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” - 3 ” Kelleher - 3 Dennis Kelleher - 2 Sergio Ermotti - 1 Colm Kelleher - 1 Ermotti - 1 ” Ermotti - 1 Anke Reingen - 1
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6 mentions found


☆ Sergio Ermotti, UBS CEO, is leading the biggest banking deal in history. Failure is not an option
  + stars: | 2023-11-13 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +11 min
The caller was UBS (UBS) chairman Colm Kelleher. “I was definitely not expecting the phone call,” Ermotti told CNN on the sidelines of a conference in Geneva last month. UBS paid 60% less than the beaten-down value of Credit Suisse shares just before its last-ditch rescue over a weekend. Even if Credit Suisse had none of that painful baggage, the sheer size of the two banks makes the merger an enormous undertaking. “The fact that UBS was asked to be part of the solution (to Credit Suisse), that was the ultimate success,” Ermotti told CNN.
Persons: Sergio Ermotti, Colm Kelleher, Ermotti, ” Ermotti, Anke Reingen, Roger Federer, “, ”, Morgan Stanley, ” Kelleher, Michael Buholzer, it’s, Katrin Koch, Tom Naratil, —, Merrill Lynch, Stefan Wermuth, Oswald Gruebel, ” Christopher Wheeler, Fabrice Coffrini, … Organizations: Switzerland CNN, UBS, Credit Suisse, CNN, Bank of America, JPMorgan, HSBC, RBC Capital Markets, RBC, Ermotti’s, Banca, Citi, UBS —, Bloomberg, New York Times, Getty Locations: Geneva, Switzerland, Swiss, Zurich, Lugano, Singapore, Europe, Middle East, Africa, New York, AFP
☆ Banking industry direct deposit delays: Customers of Bank of America, Chase, and more have reported payment issues
  + stars: | 2023-11-06 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
New York CNN —Some customers still haven’t received their direct deposit paychecks following a “human error” last week deep in the plumbing of America’s banking system. The deposit delays are linked to a problem that emerged on Friday with the Automated Clearing House (ACH) payments system, causing headaches for consumers and employers. An industry source confirmed to CNN on Monday that it’s likely some customers haven’t received their deposits yet. Clearing house says it was a ‘manual error’Asked for comment, multiple banks referred inquiries to The Clearing House, which is owned by the largest commercial banks including Bank of America, JPMorgan Chase, CitiBank and Wells Fargo. The Clearing House did not provide an updated comment on Monday or any timetable for when the problem will be fully resolved.
Persons: haven’t, Banks, Chase, ”, Downdetector, Wells, “ Wells, Wells Fargo, Jim Seitz, ” Chase, Greg MacSweeney, MacSweeney, Dennis Kelleher, ” Kelleher Organizations: New, New York CNN, CNN, Consumer Financial, Bureau, Bank of America, US Bank, Twitter, “, ” Bank of America, JPMorgan Chase, CitiBank, House, Federal Reserve, Fed, ACH Network, Better Locations: New York, Wells Fargo, ACH, United States
☆ FDIC accidentally reveals details about Silicon Valley Bank’s biggest customers
  + stars: | 2023-06-23 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
New York CNN Business —The FDIC mistakenly revealed to Bloomberg News details on the biggest customers at Silicon Valley Bank, the failed bank whose depositors were rescued through emergency action by regulators. According to Bloomberg, that document was accidentally released unredacted by the FDIC in response to a Freedom of Information Act request. For instance, leading venture capital firm Sequoia Capital, held just more than $1 billion at SVB, according to the FDIC document. The FDIC document indicates the Chinese firm held about $903 million at SVB. The FDIC, charged with insuring deposits at banks, apparently did not intend to release the details on SVB’s biggest customers.
Persons: SVB, Zhipin, Dennis Kelleher, ” Kelleher, Mike Pence, ” Organizations: New York CNN Business —, Bloomberg, Silicon Valley Bank, Bloomberg News, FDIC, Sequoia Capital, PayPal, Google, Apple, Sequoia, CNN, Better Markets, Internet, Better, Main Street Locations: Silicon, Beijing
☆ Craving Beauty, but at What Cost?
  + stars: | 2023-04-26 | by ( Jennifer Szalai | ) www.nytimes.com   time to read: +2 min
THE UGLY HISTORY OF BEAUTIFUL THINGS: Essays on Desire and Consumption, by Katy KelleherActivities that we tend to think of as distinctly human often have nothing to do with immediate survival. In “The Ugly History of Beautiful Things,” Katy Kelleher writes about the extreme and sometimes hideous lengths that people have gone to in order to obtain coveted objects of beauty: ruining their health, wrecking the planet, inflicting suffering on others. “I’ve never found an object that was untouched by the depravity of human greed or unblemished by the chemical undoings of time,” Kelleher writes. A journalist who writes about home and design, she realizes that it has been her job to encourage others to do the same. Kelleher points out that an element of ugliness can be part of an object’s appeal, distinguishing between the intriguingly beautiful and the boringly pretty.
☆ Silicon Valley Bank red flags: Why did almost everyone fail to predict its collapse?
  + stars: | 2023-03-26 | by ( Allison Morrow | ) edition.cnn.com   time to read: +8 min
A bank run took down Silicon Valley Bank on March 10, as depositors withdrew $42 billion in a single day. To embrace a uniquely Silicon Valley ethos that champions boldness, growth and disruption. Silicon Valley Bank held 55% of its customers' deposits in long-dated bonds whose value eroded as interest rates went up. Silicon Valley Bank held an unusually large proportion (55%) of its customers’ deposits in long-dated Treasuries. And for most of that year, Silicon Valley Bank was operating with a massive vacancy in its corporate leadership team: a chief risk officer.
☆ Credit Suisse rescue creates bank twice the size of Switzerland's economy
  + stars: | 2023-03-23 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +9 min
London CNN —The last-minute rescue of Credit Suisse may have prevented the current banking crisis from exploding, but it’s a raw deal for Switzerland. An aerial view of the headquarters of Credit Suisse, center, and UBS, left, at Paradeplatz in Zurich, Switzerland on Sunday, 19 March, 2023. Credit Suisse is “part of Switzerland’s identity,” said Hans Gersbach, a professor of macroeconomics at ETH university in Zurich. “The Credit Suisse Swiss bank is a fine asset that we are very determined to keep,” Kelleher said Sunday. Integration is difficultAt $3.25 billion, UBS got Credit Suisse for 60% less than the bank was worth when markets closed two days prior.
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