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☆ UBS sold a Credit Suisse private jet that was used by its ex-chair to fly to Wimbledon and the Euros, breaking COVID rules — and the Maldives for a family vacation
▼ + stars: | 2023-12-04 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

A former Credit Suisse chair used the bank's private jet to breach COVID restrictions. AdvertisementUBS has sold the Credit Suisse private jet that prompted its ex-chairman's resignation after just nine months, according to the Financial Times. António Horta-Osório used the bank's Dassault Falcon 7X to travel to sports matches and breach COVID travel restrictions, an internal investigation found. A used Falcon 7X typically sells for around $18 million, according to listings on AV Buyer. The FT reported that Credit Suisse planned to sell its jet before being rescued by UBS earlier this year, but UBS executives pushed through the sale.

Persons: deplaning, —, António, Osório, deplaned, Dan Kitwood, Taylor Swift Organizations: Credit Suisse, Dassault Falcon, Service, UBS, Financial Times, Wimbledon, soccer's, Reuters, FT, Bombardier Global, Business Locations: Maldives, António Horta, London, Horta, Singapore, Zurich

☆ Mozambique seeks $3 billion from Privinvest in 'tuna bonds' scandal
▼ + stars: | 2023-10-17 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

Traditional fishing boats sail as Mozambique's tuna fleet sits in dock beneath Maputo's skyline, in this picture taken August 15, 2015. REUTERS/Grant Lee Neuenburg/File Photo Acquire Licensing RightsLONDON, Oct 17 (Reuters) - Mozambique is seeking more than $3 billion in damages from Emirati-Lebanese shipbuilder Privinvest over the decade-old "tuna bond" scandal, London's High Court heard on Tuesday. The case centres on deals struck by state-owned companies with Privinvest for loans and bonds from banks including Credit Suisse in 2013 and 2014 for fishing boats and maritime security. Mozambique alleged Privinvest paid bribes on an "industrial scale", involving the "grand corruption" of officials including Mozambique's former Finance Minister Manuel Chang, court filings showed. Chang was extradited to the U.S., where in July he pleaded not guilty to fraud and money laundering charges related to the tuna bonds scandal.

Persons: Grant Lee Neuenburg, Privinvest, Jonathan Adkin, Iskandar Safa, Safa, Manuel Chang, Chang, Adkin, Sam Tobin, Kirstin Ridley, Cynthia Osterman Organizations: REUTERS, Privinvest, UBS, Credit Suisse, International Monetary Fund, Thomson Locations: Maputo's, Mozambique, Safa, U.S, London's

☆ UBS cuts nearly 70% Credit Suisse researchers in Hong Kong-sources
▼ + stars: | 2023-09-21 | 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. UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged in March this year by Swiss authorities to avert Credit Suisse's collapse. More than 15 equity researchers were notified earlier this week about the layoffs in Hong Kong, the sources said, adding less than 10 researchers focusing on Hong Kong and China equities will join the UBS team. Credit Suisse did not respond to a Reuters request for comments. Both of them will bring some junior researchers from Credit Suisse, the sources added.

Persons: Denis Balibouse, Charles Zhou, China financials, Kenneth Fong, Zhou, Fong, Sergio Ermotti, Julie Zhu, Kane Wu, Selena Li, Summer Zhen, Sumeet Chatterjee, Bernadette Baum, Emelia Organizations: Credit Suisse, UBS, REUTERS, Credit, Suisse's Securities Research, Reuters, Monday, Asia, China Internet, Thomson Locations: Zurich Switzerland, HONG KONG, Hong Kong, China, Asia Pacific, Asia, Swiss

☆ Wells Fargo hires Ford from Credit Suisse as head of equity capital markets
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: 1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon Acquire Licensing RightsNEW YORK, Sept 5 (Reuters) - Wells Fargo (WFC.N) hired former Credit Suisse banker Jill Ford as its head of equity capital markets, the bank said in a statement. Ford is based in New York and will report Tim O'Hara, Wells Fargo's head of banking. Ford was most recently co‑head of equity capital markets for the Americas at Credit Suisse. Reporting by Lananh NguyenOur Standards: The Thomson Reuters Trust Principles.

