried banners which read: “Credit Suisse is destroying the planet. Roger, do you support them?”

File photo of Roger Federer.(REUTERS)
Updated on Jan 12, 2020 05:24 PM IST
Hindustan Times, New Delhi | ByHT Correspondent

Merger of 10 PSU banks unlikely to revive credit flow

The merger is unlikely to meaningfully revive the flow of credit to the liquidity pressed NBFCs, the report added. Recent experience of SBI and Bank of Baroda indicates focus on integration impacts near-term growth, the report said.

Credit Suisse says the merger of the PSU Banks unlikely to revive credit flow.(Reuters photo)
Published on Sep 03, 2019 12:02 PM IST
livemint, Mumbai | ByShayan Ghosh

How representative are our representatives?

According to the Association for Democratic Reforms (ADR), nearly a fifth or 19% of the close to 8,000 candidates contesting the 2019 polls have criminal cases pending against them, while 29% have assets worth Rs 1 crore or more. Candidates are also far richer than the voters they represent. For example, 50% candidates contesting the 2019 elections own net assets worth less than Rs 23.1 lakh.

“If campaigns must be self-financed, then candidates may view contesting elections as an investment rather than a sunk cost, leading to greater levels of corruption in office as legislators try to recoup the costs of contesting elections.”(Parwaz Khan /HT PHOTO)
Updated on May 14, 2019 10:24 PM IST
Hindustan Times | By
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