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☆ Japan has become a gold mine for value investors
▼ + stars: | 2023-11-10 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

Having experienced a multi-decade decline after 1990, Japanese stocks have escaped the doldrums. Reuters GraphicsAnother shadow that has long lingered over corporate Japan is management teams which tended to neglect shareholders and prioritise the interests of other stakeholders. METI is also redefining the aim of Japanese companies, says Stephen Codrington, founder of the independent research firm Codrington Japan. Japan, whose regime was formerly unfriendly to equity investors, is moving in the opposite direction, says Drew Edwards, head of GMO Usonian Japan. Japan, as Codrington says, has become a gold mine for value investors.

Persons: Jeremy Siegel, “ Stocks, It's, Alex Kinmont, James Montier, METI, Stephen Codrington, Codrington, Toby Rodes, Edward McQuarrie, McQuarrie, Drew Edwards, there’s, Warren Buffett, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Investors, Credit Suisse Global Investment, Nikkei, U.S ., Local, Credit Suisse, Ministry, Economy, Trade, Industry, Electronics, Hitachi, Fujitsu, Investment, Toyota, Investment Fund, Tokyo Stock Exchange, Kaname, Takisawa Machine Tool, managements, Toyota Industries, Santa Clara University, U.S, Thomson Locations: Japan, U.S, Europe, Codrington Japan, United States

ICBC's U.S. unit told market participants on Friday it was hoping to finish the cyber review over the weekend, but the sources said they expected it would spill into next week. The cyberattack sent ripples through the U.S. Treasuries market, where ICBC acts as a broker for hedge funds and other market participants, helping them trade in the securities. The Chinese parent then injected capital into the U.S. unit, allowing it to settle the trades and pay back BNY Mellon, the sources said. They also told market participants about the capital injection but did not disclose the amount or the reason for it, the sources said. SIFMA, the trade group, organized calls for market participants with updates, the sources said.

Persons: Tingshu Wang, BNY Mellon, ransomware, ICBC, SIFMA, Janet Yellen, Lifeng, Scott Skyrm, Jack McIntyre, Harry Robertson, James Pearson, Naomi Rovinick, Yoruk, Davide Barbuscia, Chris Prentice, Mike Derby, Carolina Mandl, Laura Matthews, Paritosh, Zeba, Megan Davies, Dhara Ranasinghe, Alexander Smith, Richard Chang, Anna Driver Organizations: Asset Management, Fair for Trade, Services, REUTERS, Commercial Bank of China, U.S ., ICBC Financial Services, Securities Industry, Financial Markets Association, ICBC, Treasury, China, U.S, New York Federal Reserve, Securities, Depository Trust, Clearing Corp, Thomson Locations: Beijing, China, ICBC's U.S, U.S, San Francisco, Treasuries, Hong Kong, Shanghai, London, Amsterdam, Carolina, New York

[1/2] A woman shops for groceries at El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. The U.S. banking sector was in turmoil in the spring as Silicon Valley Bank abruptly collapsed after grappling with large amounts of unrealized losses spurred by rapidly rising interest rates. She said reinflation was a risk, especially if banks do not correctly anticipate interest rate moves and adjust their portfolios appropriately. That led to unrealized losses across the sector coming under closer scrutiny. Global banking and securities regulators are also still grappling with the fallout from the collapse of Credit Suisse Group (CSGC.UL).

Persons: Sarah Silbiger, Ana Arsov, Arsov, reinflation, ” Arsov, Tim Wennes, Paul Servais, Paritosh Bansal Tatiana Bautzer, Megan Davies, Lisa Shumaker, David Gregorio Our Organizations: El Progreso Market, Washington , D.C, REUTERS, Reuters, Banco Santander, Global, Credit Suisse Group, UBS, Jean, International Organization of Securities Commissions, Financial, Swiss, Thomson Locations: Mount Pleasant, Washington ,, U.S, SVB

☆ Santander's Botin targets auto finance, renewables in U.S. banking push
▼ + stars: | 2023-11-09 | by ( Alessandra Galloni | ) www.reuters.com time to read: +2 min

"Our strategy is very focused on playing to our strengths," she said in an interview at the Reuters NEXT conference in New York. As part of efforts to grow the unit, the Spanish bank is hiring staff from the stricken Credit Suisse. "All we are saying is, in terms of taxes, in terms of transparency, let's have the same," Botin said. "I'd love to compete with Apple as long as we are competing on same terms," she said. Santander is investing in its payments business PagoNxt as one of five key business areas, competing with the likes of Apple Pay.