Persons: Wells, Jill Ford, Ford, Tim O'Hara, Lananh Nguyen Organizations: REUTERS, Credit Suisse, Americas, Thomson Locations: Wells Fargo Bank, New York City, U.S, New York

☆ Alleged Russian crime boss sanctioned by Ukraine owns a major stake in US biotech firm
▼ + stars: | 2023-08-21 | by ( Matt Egan | ) edition.cnn.com time to read: +13 min

Buried in corporate filings is another relationship that is central to Humacyte: Russian billionaire Gavril Yushvaev is the company’s second-largest individual shareholder. Humacyte: Russian billionaire has no ‘control’ over firmYushvaev has not been sanctioned by the US government. “There are patients walking today on their own limbs who would not be doing so without access to the HAV to repair their damaged arteries,” a Humacyte spokesperson said. ‘It shows poor judgment’Yushvaev was brought in as an accredited private investor by Credit Suisse’s capital markets advisory group, a Humacyte spokesperson told CNN. Dougan does not personally know Yushvaev, a Humacyte spokesperson told CNN.

Persons: — Weeks, Kathleen Sebelius, Gavril Yushvaev, Yushvaev –, ”, Yushvaev, ” Forbes, Dann, Charles Whitehead, That’s, Steven Tian, Putin, Vladimir Putin, Trump, Sebelius, Humacyte, Obama, ” Yushvaev, Yale’s Tian, Whitehead, “, ” It’s, Brady Dougan, Dougan, Laura Niklason, ’ Yushvaev, Jeff Sonnenfeld, Sonnenfeld, ” Humacyte, Lawrence Ward, Ward, Eleanor Bloxham, ” Bloxham, ’, Lyft, Mother Jones Organizations: New York CNN, Pentagon, Nasdaq, US Department of Defense, CNN, Securities and Exchange Commission, Ukraine, Pepsico, Cornell Law School, BlackRock, Vanguard, Yale School of Management’s, Institute, Treasury Department, Kremlin, Credit, Ayabudge, Credit Suisse, Humacyte, PTC, Yale, Yushvaev, SEC, “, Soviet, US Treasury, Dorsey, Whitney’s, Value Alliance, The Department of Defense, DOD, Cornell, Russia Locations: Ukraine, North Carolina, Humacyte, Russian, Russia, Crimea, Cypriot, Yale, Bloxham, Lyft

LONDON/MADRID, July 26 (Reuters) - Spain's Santander (SAN.MC) is planning to hire around 150 bankers primarily in the United States as part of its plans to accelerate growth in its investment banking business, three sources with knowledge of the matter said. Santander's global corporate and investment banking chief, Jose M. Linares, discussed the plans in a town hall held in New York last week, the sources said. So far, the bank has hired more than 20 senior investment bankers chiefly in the United States, Reuters has reported. Net profit at the bank's global corporate and investment bank rose 16% year-on-year in the second quarter to 899 million euros. Santander employs currently around 8,000 staff at its global corporate and investment bank.

Persons: Jose M, Linares, Ana Botin, David Hermer, Marco Antonio Achon, Corporate Finance Darren Jones, Steven Geller, Jones, Hector Grisi, Grisi, Jesús Aguado, Andres Gonzalez, Elisa Martinuzzi, David Evans Organizations: Spain's Santander, Credit Suisse, Reuters, Banking, Corporate Finance, Linares, Global, Santander, U.S ., Thomson Locations: MADRID, United States, New York, U.S, Spanish, Mexico, Europe, Latin America, Santander, America

☆ UBS hit with $387 million in fines for ‘misconduct’ by Credit Suisse in Archegos dealings
▼ + stars: | 2023-07-24 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —UBS is being fined for missteps by Credit Suisse less than two months after UBS completed an emergency takeover of its former rival. On Monday, the Federal Reserve said it would fine UBS for “misconduct” by Credit Suisse in its risk management of Archegos Capital Management, an investment fund that collapsed in 2021. All told, the fines levied against UBS announced Monday total $387 million – including fines from the Swiss government and the Bank of England. In its announcement of the fine, the Federal Reserve Board said that Credit Suisse practiced “unsafe and unsound” credit risk management practices in its dealings with Archegos. UBS and Credit Suisse have also been ordered to submit a plan to strengthen oversight of their US operations and senior management in the next 120 days.

