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☆ UBS overhauls board of domestic business after Credit Suisse takeover
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Oct 20 (Reuters) - UBS (UBSG.S) on Friday said it will overhaul the board of its domestic Swiss business after its takeover of Credit Suisse, including a new chairman to oversee both operations. The lender said Roger von Mentlen will become chairman of the boards of directors of UBS Switzerland and of Credit Suisse Switzerland. He will replace Markus Ronner, who was chairman of UBS Switzerland since 2022, and Peter Derendinger, who served as chairman of the board of directors of Credit Suisse (Schweiz) AG since March 2019. He has been a member of the board of directors of UBS Switzerland AG since 2020.

Persons: Denis Balibouse, Roger von Mentlen, Markus Ronner, Peter Derendinger, Von Mentlen, Sergio Ermotti, Roger, John Revill, Friederike Heine, Gerry Doyle Organizations: Credit Suisse, UBS, REUTERS, Rights, Swiss, UBS Switzerland, Credit Suisse Switzerland, AG, Credit, UBS Switzerland AG, ”, Thomson Locations: Zurich Switzerland, UBS Switzerland, Schweiz, Swiss, Switzerland

Besides Koerner, who spent over a decade at UBS before returning to Credit Suisse in 2021, UBS CEO Sergio Ermotti largely leaned on UBS executives in pulling together his new team. Commenting on Koerner's future role, UBS said Koerner would be responsible for Credit Suisse's operational continuity and client focus, while supporting its integration. Credit Suisse executive board members will report to both their relevant UBS executive board member and Koerner. Reuters reported last week that options under consideration for that business include a sale or an initial public offering of Credit Suisse's domestic unit. “This is a pivotal moment for UBS, Credit Suisse and the entire banking industry," Ermotti said in the statement.

☆ Sergio Ermotti returns as UBS CEO to steer Credit Suisse takeover
▼ + stars: | 2023-03-29 | by ( John Revill | ) www.reuters.com time to read: +5 min

[1/5] Sergio Ermotti, newly rehired CEO of UBS Group AG attends a news conference in Zurich, Switzerland March 29, 2023. "Sergio has already reduced risk and made the investment bank serve its clients and not its investment bankers as Credit Suisse did. Reuters GraphicsErmotti had earlier described the task of integrating UBS and Credit Suisse as "urgent and challenging". The Dutch executive was a notable absentee from the announcement of UBS's takeover of Credit Suisse on March 19. The next day, Hamers looked bleary eyed as he described the end of Credit Suisse as a "sad day" that nobody wanted.

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☆ Ermotti returns to UBS to steer Credit Suisse takeover
▼ + stars: | 2023-03-29 | by ( John Revill | ) www.reuters.com time to read: +3 min

He takes charge weeks after UBS bought rival Swiss bank Credit Suisse in a shotgun merger engineered by Swiss authorities to stem turmoil after Credit Suisse ran aground. "Sergio has already reduced risk and made the investment bank serve its clients and not its investment bankers as Credit Suisse did. HAMERS HANDS OVER REINSErmotti said he was looking forward to integrating UBS and Credit Suisse. He was a notable absentee from the announcement of UBS's takeover of Credit Suisse on March 19. The next day, Hamers looked bleary eyed as he described the end of Credit Suisse as a "sad day" that nobody wanted.

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☆ UBS rehires Ermotti as CEO to steer Credit Suisse takeover
▼ + stars: | 2023-03-29 | by ( John Revill | ) www.reuters.com time to read: +3 min

ZURICH, March 29 (Reuters) - UBS Group AG (UBSG.S) has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse (CSGN.S) - a surprise move that seeks to take advantage of his experience in rebuilding the bank after the global financial crisis. He takes charge weeks after UBS bought rival Swiss bank Credit Suisse in a shotgun merger engineered by Swiss authorities to stem turmoil after Credit Suisse ran aground. The next day, Hamers looked bleary eyed as he described the end of Credit Suisse as a "sad day" that nobody wanted. "The board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition," UBS added. Ermotti said he was looking forward to integrating UBS and Credit Suisse.

