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The Latest Breaking News from Credit Suisse

UBS to cut 35,000 jobs after Credit Suisse rescue

GENEVA: Swiss banking group UBS plans to cut 35,000 jobs at Credit Suisse -- more than half its workforce -- as part of the emergency rescue takeover of its rival in March, according to a report by Bloomberg News on Tuesday.

Bangkok Post

Swiss central bank urges review of 'too big to fail' bank safeguards after Credit Suisse debacle

Switzerland’s central bank says it's time to review rules aimed at preventing disastrous bank collapses

The Independent UK

Bristol interior design firm wins multi-million pound contract to 'transform' city centre complex

Paramount has been tasked with providing a "high-spec refurbishment" for global investment bank Credit Suisse

Birmingham Post

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UBS finishes takeover of Credit Suisse in deal meant to stem global financial turmoil

UBS said Monday that it has completed its takeover of embattled rival Credit Suisse in a bid to safeguard Switzerland's reputation as a global financial center and choke off market turmoil.

WEKU

UBS completes takeover of Credit Suisse in deal meant to stem global financial turmoil

UBS says it has completed its takeover of embattled rival Credit Suisse

The Independent UK

FTSE 100 Live: City expects interest rates to stay higher for longer as gilts surge again; shares fade

Gilt yields rose closer to mini-Budget levels today ami new fears the Bank of England will keep interest rates higher for longer.

Evening Standard

UBS set for 'bumpy' integration of Credit Suisse

ZURICH - UBS is poised to complete on Monday its takeover of Credit Suisse, but integrating the former rival is a Herculean task that clients, employees and Swiss political leaders will closely watch.

Bangkok Post

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Credit Suisse owes millions to Georgia's billionaire ex-prime minister, court says

A Singapore court says Credit Suisse owes billionaire and former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars for failing to protect his money in a trust pilfered by a manager

The Independent UK

UBS to make $35bn in Credit Suisse takeover – but lose $17bn in rushed deal

UBS says it will absorb costs related to litigation, regulatory matters and liability adjustments in emergency rescue

The Guardian - UK

Ecuador seals record debt-for-nature swap with Galapagos bond

Ecuador sealed the world's largest "debt-for-nature" swap on record on Tuesday, selling a new "blue bond" that will funnel at least $12 million a year into conservation of the Galapagos Islands, one of the world's most precious ecosystems.

Reuters

UBS to take in Credit Suisse CEO as merger closes in 2 weeks

UBS says it’s bringing the CEO of Credit Suisse on to its executive board and will keep the two banks operating separately “for the foreseeable future” as it moves forward with a high-profile merger expected to close within two weeks

The Independent UK

Ecuador frees cash for Galapagos conservation with $1.6 billion bond buyback

Ecuador is set to complete the biggest ever debt-for-nature swap, freeing up cash for conservation of the Galapagos Islands, one of the world's most precious ecosystems, after Credit Suisse bought up three of its bonds.

Reuters

Digital bank runs: social media played a role in recent financial failures but could also help investors avoid panic

A crisis of confidence in the US banking sector led people to pull their money from banks including Silicon Valley Bank and Credit Suisse, and more recently, First Republic Bank and California-based PacWest Bancorp. The way these events have unfolded have created a new term in the vocabulary of finance:…

The Conversation

Credit Suisse History Of Doing Business Members Of The Nazi Party Remembered

Top Republican in the U.S. Senate Budget Committee questions the bank's history of the Nazi's interests.

Zenger

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The Guardian - UK

Is the banking crisis coming to an end? As JP Morgan CEO notes, risks linger

Jamie Dimon says this phase of bank collapses is over, but ‘other cracks in the system’ could still be revealed

Evening Standard

Vlad Yatsenko net worth | Evening Standard Tech Rich List

Born to Ukrainian parents in communist East Germany, the software developer Vlad Yatsenkopreviously worked for Deutsche Bank and Credit Suisse, where he built traditional financial systems.

The Guardian - UK

NatWest first-quarter profits jump by 50% after interest rate rises

Banking group says some customers have had to dip into savings because of rising prices

Evening Standard

Nikolay Storonsky net worth | Evening Standard Tech Rich List

Russian-born Nikolay Storonsky knows what it takes to dive in head-first and win a race. Having been a champion swimmer while at school, he set up Revolut, the cutting-edge financial app in 2014. The former trader at Credit Suisse and Lehman brothers knows a thing or two about managing risk…

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Newsroom.co.nz

Ensuring financial inclusion, when NZ can't bank on the big banks

Softer rules for smaller institutions would be a bold call for MPs – and one they might regret, if the troubles that have hit SVB, Credit Suisse and others extend down to this corner of the globe, says Jonathan Milne.

The Independent UK

UBS reaps $28B in new money amid Credit Suisse fallout

Swiss bank UBS says it took in $28 billion in new money from wealthy clients in the first three months of the year

The Independent UK

Central banks end crisis offer as bank system fears ease

Major central banks are standing down from their offer of daily emergency dollar loans to banks, a crisis step launched after the collapse of Silicon Valley Bank in the U.S. fed fears about the stability of the global financial system

The Independent UK

Credit Suisse saw $69 billion in outflows at start of 2023

Credit Suisse says it saw nearly $69 billion in outflows in the first three months of the year and that clients are still withdrawing assets

Evening Standard

Bank panic leads to £55 billion in outflows at fallen giant Credit Suisse

Extent of bank run highlights City job fears into the shotgun marriage with UBS

Evening Standard

FTSE 100 Live: CBI dismisses ‘a number of people’; Credit Suisse outflows haven’t stopped

Results from collapsed bank Credit Suisse today revealed the scale of the run on assets during last month’s industry turmoil.

Evening Standard

Cheerier finance chiefs still worried about troubles ahead

Survey of normally cautious CFOs find them at their most bouyant since 2020

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