Organizations: CNN, UBS, missteps, Credit Suisse, Federal Reserve, Archegos Capital Management, Bank of England, Warner Brothers Discovery, Federal Reserve Board, Archegos, “ Credit Suisse, ”, Silicon Valley Bank, Signature Bank, Swiss Locations: Swiss, “, Wall, Switzerland

☆ Former Credit Suisse Exec Makes Huge Profit on $52 Million Sale of West Village Condo
▼ + stars: | 2023-07-11 | by ( Katherine Clarke | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/former-credit-suisse-exec-makes-huge-profit-on-52-million-sale-of-west-village-condo-619a7bb3

Persons: Dow Jones Organizations: suisse

☆ Julius Baer wants to double assets under management - Handelsblatt
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

ZURICH, July 10 (Reuters) - Swiss bank Julius Baer (BAER.S) can double its assets under management to 1 trillion Swiss francs ($1.12 trillion), CEO Philipp Rickenbacher said in an interview with German daily Handelsblatt on Monday. Achieving the goal would mean a massive increase from the 429 billion francs in assets that Julius Baer currently manages, but it is possible, the daily reported, adding that Rickenbacher declined to give a timeline on when the target could be achieved. "But we are in growth mode and such ambitions are not unrealistic," he said, adding that attracting former Credit Suisse clients will take time. "Perhaps the market has overestimated the speed of the shifts," Rickenbacher said. ($1 = 0.8912 Swiss francs)Reporting by John Revill; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Julius Baer, Philipp Rickenbacher, Rickenbacher, John Revill, Sherry Jacob, Phillips Organizations: Credit Suisse, Silicon Valley Bank, Thomson Locations: ZURICH, Swiss, Silicon

☆ UBS overhauls leadership at wealth management division
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

ZURICH, July 6 (Reuters) - UBS's (UBSG.S) flagship global wealth management business on Thursday announced a raft of management changes triggered by the Swiss bank's takeover of Credit Suisse. Former Credit Suisse executive Michael Marr will become the head of Global Wealth Management Australia at UBS, according to a person familiar with the matter. The move marks the re-entry of UBS's wealth management business into Australia after several years. The decisions had been based on "fairness and meritocracy," said Iqbal Khan, the president of UBS Global Wealth Management, in a memo seen by Reuters. Thursday's announcement follows a raft of management changes UBS announced last month when it formally completed the takeover of its former rival.

Persons: Michael Marr, Puneet Matta, Lisa Golia, Morgan Stanley, Iqbal Khan, Khan, Sergio Ermotti, Ruben Mangold, Oliver Hirt, John Revill, David Evans Organizations: Credit Suisse, Former Credit Suisse, Global Wealth Management, UBS, UBS Global Wealth Management, Reuters, Credit Suisse's, Shipping Finance, Thomson Locations: ZURICH, Swiss, Australia, India, Dubai, London, Singapore, United States, Credit Suisse's Swiss

☆ Credit Suisse investor group joins claim seeking better UBS takeover price
▼ + stars: | 2023-07-04 | by ( John Revill | ) www.reuters.com time to read: +3 min

ZURICH, July 4 (Reuters) - A Swiss proxy adviser representing some former Credit Suisse shareholders has backed a class-action lawsuit seeking a better price from UBS (UBSG.S) for its takeover of its cross-town rival, it said on Tuesday. Under the deal, sealed last month, Credit Suisse shareholders were offered one UBS share for 22.48 Credit Suisse shares, valuing the stricken bank at 3 billion Swiss francs ($3.35 billion). Just 48 hours before deal was struck, Credit Suisse was worth 7 billion francs, Ethos said. If successful, all Credit Suisse shareholders would benefit from the new exchange ratio, it said. Ethos has previously raised concerns about how the acquisition of Credit Suisse by UBS was carried out, particularly that the deal was forced through without consulting shareholders.