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March 21 (Reuters) - Investors on Tuesday took some heart from the rescue of troubled lender Credit Suisse by its Swiss rival UBS (UBSG.S), though concerns lingered about the risk of shockwaves further damaging credit markets and smaller U.S. banks. "The current situation in U.S. regional banks and Credit Suisse has raised concerns about contagion risk," said Grace Tam, chief investment advisor Hong Kong at BNP Paribas Wealth Management. Credit Suisse CEO Ulrich Koerner, who was expected to attend the conference, however, dropped out and the event was closed to media after the weekend rescue. Shares in First Republic Bank (FRC.N) halved on Monday on worries that last week's $30 billion infusion of capital would not be enough. The regulators said owners of this type of debt would only suffer losses after shareholders have been wiped out - unlike at Credit Suisse, whose main regulators are in Switzerland.

LONDON, March 20 (Reuters) - Bank of America's electronic stocks desk has halted trading with a desk at Credit Suisse that uses computer-led strategies, "out of an abundance of caution effective today," an email seen by Reuters on Monday said. Bank of America (BAC.N) said it would no longer send trades to Credit Suisse's "ATS Crossfinder". That trading platform anonymously matches buy and sell orders for the same kinds of securities, according to the Credit Suisse (CSGN.S) website. Bank of America sent the email to traders and hedge fund clients on Monday morning. Credit Suisse declined to comment on the email and Bank of America also declined to comment.

March 20 (Reuters) - Shares of U.S. lender First Republic tumbled nearly 50% on Monday on fears it will need a second rescue to stay afloat, bucking a broader rally in bank shares driven by UBS Group's state-backed takeover of Credit Suisse. "First and foremost, the Credit Suisse, UBS merger certainly takes a lot of stress out of the global banking system." The 3 billion Swiss franc ($3.2 billion) deal for the troubled Swiss bank - which was once worth more than $90 billion - was engineered by Swiss regulators and announced on Sunday. European bank shares (.SX7P) rebounded from recent losses, while on Wall Street the S&P 500 banks (.SPXBK) index recovered 0.6%. [1/2] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023.

In a package engineered by Swiss regulators on Sunday, UBS Group AG (UBSG.S) will pay 3 billion Swiss francs ($3.2 billion) for 167-year-old Credit Suisse Group AG <CSGN.S>, which was once worth more than $90 billion. European bank shares inched into positive territory (.SX7P) while shares in U.S. financial giants Citigroup (C.N) and JPMorgan Chase (JPM.N) rose 1.2% and 0.7% respectively. Investor focus had shifted to the massive blow some Credit Suisse bondholders will take, a new worry in a rolling banking sector crisis sparked by the collapse of midsize-U.S. lenders Silicon Valley Bank (SVB) and Signature Bank (SBNY.O) earlier this month. [1/2] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023. QUESTIONS FOR UBSThe deal to buy Credit Suisse will make UBS Switzerland’s only global bank and the Swiss economy more dependent on a single lender.

In a package engineered by Swiss regulators on Sunday, UBS will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse Group AG (CSGN.S) and assume up to $5.4 billion in losses. Investor focus has now shifted to the massive blow some Credit Suisse bondholders will take, adding to anxiety about other banking sector risks including contagion and the fragile state of U.S. regional lenders. UBS acquiring Credit Suisse for 3 billion francs a week ago would have seemed like a terrific deal. Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023. QUESTIONS FOR UBSThe deal to buy Credit Suisse will make UBS Switzerland’s only global bank and the Swiss economy more dependent on a single lender.

European bank shares slumped, with an index of leading lenders (.SX7P) down 5.8%. Credit Suisse shares slumped 62%, reflecting the huge loss its shareholders will see in their investment in the bank. Monetary authorities in Singapore and Hong Kong, where Credit Suisse hosts large regional offices, separately said the Swiss bank's business continued without interruption. And Credit Suisse urged its staff to go to work, according to a memo to staff seen by Reuters. Credit Suisse staff arriving to work in Hong Kong and Singapore on Monday morning, however, fretted about retrenchments and retaining business.

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