Driving the news
: UBS has shrunk its investment bank and publicly said it is not interested in taking on Credit Suisse's own division.as CS First Boston, led by board director Michael Klein. Sources say that the UBS rescue has scuttled that plan, and Klein is expected to negotiate some type of agreement that dissolves the spin off plan.
That leaves thousands of Credit Suisse investment bankers in the sales and trading, fixed income, capital markets, fixed income and other IB divisions waiting to lose their jobs once the UBS deal closes on June 1. They face a tough hiring market, as banks across the globe cut costs. In addition, the Swiss government said this week that it's temporarily suspending deferred remuneration granted to Credit Suisse employees in the years up to 2022.
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UBS likely to shrink Credit Suisse's $10 bln shipping portfolio -WSJUBS Group AG will likely shrink Credit Suisse Group's $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday.
Source: Reuters - 🏆 2. / 97 Read more »
Credit Suisse customers feel mix of anger, relief after saleFury at top Credit Suisse managers. Lament over damage to Switzerland’s image as a stable, reliable banking center. Relief that authorities stepped in to help protect deposits, but worry about keeping cash invested in a bank that failed to manage its own money adequately.
Source: WashTimes - 🏆 235. / 63 Read more »
Credit Suisse customers feel mix of anger, relief after saleGENEVA (AP) — Fury at top Credit Suisse managers. Lament over damage to Switzerland's image as a stable, reliable banking center. Relief that authorities stepped in to help protect deposits , but worry about keeping cash invested in a bank that failed to manage its own money adequately. Their angry that their bank got saved from collapse? This is bad news, now there is a crisis in multinational banks, until there is no effective solution, we must remain calm🫢 Credit Suisse has been engulfed in scandal for the last few years, and workers should not be surprised. Did they want the bank to collapse?
Source: AP - 🏆 728. / 51 Read more »
Credit Suisse hires Southeast Asia wealth vice chairmanCredit Suisse said on Thursday it has hired private banker Kwong Kin Mun as its new vice chairman for Southeast Asia wealth management.
Source: Reuters - 🏆 2. / 97 Read more »
Swiss regulator says central bank loan to Credit Suisse justified AT1 bond writedownThe country that had negative interest rates. What a joke. 🤣
Source: CNBC - 🏆 12. / 72 Read more »
Swiss central bank hikes interest rates by 50 basis points despite Credit Suisse turmoilThe Swiss central bank has increased rates by 50 basis points, taking its policy rate to 1.5%. This is the most stupid decision ever I heard , it is seems the regulators this days are isolating from the market , consumers and businesses . Powell will raise rates to 6% via 25 basis points . I have said this for months . The market has not priced it in , abd will be shell shocked as we get closer to the end of the year . I think they will be a big sell off at the end of the year Of course, it already gave 100 billion to UBS to take over CS To the banks billions, to the people more expensive credits
Source: CNBC - 🏆 12. / 72 Read more »