Persons: Vincent Kaufmann, LegalPass, FINMA, Kaufmann, Alexandre Osti, John Revill, Conor Humphries Organizations: Credit Suisse, UBS, Ethos Foundation, Credit, Suisse, Thomson Locations: ZURICH, Swiss, Lausanne, Zurich, LegalPass

☆ Ex-BofA No. 2 Tom Montag said to be in line to join Goldman Sachs board
▼ + stars: | 2023-06-26 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +4 min

Goldman Sachs board plans to tap Tom Montag to join, Bloomberg reports. Now, he is said to be in line to join the board of Goldman Sachs as its CEO, David Solomon, faces scrutiny over his leadership. Still, Bloomberg notes, Montag would be the first bank executive named to the board under Solomon, who became CEO of the bank in 2018. Solomon's hobby as a DJ and his use of the firm's private jets have also rubbed some Goldman insiders the wrong way. At Goldman, Montag was big in JapanMontag bleeds Goldman blue.

Persons: Goldman Sachs, Tom Montag, Montag, David Solomon, Solomon, —, Sridhar Natarajan, Katherine Doherty, Goldman, David Viniar, Goldman's, Adebayo, Ogunlesi, Insider's Dakin Campbell, Japan Montag, Merrill Lynch, Insider's Alex Morrell, Charming, Kate Kelly, BofA Organizations: Bloomberg, of, Morning, Bank of America's, Goldman, Credit Suisse, Global Infrastructure Partners, Reuters, Bank of America, Bank America, The New York Times, Times, Private, TPG, Street Journal Locations: Japan

[1/3] Chief Executive Officer of Credit Suisse, Thomas Gottstein, speaks during the fourth annual Future Investment Initiative in Riyadh, Saudi Arabia, January 27, 2021. REUTERS/Ahmed Yosri/File PhotoZURICH, June 22 (Reuters) - A group of Credit Suisse AT1 bondholders has filed a class action suit accusing former executives at the Swiss bank, including three past chief CEOs, of being responsible for the bank's downfall. "Credit Suisse’s directors and senior executives, and the rotten culture they instilled and fostered, destroyed trust in the bank, which led to its collapse," the lawsuit said. The lawsuit also accused executives of "creating and perpetuating a culture at Credit Suisse that placed profits, excessive risk-taking, and self-dealing over sound risk management and compliance with the law." Last month, Switzerland’s Federal Administrative Court said it has received 230 claims against the country’s financial regulator FINMA after it wrote off the value of Credit Suisse’s AT1 bonds.

Persons: Thomas Gottstein, Ahmed Yosri, Tidjane Thiam, Brady Dougan, litigators, Noele, Tomasz Janowski Organizations: Credit Suisse, Investment, REUTERS, UBS, Court, Thomson Locations: Riyadh, Saudi Arabia, ZURICH, Swiss, New York, Switzerland’s Federal

☆ Swiss National Bank calls for new measures after Credit Suisse crash
▼ + stars: | 2023-06-22 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

ZURICH, June 22 (Reuters) - The Swiss National Bank (SNB) on Thursday said it was crucial to draw lessons from the Credit Suisse crisis that led to the bank's downfall and forced rescue by rival UBS (UBSG.S) and consider measures that would prevent such events in the future. Switzerland's largest bank recently grew even bigger, following its rescue of embattled Credit Suisse in a takeover engineered by Swiss authorities in March and formalised by UBS on June 12. The SNB said it was not yet able to judge how resilient the newly merged bank would be. The central bank said there were, however, three key observations to come from the crisis, including that compliance with capital requirements is necessary but not sufficient to ensure confidence in a bank. The SNB also said that the scale and pace of deposit outflows at Credit Suisse that resulted from the loss of confidence were unprecedented and more severe than assumed under the liquidity regulations.

