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☆ What’s in Those Huge Suitcases? $125 Million in Cash
▼ + stars: | 2024-01-13 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

An image from CCTV footage released by the U.K.’s National Crime Agency shows one of the smugglers at London’s Heathrow Airport. Photo: NCAThey looked like ordinary tourists with very big bags. But like a network of ants, they carried off tens of millions of dollars in cash from London to Dubai. British crime fighters cracked a money-laundering network that they say moved more than £100 million, equivalent to $125 million. A London court found two men guilty of illegal smuggling on Thursday, taking convictions in the network of cash couriers to 16, according to the National Crime Agency.

Organizations: U.K, Crime Agency, National Crime Agency Locations: London, Dubai, British

☆ He Bought a Piece of the Chrysler Building. Now His Empire Is Falling Apart.
▼ + stars: | 2023-11-29 | by ( Eliot Brown | Margot Patrick | ) www.wsj.com time to read: 1 min

René Benko’s company Signa is filing for insolvency, casting uncertainty over a property empire that includes a stake in upscale British retailer Selfridges. Photo: georg hochmuth/Agence France-Presse/Getty ImagesThe property slump sweeping the globe has claimed a new high-profile victim: René Benko, an Austrian-born retail and department-store magnate who also co-owns New York’s Chrysler Building. Benko’s main holding company, Signa Holding, said Wednesday it is filing for insolvency in Austria. The move, similar to U.S. bankruptcy procedure, puts billions of dollars of company debt at risk and casts uncertainty over a property empire that includes stakes in the largest department store chains in Europe, upscale British retailer Selfridges and a now-stalled Hamburg tower that would have been among the tallest in Germany.

Persons: René, Signa, georg hochmuth Organizations: Selfridges, Agence France, Chrysler, Signa Locations: Austrian, Austria, Europe, Hamburg, Germany

☆ Behind Credit Suisse’s Fall: A Chairman’s Lasting Mark on the Culture
▼ + stars: | 2023-11-25 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

When Credit Suisse’s board met to approve the bank’s forced sale to UBS in March, paintings of every bank chairman since 1856 lined the boardroom. A lawyer from Zurich, Urs Rohner , was the last to get a portrait. Chairman between 2011 and 2021, he wasn’t there in person that day. But his tenure loomed over the proceedings. He had helped turn one of Switzerland’s most solid institutions into a tinderbox.

Persons: Urs Rohner Organizations: UBS Locations: Zurich

☆ How a Banking Capital of the World Botched Its Own Banking Rules
▼ + stars: | 2023-11-08 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

Switzerland wanted its big banks to be fortresses. In practice, the country’s “too big to fail” banking laws made a sand castle of Credit Suisse. The Swiss rules in question have become an object lesson in the difficulties of designing financial regulation. Created to prevent a repeat of the 2008 financial crisis bailouts, Switzerland’s customized version of international capital requirements laid the groundwork for the biggest bank rescue since.

Organizations: Credit Suisse Locations: Switzerland, Credit, Swiss

☆ UBS Poised to Settle Mozambique’s ‘Tuna Bonds’ Lawsuit Against Credit Suisse
▼ + stars: | 2023-09-28 | by ( Margot Patrick | ) 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/finance/ubs-poised-to-settle-mozambiques-tuna-bonds-lawsuit-against-credit-suisse-a9ce24b8

Persons: Dow Jones Organizations: ubs, suisse, a9ce24b8

☆ UBS Posts Record $29 Billion Profit on Credit Suisse Deal
▼ + stars: | 2023-08-31 | by ( Margot Patrick | ) 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/finance/investing/ubs-begins-next-act-in-credit-suisse-merger-926d98c2

Persons: Dow Jones Organizations: ubs, suisse

☆ UBS Stock Rises as Outlook for Credit Suisse Deal Improves
▼ + stars: | 2023-08-23 | by ( Margot Patrick | ) 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/finance/banking/ubs-stock-rises-as-outlook-for-credit-suisse-deal-improves-9e10cd8d

Persons: Dow Jones Organizations: ubs, suisse

☆ UBS Sheds Swiss Government Aid for Credit Suisse Takeover
▼ + stars: | 2023-08-11 | by ( Margot Patrick | ) 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/ubs-sheds-swiss-government-aid-for-credit-suisse-takeover-6e3df2af