Persons: Ana Botin, Alessandra Galloni, Brendan McDermid, Botin, Lananh Nguyen, Saeed Azhar, Lawrence White, Mark Porter, Lisa Shumaker Organizations: Banco Santander, Reuters NEXT, Santander, Suisse, Reuters, REUTERS, Apple Inc, Apple, Apple Pay, reuters, Thomson Locations: U.S, New York, Spanish, Santander, New York City , New York

☆ Deutsche Bank boosts Asia bets as clients seek Wall Street alternative -CEO
▼ + stars: | 2023-11-09 | by ( Selena Li | ) www.reuters.com time to read: +4 min

Christian Sewing, CEO of Deutsche Bank, poses after an interview with Reuters in Hong Kong, China September 8, 2023. Asia offers higher profit margins than other regions, according to Sewing, who took the helm at the lender in 2018. It operates in 15 markets in Asia Pacific and generates about 15% of its global revenue in the region, he said. Sewing said that the demand for advice from clients in Asia Pacific was far higher than two or three years ago. At that time, it announced plans to cut around 18,000 staff worldwide, with teams disbanded and jobs cut in most of its Asia Pacific markets.

Persons: Selena Li, Sewing, Sumeet Chatterjee, Christian Organizations: Deutsche Bank, Reuters, REUTERS, Asia, Deutsche, UBS, Thomson Locations: Hong Kong, China, HONG KONG, Asia Pacific, U.S, Asia, Ho Chi Minh City, Seoul

☆ CNBC Daily Open: Earning’s better than revenue this season
▼ + stars: | 2023-11-09 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Streak continues, sans DowMajor U.S. indexes continued their blistering winning streak Wednesday — except for the Dow Jones Industrial Average, which snapped a seven-day streak. Weakness in ArmArm reported earnings for the first time after its initial public offering. Stock markets are enjoying their longest winning streak in two years.

Persons: Mickey, Minnie, Marks, Spencer, — Organizations: Paris, CNBC, Dow Major, Dow Jones, Disney, UBS UBS, UBS, Credit Suisse Locations: Marne, Paris

☆ Banks should slow deposit withdrawals, prepare better collateral to evade crises - SNB
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

"Liquidity assistance alone would not have resolved thecrisis," he said, adding that other measures like the eventual state-brokered takeover by rival Swiss bank UBS (UBSG.S) were needed. This limited the level of cash that could be offered via the Emergency Liquidity Assistance scheme (ELA), the SNB's usual tool as lender of last resort. Additional money was provided for Credit Suisse via the Emergency Liquidity Assistance (ELA+), which provided cash secured only by preferential rights if Credit Suisse went bankrupt rather than against collateral. In future, Schlegel said improved preparation of collateral was needed by banks to allow them to better access emergency funding through existing schemes. "ELA+ was necessary in the specific case of Credit Suisse, but it is not a model for managing future crises," Schlegel said.

Persons: Banks, Martin Schlegel, Schlegel, ELA, John Revill, Sharon Singleton Organizations: Credit, Credit Suisse, Reuters, Swiss National Bank, UBS, Thomson Locations: ZURICH, Basel, Swiss

☆ Swiss banking environment is 'completely normal' after UBS-Credit Suisse takeover: EFG CEO
▼ + stars: | 2023-11-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSwiss banking environment is 'completely normal' after UBS-Credit Suisse takeover: EFG CEOGiorgio Pradelli of Swiss private bank EFG International is eyeing the Middle East and China for wealth creation, and says Switzerland remains a major private banking hub.

