Zurich credit suisse

Share to Twitter Share to Linkedin Topline European banks bank stocks slid Monday, reinvigorating concerns about the financial system as already-turbulent markets respond to Swiss banking giant UBS purchasing stricken rival Credit Suisse in an emergency deal brokered after the failure of two U.S. banks. Key Facts Credit Suisse shares slid more than 60% at the start of trading on Monday morning in Zurich, continuing a poor streak that saw shares hit an all-time low last week. UBS shares also dropped more than 9% in early trading. Other leading European banks, including BNP Paribas, Société Générale, Santander and Deutsche Bank were also down between 3% and 6% on Monday morning. They lead a broader market dip in Europe, with key indexes also down, including London’s FTSE 100 (0.8%), Germany’s Dax (0.35%), France's CAC (0.3%) and Spain’s Ibex (1.04%). The price of oil also hit its lowest level since December 2021, with Brent … [Read more...] about Credit Suisse Shares Plunge 60% And European Bank Stocks Slide After UBS Rescue

ZURICH, Switzerland  – Credit Suisse rallied on the stock market Thursday after grabbing a $54 -billion central bank lifeline in a bid to restore investor confidence but analysts remain wary about the major lender’s future. Shares in Switzerland’s second-biggest bank closed up 19 percent at 2.02 Swiss francs, recovering some of the ground lost Wednesday on its worst-ever day on the stock exchange. As market fears over the risk of another global banking crisis swirled, shares plunged more than 30 percent during Wednesday’s trading to 1.55 Swiss francs, pushing the Swiss National Bank to come to the rescue in a bid to reassure the markets. Hours before the stock exchange reopened, Credit Suisse announced it would borrow 50 billion francs from the SNB to reinforce the group. The embattled bank said it was also making buyback offers on about $3 billion worth of debt. “These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic … [Read more...] about Credit Suisse bounces back but caution lingers

(CTN News) – With the specter of another turbulent week in global finance looming over Credit Suisse, the company has two days to reassure investors. This weekend, Zurich-based lender was holding crisis talks and urgent meetings with Swiss regulators. FT reported that Switzerland’s largest bank, UBS, is negotiating to buy Credit Suisse, with Swiss regulators’ approval. Despite acknowledging there’s “no guarantee” of a deal, the Swiss National Bank (SNB) wants lenders to come to a simple and straightforward agreement before markets open on Monday. According to Bloomberg, UBS would need public guarantees to cover legal costs and potential losses. The asset management giant BlackRock was also reported to be eyeing the bank, but it strongly denied AFP’s report. A BlackRock spokesperson told AFP the company has no interest in buying Credit Suisse. Credit Suisse was worth just over $8.7 billion on Friday evening after a turbulent week on Wall Street forced the SNB … [Read more...] about Credit Suisse Endures a Tough Weekend

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 19, 2023. REUTERS/Moritz Hager LONDON  – Financial markets were poised for relief on Monday after UBS Group AG agreed to buy Credit Suisse Group AG in a rescue orchestrated by the state, while major central banks announced a coordinated move to shore up liquidity in the financial system. In an early sign that risk appetite was set for a bounce, the euro, sterling and the Australian dollar all edged up, data from trading platform EBS and Reuters Dealing showed. Crypto currency bitcoin rose over 5 percent. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4 billion in losses as it winds down the smaller peer’s investment bank after a shotgun merger engineered by Swiss authorities. Meanwhile, in a coordinated global response, central banks including the Federal Reserve said they would enhance dollar swap lines, helping calm investors … [Read more...] about World markets set for relief after Credit Suisse buyout, central banks action

Chairman of the board of directors of Credit Suisse, Axel Lehmann, chairman of the board of directors of UBS, Colm Kelleher and Federal Councilor and chief of the finance federal department Karin Keller-Sutter attend a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse LONDON  – UBS Group emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender. The unprecedented move announced late on Sunday in Zurich capped a race against time by regulators to avert a meltdown in global markets. Switzerland is pledging more than 160 billion francs ($173 billion) in loans and guarantees to underpin the new group, guarding against further risks undermining the lender. The transaction – the first rescue of a global bank since the financial crisis of 2008 – grants enormous clout to UBS, ridding it of … [Read more...] about UBS swallows doomed Credit Suisse, casting shadow over Switzerland