Persons: Dow Jones Organizations: ubs, suisse

☆ Nigel Farage’s Claim of Bank Account Closure Prompts U.K. Government Review
▼ + stars: | 2023-07-03 | by ( Max Colchester | Margot Patrick | ) 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/nigel-farages-claim-of-bank-account-closure-prompts-u-k-government-review-626546b6

Persons: Dow Jones

☆ Credit Suisse Era Ends After UBS Takeover Becomes Official
▼ + stars: | 2023-06-12 | by ( Margot Patrick | ) 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/credit-suisse-era-ends-after-ubs-takeover-becomes-official-a0d677ee

Persons: Dow Jones Organizations: suisse, ubs

☆ Crispin Odey Departs Hedge Fund He Founded After Sexual Abuse Allegations
▼ + stars: | 2023-06-10 | by ( Caitlin Mccabe | Margot Patrick | ) 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/crispin-odey-departs-hedge-fund-he-founded-after-sexual-abuse-allegations-e4f1a60c

Persons: Dow Jones, crispin, odey

☆ UBS Faces Tough Choice Over Credit Suisse’s Domestic Business
▼ + stars: | 2023-05-18 | by ( Margot Patrick | ) 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/ubs-faces-tough-choice-over-credit-suisses-domestic-business-c791d3a0

☆ UBS Refreshes Management Team to Integrate Credit Suisse
▼ + stars: | 2023-05-09 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

Credit Suisse CEO Ulrich Körner will take charge of operational continuity and client focus. Photo: fabrice coffrini/Agence France-Presse/Getty ImagesUBS said it would integrate Credit Suisse with a freshly composed executive team that includes Credit Suisse’s chief executive and a new chief financial officer. The Swiss banking giant said it is evaluating all options for Credit Suisse’s Swiss business, which some politicians in the country want to be spun off into a separate unit or divested. The merger of the two banks is one of the largest ever by assets.

☆ Zoltan Pozsar’s Writing Is Dense, Esoteric—and a Hit. Now He’s Left Credit Suisse.
▼ + stars: | 2023-05-08 | by ( Matt Grossman | Margot Patrick | ) www.wsj.com time to read: 1 min

WSJ’s Patricia Kowsmann explains how the UBS-Credit Suisse deal unfolded. Photo: Hannah McKay/ReutersZoltan Pozsar , a widely followed Credit Suisse markets guru, has left the bank, part of an exodus of staff that started in the months before the lender’s shotgun takeover by rival UBS. The Hungarian-born economist became a financial-world rock star for his analysis of mysterious market dynamics and behind-the-scenes accounts of how money flows through the plumbing of the global financial system.

☆ Credit Suisse Details Painful Final Days Before Rescue
▼ + stars: | 2023-04-24 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

Photo: Hannah McKay/ReutersCredit Suisse Group AG gave a glimpse of its chaotic final weeks before a rescue last month by UBS Group AG in a first-quarter earnings report that showed revenue diving and customers rushing to pull deposits. The Swiss bank lost more than $2 billion from its businesses in the first quarter, but posted a large net profit because of the benefit of writing off $17 billion in bonds. Customers withdrew around $75 billion in deposits, in a run that the bank says has moderated since the UBS deal announcement on March 19. Revenue fell across its investment-banking and wealth-management arms and its domestic bank.

☆ Credit Suisse Investors Challenge Switzerland’s $17 Billion Bond Write-Down
▼ + stars: | 2023-04-21 | by ( Alexander Saeedy | Margot Patrick | ) www.wsj.com time to read: 1 min

Credit Suisse Group AG bondholders have launched a legal challenge in Switzerland against regulators’ decision to write down $17 billion in securities as part of UBS Group AG’s rescue of the troubled bank last month. Bondholders holding about 4.5 billion Swiss francs ($5 billion) of Credit Suisse’s canceled debt want the decision to write down their bonds revoked or amended, according to an outline of their appeal made in a Swiss administrative court and reviewed by The Wall Street Journal. The bondholders are alleging the total write-down was disproportionately punitive to them and violated their property rights, according to the summary of the legal filing.