Persons: Noele Illien, John Revill, Tomasz Janowski Organizations: Swiss National Bank, Credit Suisse, UBS, Swiss, Thomson Locations: ZURICH, Switzerland, Swiss

HONG KONG, June 21 (Reuters) - UBS (UBSG.S) will start cutting Asia investment banking jobs at Credit Suisse next month, three people with knowledge of the matter said, as the banks move towards integrating businesses. In the Asia Pacific region, there will be significant reduction in Credit Suisse investment bankers covering Australia and China, where the two banks overlap most, two of the sources said. UBS is also looking to axe most of Credit Suisse's Asia consumer and retail and general industrial group coverage teams, the two sources said. Both UBS and Credit Suisse declined to comment. The bulk of Credit Suisse investment bankers in Southeast Asia have left, said one of the three sources and a fourth person with knowledge of the matter.

Persons: Kane Wu, Selena Li, Yantoultra Ngui, David Goodman Organizations: UBS, Credit Suisse, Credit, Former Credit Suisse, Thomson Locations: HONG KONG, Asia, Credit Suisse, Australia, China, Credit, South Korea, Thailand, Vietnam, India, Southeast Asia, Hong Kong, Singapore

☆ UBS’s $10 bln state guarantee is a useful fantasy
▼ + stars: | 2023-06-07 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, June 7 (Reuters Breakingviews) - UBS (UBSG.S) and the Swiss government have negotiated a state backstop that neither side wants to use. The scheme, designed to sweeten the Credit Suisse (CSGN.S) rescue, would see the government cover $10 billion of losses on former Credit Suisse assets after UBS swallows the first $6 billion. One option could be for the state to guarantee only a limited subset of former Credit Suisse assets – just the ones that UBS plans to get rid of, for example, like fixed-income derivatives. The government could also insist on dividend or buyback restrictions if the Swiss bank ever taps the scheme. The guarantee would only kick in after UBS has swallowed 5 billion Swiss francs ($6 billion) of losses.

Persons: Sergio Ermotti, Karin Keller, Sutter, Ermotti, that’s, ”, Neil Unmack, Oliver Taslic Organizations: Reuters, UBS, Swiss, bank’s, Credit Suisse, Switzerland’s Social, –, RBC, AG, U.S . Securities, Exchange Commission, Thomson Locations: Swiss

Venkatakrishnan's intervention underscores the pressure that the British bank is under to protect its U.S. investment banking franchise. Venkatakrishnan promised during the meeting to invest in the investment banking business to boost morale, the sources said. Miller left Barclays to join Jefferies last month, while Barclays only announced a new role for Astier this week, naming him global head of financial sponsors. Still, the exodus that Venkatakrishnan and other Barclays executives have been trying to stem has continued apace. But it was its consumer, cards and payments division, rather than investment banking, that led the charge.

Persons: C.S, Venkatakrishnan, dealmakers, Cathal Deasy, Morgan Stanley, Taylor Wright, Marco Valla, Deasy, John Miller, Jean, Francois Astier, Miller, Jefferies, Jim Rossman, Christopher Ludwig, Pete Contrucci, Evan Rothenberg, Daniel Kerstein, Contrucci, Rothenberg, Kerstein, Milana Vinn, Abigail Summerville, David Carnevali, Svea Herbst, Bayliss, Anirban Sen, Greg Roumeliotis, Christopher Cushing Organizations: YORK, Barclays, Citigroup Inc, UBS Group AG, Jefferies Financial Group Inc, Reuters, Credit Suisse Group AG, UBS, Lazard Ltd, Credit Suisse, Svea, Thomson Locations: Americas, Europe, Middle East, Africa, United States, New York, Rhode Island

☆ 2 top housing experts break down why they expect a downturn in prices that could last several years, and how it might impact buyers in very different ways
▼ + stars: | 2023-05-09 | by ( Marley Jay | ) www.businessinsider.com time to read: +4 min

Housing market expert Ivy Zelman and real estate investing pro Scott Trench approach the housing market from very different perspectives, but they can still see eye-to-eye on some things. The two real estate pros took different stances when it comes to the single family housing market, however. "BRRR" was a hit in a lower-rate environment, especially as housing prices climbed over the last few years. Ivy Zelman is a housing expert who identified the market bubble in the 2000s and called the housing market turnaround in 2012. The forthcoming recession is going to trump all other housing market price trends, she predicted, and there will either be a correction in interest rates or in housing prices.

