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Institutional FX
UBS Slashes 36,000 Jobs Following Credit Suisse Takeover
2023-04-05T10:28:41.650+02:00
UBS leads the layoffs in the finance and technology sector.
The massive job cuts started in October 2022.
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Damian Chmiel
Op-ed
FinTech
Op-ed
The Fall of Credit Suisse Gives Wings to PSD2
2023-04-04T10:26:56.204+02:00
The directive that regulates the field of electronic money institutions is the cornerstone of open banking licensing.
The collapse of Credit Suisse has similar indicators in the US to Silvergate and Silicon Valley Bank.
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Ella Rosenberg
Institutional FX
Swiss Prosecutors Probe UBS and Credit Suisse Merger
2023-04-03T08:59:35.294+02:00
The federal prosecutors are concerned about any criminal breaches.
The Swiss government backed the acquisition.
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Arnab Shome
Op-ed
Retail FX
Op-ed
Previous Restructuring May Minimise Impact of Credit Suisse Sale on FX Market
2023-03-31T15:23:09.781+02:00
Traders Looking for Pointers on Euro Prospects Following UBS Acquisition.
Swiss Franc Expected to Retain Safe Haven Status.
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Paul Golden
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FinTech
US Report: Credit Suisse Aided Rich Clients’ Tax Evasion in Deal Breach
2023-03-29T22:22:20.230+02:00
The Swiss bank paid $495 million as a settlement to the US regulator last year.
Rival UBS recalled the former CEO to oversee the Credit Suisse takeover.
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Executives
Ex-UBS CEO Is Back after 2 Years to Lead the Credit Suisse Takeover
2023-03-29T08:46:13.805+02:00
Ermotti replaces Hamers and returns after a two-year break.
Hamers embraced the change and wanted to "serve the interests of the new combination."
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Damian Chmiel
Institutional FX
German Crisis? Deutsche Bank Shares Plummet amid Spike in Default Insurance
2023-03-24T13:26:32.371+02:00
The German bank's shares plunged 15 percent on Friday.
It came after the bank's credit default swaps jumped higher.
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Arnab Shome
Institutional FX
UBS-Credit Suisse Deal Brings Havoc to Global Markets
2023-03-20T13:05:43.074+02:00
FINMA decided to write off the $17 billion AT1 bonds of Credit Suisse.
Saudi National Bank Lost up to $1.2 billion from the deal.
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Arnab Shome
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Institutional FX
UBS Agrees to Buy Troubled Rival Credit Suisse for CHF 3B
2023-03-19T23:52:15.486+02:00
UBS will pay CHF 3 billion and assume up to $5.4 billion in losses.
The deal is expected to close by the end of 2023.
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Institutional FX
Swiss Crisis: Credit Suisse Borrows CHF 50B to Escape Liquidity Troubles
2023-03-16T08:37:51.762+02:00
The bank's shares dipped around 30 percent on Wednesday.
Swiss authorities offered the emergency liquidity lifeline to avoid any bank crisis.
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Arnab Shome
Institutional FX
Credit Suisse Shares Hit Record-Low Once Again and Sparks New Bank Sell-Off
2023-03-15T13:33:22.547+02:00
Credit Suisse shares hit a record low for the fifth consecutive trading day.
It sparked a new sell-off in the European banks.
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Damian Chmiel
Institutional FX
Credit Suisse Highlights "Material Weakness" in Delayed Annual Report
2023-03-14T12:43:20.347+02:00
The lender's shares are testing all-time lows.
The collapse of SVB only makes the troubled bank's situation worse.
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Damian Chmiel
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Institutional FX
Credit Suisse Shares Hit All-Time Low Following Silicon Valley Bank Collapse
2023-03-13T12:47:27.095+02:00
Big banks' shares are falling after the SVB collapse, confirmed on 10 March 2023.
Swiss lender's stock price touched a new record low on Monday morning.
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Damian Chmiel
Institutional FX
Credit Suisse Delays Annual Report and Cuts Investment Banking Jobs
2023-03-09T14:05:55.127+02:00
CS shares fell after the SEC call forced the lender to delay its report.
Additionally, the bank is cutting other investment banking jobs.
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Damian Chmiel
Institutional FX
FINMA Concludes Proceedings in $10b 'Greensill' Case against Credit Suisse
2023-02-28T13:26:46.329+02:00
The Swiss regulator investigated the lender's relationship with Lex Greensill and his funds.
The funds were launched in 2017 and closed four years later.
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Damian Chmiel
Institutional FX
Credit Suisse Reports CHF 7.3 Billion Annual Loss in 2022
2023-02-09T13:03:45.767+02:00
The banking giant lost 20% of its assets under management.
The CEO confirms that current results are “unacceptable.”
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Damian Chmiel
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Executives
Credit Suisse Appoints Aurélien Gleyze as Head of FX Spot for EMEA
2023-01-20T15:31:34.849+02:00
Gleyze served as the Director and Co-Head of Electronic Macro Trading for over two years.
His appointment comes at a time Credit Suisse is reducing its workforce.
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Solomon Oladipupo
Institutional FX
Credit Suisse Starts Job Cuts, Goes after European Investment Bankers
2023-01-16T14:17:46.106+02:00
Credit Suisse aims to cut 10% of its European investment banking staff, FT reveals.
In total, CS wants to reduce its workforce by 9,000.
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Damian Chmiel
Executives
Credit Suisse’s Cathal Deasy Exits European Banking Co-Head Role
2023-01-03T17:42:16.774+02:00
Giuseppe Monarchi is now the sole Head of IBCM, EMEA.
Credit Suisse has seen the departures of several senior executives in recent times.
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Institutional FX
Credit Suisse Expects to End Q4 with a Loss of $1.58B
2022-11-23T11:15:57.380+02:00
The bank is undertaking a massive strategic overhaul.
It is focusing on reducing its expenses.
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Arnab Shome
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Institutional FX
Credit Suisse Plans to Raise $4b as a Part of "Radical Restructure"
2022-10-31T10:54:48.665+02:00
CS wants to raise 1.86 billion CHF from new investors and 2.24 billion from current investors.
The bank is trying to resolve problems and controversies for the third time.
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Damian Chmiel
Institutional FX
Credit Suisse Post Heavy Q3 Losses, "Radical Restructure" Needed
2022-10-27T10:05:00.000+02:00
Swiss bank posts over $4 billion quarterly loss.
It has strategic overhaul plans to lay off 9,000 staff and raise billions.
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Damian Chmiel
Institutional FX
Credit Suisse Agrees to Pay $234m Settlement in France
2022-10-24T12:30:01.026+02:00
Swiss banking giant settles court case with the French prosecutors.
In October, the institution approved settlements worth more than $700 million.
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Damian Chmiel
Institutional FX
Credit Suisse to Pay $495m Settlement Related to 2008 Financial Crisis
2022-10-17T11:34:46.829+02:00
Settlement is related to the 'Residential Mortgage Backed Securities' part of the business.
Credit Suisse, in the past, paid a settlement that was ten times higher for the same misconduct.
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Damian Chmiel
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Executive Moves
Credit Suisse Picks Dixit Joshi as CFO
2022-08-22T14:28:59.040+02:00
He joins the company from Deutsche Bank.
Credit Suisse has also named Francesca McDonagh as COO.
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