Persons: Giorgio Pradelli Organizations: UBS, Credit Suisse, EFG Locations: East, China, Switzerland

☆ UBS CEO: AT1 sale a sign of confidence in Swiss financial system
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 9 (Reuters) - UBS's Chief Executive said the Swiss bank's ability to raise $3.5 billion from the issuance of its first Additional Tier 1 (AT1) bond sale since taking over Credit Suisse was a sign of confidence for UBS and the Swiss financial system. "People are slowly but surely recognising that that event in March was an idiosyncratic event," Sergio Ermotti said speaking at the Bloomberg New Economy Forum in Singapore on Thursday. The shotgun merger between the two banks had seen Credit Suisse's $17 billion of AT1 bonds wiped out. An AT1 rout that followed had raised concern about the future of an asset introduced after the 2008 financial crisis to act as shock absorbers if bank capital levels fell below a certain threshold. "People understand that the AT1 is a very important element of our capital stack and we have the credibility to continue to use it," Ermotti said.

Persons: Sergio Ermotti, Ermotti, Noele Organizations: Credit Suisse, UBS, Bloomberg, Economy, Thomson Locations: ZURICH, Swiss, Singapore

☆ 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

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The state-engineered merger led to a wipeout of $17 billion of Credit Suisse's AT1 bonds. "Their structure is very new and shows they listened to investors who were angry about the permanent write-down feature," said Jerome Legras, head of research at Axiom Alternative Investments, who held Credit Suisse AT1 bonds before the March banking crisis. The Credit Suisse AT1s wipeout spurned a number of claims against Switzerland's financial regulator FINMA, which inverted the long-established seniority of bondholders over shareholders over the assets of a company in distress. That dented sentiment in the key market for bank bonds and prompted regulators in Europe and Asia to reassure investors.

Persons: Denis Balibouse, Jerome Legras, Joost Beaumont, March's writedown, Noele Illien, Dhara Ranasinghe, Elaine Hardcastle, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, CS, AT1s, ZURICH, P Global, Suisse, ABN AMRO, Singapore, Thomson Locations: Zurich Switzerland, Swiss, Switzerland's, Europe, Asia

☆ UBS resumes selling the bonds at the heart of Credit Suisse controversy
▼ + stars: | 2023-11-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

UBS on Wednesday began selling Additional Tier 1 (AT1) bonds — which were at the heart of controversy during its emergency rescue of Credit Suisse — for the first time since completing the takeover. Non-call bonds are bonds that only pay out at maturity. UBS confirmed to CNBC that it is offering additional tier 1 securities, but did not comment on the details of the contracts and said it will provide additional information when the offering is complete. The wipeout of $17 billion of Credit Suisse AT1 bonds, as part of the rescue deal brokered by Swiss authorities in March, caused uproar among bondholders and continues to saddle the Swiss government and regulator with legal challenges. AT1 bonds are considered a relatively risky form of junior debt and are often owned by institutional investors.

Organizations: UBS, Wednesday, Credit Suisse —, CNBC, Credit Suisse, Swiss Locations: Swiss

☆ UBS’s Takeover of Credit Suisse Was a Steal. Now Comes the Bumpy Part.
▼ + stars: | 2023-11-07 | by ( Jon Sindreu | ) www.wsj.com time to read: 1 min

UBS’s takeover of Credit Suisse led to a surge in earnings in the second quarter, but third-quarter losses underscore that integrating its rival will be a long process. UBS ’s first loss in nearly six years shouldn’t make investors take their eyes off the road. While the Swiss bank said Tuesday that third-quarter net income was a negative $785 million—almost twice as large as the median analyst forecast—its shares rose about 3% in early trading. Investors are wise to look through the fog and see that this was another set of encouraging figures.