☆ Credit Suisse Failed to Probe Nazi Past, Senate Committee Says
▼ + stars: | 2023-04-18 | by ( Margot Patrick | Natalie Andrews | ) www.wsj.com time to read: 1 min

Credit Suisse Group AG failed to fully investigate recent allegations that it supplied bank accounts to Nazi party members before and after World War II, and pushed aside an outside lawyer it had charged with overseeing an internal probe into the matter, according to a Senate committee investigation. The Senate investigation was prompted by the Simon Wiesenthal Center, which in 2020 said it believed that there were accounts at Credit Suisse holding money looted from Jewish victims, based on a list it had of 12,000 Nazi party members and a Nazi-affiliated labor union in Argentina.

Credit Suisse Group AG’s new-look investment bank, CS First Boston, was supposed to help salvage the lender. Instead, it may have hastened its fall. The Swiss bank, buffeted by years of missteps and scandals, had a choice last year: Raise even billions more in new stock to shut down its scandal-prone investment bank or pull out the best parts and try to make money. It went for the second option, and miscalculated investors’ willingness to give it one more shot.

☆ Four Bankers Convicted in Case of Putin’s Cellist Friend
▼ + stars: | 2023-03-30 | by ( Patricia Kowsmann | Margot Patrick | ) www.wsj.com time to read: 1 min

Switzerland has for decades provided shelter for the money and assets of Russian oligarchs. A Zurich court found four Gazprombank bankers guilty of not conducting proper checks when opening accounts linked to a close friend of Russian President Vladimir Putin years ago. The four men face fines ranging from 48,000 Swiss francs to 540,000 francs, the equivalent of $52,000 and $590,000, respectively, and two years of probation, the court said Thursday. If they behave in that period, they don’t have to pay the fines.

ZURICH—The chairman of Switzerland’s largest bank received an urgent call last week. UBS Group AG needed to rescue its failing rival, Credit Suisse Group AG. For Switzerland, the stakes verged on existential. Its economic model and national identity, cultivated over centuries, were built on safeguarding the world’s wealth. Switzerland itself needed rescuing.

DUBAI—Riding an oil-price boom last year, Saudi Crown Prince Mohammed bin Salman directed government-backed Saudi National Bank to make a $1.5 billion investment in Credit Suisse Group AG that his financial advisers harbored doubts about, according to people familiar with the matter. Now, the Saudi investment is almost wiped out after Credit Suisse’s emergency merger with UBS Group AG. Credit Suisse’s meltdown also erased billions of dollars in investments made by Qatar’s sovereign fund and the Saudi-based Olayan family, making the Persian Gulf one of the biggest losers from a slide in financial stocks since the collapse of two U.S. banks last week.

☆ What’s Next for UBS After Buying Credit Suisse in Whirlwind Rescue
▼ + stars: | 2023-03-20 | by ( Margot Patrick | Patricia Kowsmann | ) 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/whats-next-for-ubs-after-its-whirlwind-rescue-of-credit-suisse-f09b1445

Under the deal being discussed, UBS would only keep parts of Credit Suisse’s investment bank that fill gaps either geographically or in certain product areas where UBS lacks a presence. UBS Group AG has offered to buy rival Credit Suisse for around $1 billion in a deal engineered by Swiss regulators to restore trust in the banking system, according to people familiar with the matter. One option would involve buying the entirety of Credit Suisse and then spinning off its local Swiss operations into an independent entity, the people said. UBS would keep Credit Suisse’s valuable wealth-management business.

The Swiss government said it would provide more than $9 billion to backstop some losses that UBS may incur in the deal. UBS Group AG agreed to take over its longtime rival Credit Suisse Group AG for more than $3 billion, pushed into the biggest banking deal in years by regulators eager to halt a dangerous decline in confidence in the global banking system. The deal between the twin pillars of Swiss finance is the first megamerger of systemically important global banks since the 2008 financial crisis when institutions across the banking landscape were carved up and matched with rivals, often at the behest of regulators.

Swiss authorities are expected to reach at least a rough deal before markets reopen. UBS Group AG is in talks to take over parts or all of Credit Suisse Group AG , which might involve a government backstop, part of an urgent effort by Swiss and global authorities to restore trust in the banking system, people familiar with the situation said. Credit Suisse took a more-than-$50 billion Swiss National Bank liquidity lifeline this week after concerns deepened about its prospects. The action didn’t do enough to stop the slide in Credit Suisse’s shares or stem the loss of bank deposits, compelling the central bank and Switzerland’s top financial regulator to orchestrate talks with Credit Suisse’s larger rival, UBS.

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