Credit Suisse Group AG
Deutsche Bank beats expectations despite 27% drop in profit, jump in costs
A Deutsche Bank AG branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022. Alex Kraus | Bloomberg | Getty Images Deutsche Bank on Wednesday reported a net profit of 763 million euros ($842 million) for the second quarter of 2023, narrowly beating expectations despite a 27% year-on-year decline. The bank’s net […]
UBS says it has completed the takeover of stricken rival Credit Suisse
UBS expects to complete its takeover of Credit Suisse “as early as June 12”, which will create a giant Swiss bank with a balance sheet of $1.6 trillion. Fabrice Coffrini | Afp | Getty Images Swiss bank UBS on Monday said that it formally completed the takeover of its rival Credit Suisse. In an open letter, UBS board […]
UBS and the Swiss government sign loss protection agreement over Credit Suisse takeover
Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March. Fabrice Coffrini | AFP | Getty Images UBS and the Swiss government announced Friday that they had signed a loss protection agreement, which will come into effect once […]
Why wealthy Americans love UBS, the secretive Swiss banking giant
With its $3.2 billion acquisition of Credit Suisse, UBS is poised to climb the ranks of global mega banks. UBS is no stranger to blockbuster mergers. The modern company is comprised of over 370 legacy firms, including former domestic rivals. Amid major wars, Switzerland has remained stable and neutral, becoming a safe haven for global wealth. Today, […]
European banks are stronger than their U.S. rivals, analysts say. Here’s why
The Faro office building at the Banco Santander SA headquarters on Thursday, Feb. 2, 2023. Bloomberg | Bloomberg | Getty Images European banks are looking stronger and more attractive than their U.S. counterparts on many metrics, according to officials and analysts speaking at the Institute of International Finance conference in Brussels this week, who add […]
Global debt nears record highs as rate hikes trigger ‘crisis of adaptation,’ top trade body says
HIROSHIMA, JAPAN – MAY 17: People walk beneath a banner promoting the Group of 7 (G7) summit at a shopping street on May 17, 2023 in Hiroshima, Japan. The G7 summit will be held in Hiroshima from 19-22 May. (Photo by Tomohiro Ohsumi/Getty Images) Tomohiro Ohsumi | Getty Images News | Getty Images The global […]
UBS expects $17 billion hit from Credit Suisse rescue, flags hasty due diligence
Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March. Fabrice Coffrini | AFP | Getty Images UBS estimates a financial hit of around $17 billion from its emergency takeover of Credit Suisse, according to a regulatory filing, […]
UBS announces Credit Suisse CEO Koerner to join board after emergency rescue
Ulrich Koerner, chief executive officer of Credit Suisse Group AG, during a Bloomberg Television interview in London, UK, on Tuesday, March 14, 2023. Hollie Adams | Bloomberg | Getty Images UBS on Tuesday announced that Credit Suisse CEO Ulrich Koerner will join the executive board of the new joint entity once its emergency purchase of […]
Swiss Nationwide Financial institution to face Credit score Suisse and local weather protests at fraught AGM
The Swiss Nationwide Financial institution has come into the highlight following its help in UBS’ takeover of Credit score Suisse. Bloomberg / Contributor / Getty Pictures The Swiss National Bank will maintain its annual basic assembly in Bern on Friday towards a backdrop of protest over its motion on local weather change and its position […]
Barclays posts 27% rise in web revenue for the primary quarter, beats expectations
The headquarters of Barclays Plc past the West India Quay Docklands Mild Railway station within the Canary Wharf monetary district in London, UK, on Monday, March 20, 2023. Bloomberg | Bloomberg | Getty Photos LONDON — Barclays on Thursday reported web revenue of £1.78 billion ($2.2 billion) for the primary quarter, beating expectations and coming […]