Persons: UBS ’ Organizations: Credit Suisse, UBS Locations: Swiss

☆ Morning Bid: Some payback, but bonds hug gains on oil
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +5 min

The oil price slide was helped by signs from Israel that it's open to pauses in the Gaza fighting. The typically hawkish Minneapolis Fed boss Neel Kashkari insisted it was still too early to take another rate hike off the table. Elsewhere, the Reserve Bank of Australia raised its policy interest rate again, as expected, by another quarter point to a 12-year high of 4.35%. Overall, the global stocks picture reflected some of the cooling of last week's rally and some of the China export numbers. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Lucas Jackson, Mike Dolan, that's, Neel Kashkari, Christopher Waller, Michael Barr, John Williams, Lorie Logan, Jeffrey Schmid, Zimmer, Jack Henry, Akamai, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Treasury, Minneapolis Fed, International Monetary Fund, Reserve Bank of Australia, Asia bourses, UBS, Credit Suisse, Federal Reserve Bank of New, Michael Barr , New York Fed, Dallas Fed, Horton, Mosaic, Emerson Electric, Occidental, Devon Energy, Products, Chemicals, Gen, Fidelity, Reuters, Reuters Graphics, Thomson Locations: New York, U.S, Israel, Gaza, China, Asia, Japan, Hong Kong, Swiss, Canada, Federal Reserve Bank of New York, Michael Barr ,, Lorie Logan , Kansas, eBay, Gilead, Occidental Petroleum

☆ UBS dragged into the red with Credit Suisse takeover
▼ + stars: | 2023-11-07 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

ZURICH, Nov 7 (Reuters) - UBS Group (UBSG.S) posted a $785 million loss in the third quarter after expenses tied to the Swiss bank's takeover of Credit Suisse while signalling that its core wealth business is stabilising. Stripping out the impact of the takeover, UBS made an underlying profit of $844 million. With the takeover, UBS now oversees more than $5 trillion in assets. It has been working to recover from the exodus of client funds from Credit Suisse with above-market rates on deposits. It also continued to cut staff, which accounted for a big chunk of the more than 2 billion Swiss francs ($2.22 billion) of costs related to integration.

Persons: Sergio Ermotti, Goldman Sachs, Colm Kelleher, Noele Illien, John O'Donnell, Christopher Cushing Organizations: UBS, Credit Suisse, Goldman, Thomson Locations: ZURICH, Swiss, Switzerland, Zurich

☆ South Korea Finance Chief Defends Short-Sell Ban Ahead of Elections
▼ + stars: | 2023-11-07 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +3 min

By Cynthia Kim and Jihoon LeeSEOUL (Reuters) - South Korea's finance minister defended the government's ban on short-selling of stocks, an announcement that comes ahead of general elections next year and has drawn criticism from market players who say the move could hurt the country's global credibility. The financial regulator on Sunday reimposed a full ban on short-selling until the end of June 2024 to create a "level playing field" for retail and institutional investors. "The move completely thwarted Korea's plans to convince MSCI that it deserves a spot in the developed market status. The number of retail stock trading accounts has roughly doubled since 2017 to about 14 million, with about one in every five Koreans having an account. South Korea's Financial Supervisory Service in October said it would likely fine two Hong Kong-based investment banks it determined had engaged in naked short-selling transactions worth 40 billion won ($29.58 million) and 16 billion won respectively.

Persons: Cynthia Kim, Jihoon Lee SEOUL, Choo, Korea's, we're, Cho Jun, kee, Jihoon Lee, Tom Hogue, Navaratnam Organizations: MSCI Inc, SK Securities, Financial, Service, Credit Suisse Locations: Philippines, Korea, South Korea, Portugal, Hong Kong

☆ Stocks making the biggest moves before the bell: Uber, Planet Fitness, Peloton and more
▼ + stars: | 2023-11-07 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Uber — Shares of the ride hailing company rose 2% after Uber's third-quarter gross bookings of $35.3 billion topped the company's guidance of $29 billion to $30 billion. Planet Fitness — The gym chain climbed 8.8% after beating expectations on both lines for the third quarter and raising its outlook for the year. Planet Fitness reported 59 cents in earnings per share, excluding items, and $277.6 million in revenue. Analysts surveyed by FactSet anticipated 55 cents in earnings per share on revenue at $268.2 million. It also cut its price target on Peloton to $4 from $13 per share, implying about 20% downside from Monday's close.