☆ Credit Suisse whistleblowers say Swiss bank has been helping wealthy Americans dodge U.S. taxes for years
▼ + stars: | 2023-03-29 | by ( Eamon Javers | ) www.cnbc.com time to read: +14 min

In this article CSCSG.N-CH Follow your favorite stocks CREATE FREE ACCOUNTA sign of Credit Suisse bank is seen at their headquarters in Zurich on March 20, 2023. "To date, no Credit Suisse employees involved in the scheme have faced any consequences from the United States government for their participation." "It's not a question of whether Swiss banks continue to do this, it's a question of which Swiss banks still do this." In a statement to CNBC, a Credit Suisse spokeswoman said it does not tolerate tax evasion. "DOJ must correct its lax oversight of Credit Suisse and hold Credit Suisse accountable for any violations of its plea agreement," he said.

☆ Factbox: Credit Suisse's troubles - spies, money laundering and takeover
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +6 min

Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. Switzerland's financial regulator said Credit Suisse had misled it about the scale of the spying. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.

☆ Factbox: FACTBOX Credit Suisse's troubles - spies, money laundering and central bank cash
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +6 min

Lescaudron was convicted by a Swiss court in 2018 of having forged the signatures of former clients, including Ivanishvili, over an eight-year period. Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.

☆ Credit Suisse Breached Law in Greensill Lapses, Regulator Says
▼ + stars: | 2023-02-28 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

Credit Suisse said it had made a raft of improvements following its own review of its dealings with Greensill. Credit Suisse Group AG failed in its duties as an asset manager and violated Swiss supervisory law in its operation of $10 billion in investment funds with now-bankrupt financing partner Greensill Capital Management. Switzerland’s financial regulator, Finma, outlined a range of measures the bank must take to improve governance and comply with Swiss rules. It said it opened enforcement proceedings against four former Credit Suisse managers.

☆ Credit Suisse 'seriously breached' obligations in Greensill case, Swiss regulator says
▼ + stars: | 2023-02-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

The logo of Credit Suisse Group in Davos, Switzerland, on Monday, Jan. 16, 2023.Credit Suisse "seriously breached its supervisory obligations" in the context of its business relationship with financier Lex Greensill and his companies, Swiss regulator FINMA concluded Tuesday. Credit Suisse CEO Ulrich Körner welcomed the conclusion of the FINMA investigation in a statement Tuesday. In March 2021, Credit Suisse closed four supply chain finance funds at short notice related to Greensill companies. FINMA announced Tuesday that it has ordered remedial measures and opened four enforcement proceedings against former Credit Suisse managers. Credit Suisse noted that all of the requirements identified by the regulator "are being addressed through the organizational measures already underway."

☆ Barclays replaces co-heads of equities business
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 6 (Reuters) - Barclays' (BARC.L) co-heads of equities, Todd Sandoz and Paul Leech, have stepped down from their roles and left the bank, a company spokesperson said on Monday, as the British bank continues a reshuffle of its investment bank's management. Stephen Dainton, who has run the business in the past, has taken over as interim global head of equities, the spokesperson said, in addition to keeping his current role as co-head of global markets. The bank now needs a single leader for the business to keep growing market share and returns, the memo said. Barclays is conducting a search for a permanent leader for the equities business, it added. The move is the latest in a series of changes at the top of Barclays' investment bank, after it last month appointed former Credit Suisse dealmaker Cathal Deasy and Taylor Wright as co-heads of investment banking.

☆ Morning bid: Running out of breath
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

Asian equities held steady on Wednesday near seven-month highs after a mixed session on Wall Street. On a thin day for economic data, focus will be on U.K. producer prices and the German IFO. Revenue at Europe's largest companies is expected to have risen by just 0.9% in the fourth quarter, Refinitiv I/B/E/S data showed on Tuesday. The forecast, which tracks companies listed on the pan-European STOXX 600 (.STOXX) benchmark index, represents a drop from last week when analysts expected revenue growth of 4%. Analysts downgrade earnings forecastsInvestment strategists at Standard Chartered say it is time to fade the rally seen in European stocks and the euro since the lows of September.

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