Federal Councillor and chief of the finance federal department Karin Keller-Sutter, Swiss Federal Council (Bundesrat) President and chief of the interior federal department, Alain Berset, Chairman of the Swiss National Bank Thomas Jordan and Chair of the Board of Swiss Financial Market Supervisory Authority (FINMA), Marlene Amstad attend a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File photo ZURICH – Days before a hastily convened press conference late on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt the globe. While the nation’s central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to rescue the nation’s second-biggest bank. The chain of events, led to the erasure of one of Switzerland’s flagships, a merger backed by 260 billion Swiss francs ($280 billion) … [Read more...] about Switzerland’s secretive Credit Suisse rescue rocks global finance

A person walks past the entrance of the UBS office in London, Britain March 20, 2023. REUTERS/Henry Nicholls LONDON  – UBS Group AG told Credit Suisse wealth bankers it’s weighing financial sweeteners for them to stay as it seeks to reassure key staff following the takeover, a person with knowledge of the matter told Reuters on Monday. In a town hall for Credit Suisse ‘s employees in wealth management in Zurich, Iqbal Khan, UBS ‘s president for global wealth management and Francesco de Ferrari, Credit Suisse ‘s CEO for wealth management, reassured staff on Monday that the two banks will all be acting as a “big family,” the person said. During the townhall, the executives also said that there would be retention packages, most likely for front office staff without providing further details, the person said. A spokesperson for UBS declined to comment. UBS said on Sunday it will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit … [Read more...] about UBS mulls sweeteners to keep Credit Suisse wealth bankers, say sources

A logo of Credit Suisse is seen on the Credit Suisse headquarter as people demonstrate against the buying of Swiss bank Credit Suisse by UBS in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse Investors on Tuesday took some heart from the rescue of troubled lender Credit Suisse by its Swiss rival UBS, though concerns lingered about the risk of shockwaves further damaging credit markets and smaller U.S. banks. Attention is now on this week’s meeting of the U.S. Federal Reserve, with traders wondering whether the central bank’s relentless rate hikes – blamed by some for sparking the crisis – might be at an end. The 3 billion Swiss franc ($3.2 billion) deal for Credit Suisse, once worth more than $90 billion and the biggest name caught in the turmoil, was engineered by Swiss regulators and announced on Sunday. Asian shares lifted off their lows as the move assuaged the worst fears of systemic contagion in the financial system. “The current situation in U.S. regional … [Read more...] about Fed, US banks in focus as mood improves on Credit Suisse rescue

ZURICH  – Switzerland awoke to a new era on Monday after UBS swept up Credit Suisse in a government-brokered rescue that dented the country’s long-held pride in its banking expertise. A bank employee association said it was deeply shocked by the potential consequences from the deal to save the 167-year-old Credit Suisse after customer and market confidence in the lender evaporated. In a package orchestrated by Swiss regulators on Sunday, UBS will pay 3 billion Swiss francs ($3.23 billion) for Credit Suisse and assume up to $5.4 billion in losses. Headquartered just a few minutes’ walk away from each other, not far from Lake Zurich in the center of the city with snow-capped mountains on the horizon, the two lenders have been pillars of global finance for decades. The banks, two of the most systemically relevant in global finance, hold combined assets of up to 140 percent  of Swiss gross domestic product, according to the central bank, in a country heavily dependent on finance … [Read more...] about Switzerland wakes to new era after historic bank merger; employees ‘shocked’

Chairman Thomas Jordan of the Swiss National Bank (SNB) attends a news conference in Zurich, Switzerland, March 23, 2023. REUTERS/Denis Balibouse ZURICH  -The Swiss National Bank raised its benchmark interest rate by 50 basis points on Thursday and declared that measures to support Credit Suisse had “put a halt to the crisis”. The central bank said that additional rate rises could not be ruled out and that it was willing to be active in the foreign exchange market if necessary. “The measures announced at the weekend … have put a halt to the crisis,” it said in a statement. “The SNB is providing large amounts of liquidity assistance in Swiss francs and foreign currencies.” The rates increase was the SNB’s fourth hike in succession as the central bank maintained its fight against Swiss inflation, which remains stubbornly outside the SNB’s target band of 0 -2 percent. “The growth outlook for the global economy in the coming quarters remains subdued,” said the SNB in a … [Read more...] about Swiss National Bank raises rates, says bank crisis stopped