Persons: FactSet, Tripadvisor, Coterra, Sanmina, DigitalOcean, Goldman Sachs, —, Yun Li, Jesse Pound, Lisa Kailai Han, Sarah Min, Michelle Fox Organizations: UBS —, UBS, Credit Suisse, LSEG, Energy, —, Deutsche Bank Locations: Switzerland

☆ UBS dragged into the red by Credit Suisse takeover but inflows cheer
▼ + stars: | 2023-11-07 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

ZURICH, Nov 7 (Reuters) - UBS Group (UBSG.S) reported a $785 million loss in the third quarter after expenses tied to the Swiss bank's takeover of Credit Suisse while signalling that its core wealth business is stabilising. "We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the group in the first full quarter since the acquisition," said Chief Executive Sergio Ermotti. Analysts at Goldman Sachs had expected $14 billion for the group, with the Swiss bank already disclosing $8 billion for the months of July and August. It has been working to recover from the exodus of client funds from Credit Suisse with above-market rates on deposits. UBS has continued to cut staff, which accounted for a big chunk of the more than 2 billion Swiss francs ($2.22 billion) of costs related to integration.

Persons: Sergio Ermotti, Goldman Sachs, Andreas Venditti, Colm Kelleher, Noele Illien, John O'Donnell, Christopher Cushing, Tomasz Janowski Organizations: UBS, Credit Suisse, Goldman, Thomson Locations: ZURICH, Swiss, Zurich, Switzerland

☆ UBS CEO 'positively surprised' by quick return of client inflows
▼ + stars: | 2023-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS CEO 'positively surprised' by quick return of client inflowsUBS CEO Sergio Ermotti discusses the Swiss banking giant's third-quarter earnings — its first full quarter since completing the takeover of stricken domestic rival Credit Suisse.

Persons: Sergio Ermotti Organizations: UBS, Credit Suisse

☆ UBS shares rise 3.5% as market focuses on strong underlying profit
▼ + stars: | 2023-11-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

UBS shares climbed on Tuesday morning after the Swiss banking giant resoundingly beat expectations for underlying profit. The bank recorded an underlying operating profit before tax of $844 million, well ahead of consensus expectations. Credit Suisse Wealth Management generated positive net new money inflows for the first time since the first quarter of 2022, contributing to inflows of $22 billion for UBS Global Wealth Management. Our clients have continued to place their trust and confidence in us, contributing to strong inflows across wealth management and our Swiss franchise," CEO Sergio Ermotti said in a statement. This is then slightly offset by heavier provisions," they noted, adding that the acceleration of Wealth Management net new money inflows in September was also "encouraging."

Persons: Sergio Ermotti Organizations: UBS, Credit Suisse, Reuters, Credit Suisse Wealth Management, UBS Global Wealth Management, Group, Swiss, Citi, Management Locations: Swiss

GENEVA (AP) — UBS reported Tuesday a $255 million pre-tax loss as the giant Swiss bank shed some 4,000 jobs globally, cut costs faster than expected, and reaped billions in asset inflows in the third quarter while moving forward with its government-orchestrated merger with rival Credit Suisse. The Zurich-based bank said underlying profit before taxes came in at $884 million in the first full quarter since the merger was completed in June. Government authorities in Bern shepherded through the deal with bank chiefs to stave off a collapse of Credit Suisse and avert a financial crisis. UBS tallied $33 billion in net new deposits in its wealth management and personal and corporate banking segments, two-thirds of that from Credit Suisse clients. Political Cartoons View All 1234 Images“We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the group in the first full quarter since the acquisition," UBS chief executive Sergio Ermotti said in a statement.

