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☆ UBS third-quarter profit slides but beat expectations
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Oct 25 (Reuters) - UBS (UBSG.S) on Tuesday reported a 24% fall in third-quarter net profit on a decline in market activity, although it beat expectations due to a rise in client funds. UBS results follow a mixed quarter for big U.S. banks, also marked by choppy capital markets and slowing economic growth that hit investment banking. The Swiss bank reported a net profit attributable to shareholders of $1.73 billion, outpacing the $1.53 billion forecast by 17 analysts in a company-gathered consensus. "We remain confident in our ability to deliver attractive and sustainable capital returns to shareholders," Chief Executive Ralph Hamers said in a statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Noele Illien; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ UBS logs 24% quarterly profit fall but beats expectations
▼ + stars: | 2022-10-25 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

ZURICH, Oct 25 (Reuters) - UBS (UBSG.S) on Tuesday reported a 24% fall in third-quarter net profit on a decline in market activity, although it beat expectations due to a rise in new money inflows. The Swiss bank posted a net profit attributable to shareholders of $1.73 billion, outpacing the $1.53 billion forecast by 17 analysts in a company-gathered consensus. Register now for FREE unlimited access to Reuters.com RegisterRevenue came in at $8.2 billion, a marked drop from previous quarters this year. The collapse of financial markets depressed fee income linked to wealth under management while client uncertainty reduced trading revenues. UBS saw a strong inflow of new money, attracting $17 billion in net new fee generating assets in wealth management and $18 billion of net new money in asset management.

☆ Explainer: Credit Suisse in spotlight ahead of strategy shift
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +5 min

WHY IS CREDIT SUISSE IN THE SPOTLIGHT? A spying scandal forced then-CEO Tidjane Thiam to quit in 2020, and Switzerland's financial regulator said Credit Suisse had misled it about the scale of its surveillance. His successor Thomas Gottstein lasted until July 2022, when Credit Suisse turned to restructuring expert Ulrich Koerner as CEO and launched a second strategic review within a year. Credit Suisse is looking to sell the Savoy Hotel in central Zurich, which could be worth 400 million Swiss francs. Since its foundation in 1856, Credit Suisse has played a central role in the history and development of Switzerland.

☆ Credit Suisse sale of Allfunds stake raises 334 mln euros - bookrunner
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 21 (Reuters) - Credit Suisse Group AG (CSGN.S) has placed an 8.6% stake in Allfunds Group (ALLFG.AS) via an accelerated bookbuilding offering that was priced at 6.195 euros a share, raising 334 million euros ($326.2 million), a bookrunner said on Friday. The deal comes as Credit Suisse races to firm up asset sales that could limit the cash it needs from investors with just days to go before the bank unveils an overhaul. read moreThe Swiss bank's securitised products business from its investment bank is also up for sale, and it has launched a process that could include selling its U.S. asset management arm, a source told Reuters. Register now for FREE unlimited access to Reuters.com RegisterNegotiations on divestments will likely take until the last minute before the revamp is announced along with third-quarter results on Oct. 27. ($1 = 1.0239 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Michael Shields and Noele IllienOur Standards: The Thomson Reuters Trust Principles.

A clock is seen near the logo of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, Switzerland October 5, 2022. Credit Suisse is also considering spinning off part of its advisory and investment banking business, which could bring in outside investors and be named First Boston, Bloomberg has reported. If such deals do not materialize or fall short of expectations, Credit Suisse will go for a capital increase, said that person. "I am more worried that Credit Suisse will be bought at a bargain price by an American bank," he said. Ray Soudah, Chairman of Swiss mergers and acquisitions specialist Millenium Associates, said disposals risked making Credit Suisse "an even greater target".

A clock is seen near the logo of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, Switzerland October 5, 2022. Abu Dhabi and Saudi Arabia were weighing up, through their sovereign wealth funds, whether to put money into Credit Suisse's investment bank and other businesses, Bloomberg reported. A spokesperson for Credit Suisse declined to comment, reiterating that it will update on its strategy review when it announces third-quarter earnings. The largest Middle Eastern sovereign fund investor in Credit Suisse, the Qatar Investment Authority, declined to comment. The New Jersey case was the largest of its remaining exposure on its legacy RMBS business, Credit Suisse said, with five remaining cases, all far smaller, still in litigation.

☆ Credit Suisse capital gap conundrum draws analyst answers
▼ + stars: | 2022-10-14 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. A spokesperson for Credit Suisse, which will unveil its strategic review alongside its results on Oct. 27, said it would be premature to comment on any outcome before then. Credit Suisse shares have plunged almost 50% since the start of the year, trimming its market value to 11.88 billion francs. Credit Suisse's five-year credit default swaps, a key risk benchmark, were indicated as high as 363 basis points on Wednesday, data from S&P Global Market Intelligence shows. "Credit Suisse is facing the biggest upheaval the bank has ever seen," Thomae from Deka Investment said.

☆ Credit Suisse chairman pledges reform after 'horrible' year
▼ + stars: | 2022-10-14 | by ( Pete Schroeder | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 14 (Reuters) - Credit Suisse's (CSGN.S) chairman pledged on Friday to reform the bank after a "horrible" 2021 in which it lost billions of dollars. Lehmann took over in January at the Swiss bank, which has been hit by a corporate spying scandal, investment fund closures, heavy losses and a string of lawsuits. Lehmann said Credit Suisse had a tier-one capital ratio (CET1) of 13.5% half way through the year and a "strong commitment that we will certainly ... somewhere be between 13 and 14." Credit Suisse is scheduled to release details of a much anticipated strategic review alongside third-quarter results on Oct. 27. To underpin sustainable profit, Credit Suisse is aiming to streamline its investment bank and expand its wealth management business, which soaks up less capital.

☆ Leonteq rejects tax evasion, money laundering allegations
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 12 (Reuters) - Leonteq (LEON.S) strongly refutes allegations in media reports related to potential tax evasion or money laundering by third parties, the company said on Wednesday. The Swiss fintech company said internal and external investigations had found no evidence to support the suspicions raised. Register now for FREE unlimited access to Reuters.com RegisterThe FT reported on Monday that whistleblowers had accused auditor EY of whitewashing suspicious trades, including money laundering and tax evasion in an investigation it conducted this year for Leonteq, a long-standing client. [nL8N31C2CS]"Leonteq strongly refutes these allegations, which were first raised internally in 2021 and were thoroughly investigated by Leonteq’s Compliance department," the company said in a statement on Wednesday. ($1 = 0.9966 Swiss francs)Register now for FREE unlimited access to Reuters.com RegisterReporting by Noele Illien, editing by Rachel More and John RevillOur Standards: The Thomson Reuters Trust Principles.

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