Persons: —, Sergio Ermotti, Benjamin Goy, Sharath Kumar, ” Organizations: GENEVA, — UBS, Credit Suisse, The, UBS, Six Swiss, Deutsche Bank, ” UBS Locations: Swiss, The Zurich, Bern shepherded, Zurich

☆ UBS faces a long wait for M&A share-price boost
▼ + stars: | 2023-11-07 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

But investors in his bank UBS (UBSG.S) still seem relatively cool on his Credit Suisse acquisition. Ermotti has reversed the client exodus that ultimately sank Credit Suisse. Yet there’s much to do before investors give UBS credit for that rosier future. Bloomberg reported in September that the U.S. Department of Justice had stepped up a probe into Credit Suisse and UBS over suspected Russian compliance failures. The group also booked a $2 billion expense related to the cost of integrating Credit Suisse, which it bought earlier this year.

Persons: Sergio Ermotti, Ermotti, Ermotti reckons, UBS’s, there’s, Neil Unmack, Streisand Neto Organizations: Reuters, UBS, Credit Suisse, Analysts, Bloomberg, U.S . Department of Justice, Reuters Graphics Reuters, Alpha, Suisse, Thomson

☆ Stocks making the biggest moves midday: Datadog, Re/Max, Planet Fitness, Tripadvisor and more
▼ + stars: | 2023-11-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Revenue was $547.5 million, topping the $524.7 million expected. Planet Fitness — Shares rallied 12.4% after the gym chain topped expectations for both earnings and revenue for the third quarter. Vivid Seats beat analysts' expectations for third-quarter revenue, while also offering strong guidance on the measure for 2023 and 2024. Tripadvisor — Shares of the travel website operator jumped 9.5% after the company beat third-quarter earnings and revenue expectations. Hims & Hers Health also raised its full-year guidance and announced a $50 million share repurchase program.

Persons: Max —, Morgan Stanley, Max, StreetAccount, Tripadvisor, Sanmina, Goldman Sachs, D.R, Horton —, — CNBC's Pia Singh, Tanaya Macheel, Sarah Min, Alex Harring, Jesse Pound Organizations: StreetAccount, Revenue, National Association of Realtors, BioMarin Pharmaceutical, Reuters, Elliott Investment Management, BioMarin, Air Products, Chemicals, UBS, Credit Suisse Locations: Swiss

☆ Stock Market Today: Dow Futures Waver, UBS Posts a Loss
▼ + stars: | 2023-11-07 | by ( ) www.wsj.com time to read: +1 min

Stock futures ticked lower, suggesting the recent winning streak on Wall Street could come to an end, while Treasurys rallied, bringing down yields. In global markets, UBS posted a larger-than-expected loss on costs related to taking over Credit Suisse. Index futures declined. International stock markets broadly declined. Oil markets retreated, putting benchmark Brent crude on track for its lowest close since August at slightly under $84 a barrel.

Persons: Treasurys, Dow, Bond Organizations: UBS, Credit Suisse, KKR, Carlyle Group, TPG, EBay, Rivian Automotive, Robinhood, Dow industrials, Nasdaq, Treasury, Nikkei, Hang, Brent Locations: Saudi Aramco, Europe

☆ UBS posts large loss on costs of Credit Suisse takeover
▼ + stars: | 2023-11-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —UBS made a hefty loss in the first full quarter since it closed a deal to rescue its stricken rival Credit Suisse, even as the bank attracted billions of dollars in new deposits from customers. UBS (UBS) saw $22 billion of net new money flow into its global wealth management business, as it gained new clients and won back assets from those who had pulled funds immediately after the takeover. That figure includes flows into Credit Suisse’s wealth management unit, which turned positive for the first time in 18 months. Across the group as a whole, UBS attracted net new deposits of $33 billion, with two-thirds of that coming from legacy Credit Suisse clients. CEO Sergio Ermotti was brought back to helm UBS through its takeover of Credit Suisse within days of the Swiss government-orchestrated deal being announced.

Persons: Sergio Ermotti, ” Ermotti, ” “, Benjamin Goy, Sharath Kumar, ” Organizations: London CNN, UBS, Credit Suisse, Swiss, ” “ UBS, Deutsche Bank Locations: Zurich, Swiss

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