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☆ Barclays hires Birchenough as chairman of healthcare investment banking
▼ + stars: | 2023-07-07 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

NEW YORK, July 7 (Reuters) - Barclays Plc (BARC.L) has hired Jim Birchenough from Wells Fargo & Co (WFC.N) as its chairman of global healthcare investment banking, a spokesperson for the British bank confirmed, after Reuters reported on the appointment on Friday. Birchenough last served as vice chairman of biopharma investment banking at Wells Fargo. In his new role, Birchenough will also lead Barclays' global biopharma investment banking unit alongside Alexis de Rosnay, who joined the bank last year and is taking on an expanded role in addition to his responsibilities as chairman of global healthcare investment banking. More than two dozen U.S. investment bankers have left Barclays since January when it named two new global co-heads of investment banking. They are Cathal Deasy, former co-head of Credit Suisse Group AG investment banking and capital markets, and Taylor Wright, former co-head of Morgan Stanley (MS.N) global capital markets.

Persons: Jim Birchenough, Birchenough, Wells, Alexis de Rosnay, Darren Campili, Jim, Richard Landgarten, Cathal Deasy, Taylor Wright, Morgan Stanley, David Carnevali, Anirban Sen, Mark Porter, Will Dunham, Richard Chang Organizations: YORK, Barclays Plc, Wells Fargo & Co, Reuters, Barclays, BMO Capital Markets, Lehman Brothers, Wells, Credit Suisse Group, Thomson Locations: Wells, Wells Fargo, San Francisco, New York

☆ Credit Suisse appoints investment banking management committee -memo
▼ + stars: | 2023-06-29 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

NEW YORK, June 29 (Reuters) - Credit Suisse Group AG on Thursday appointed an investment banking management committee to oversee its integration with UBS Group AG (UBSG.S), according to a memo seen by Reuters. UBS completed its emergency takeover of embattled rival Credit Suisse in June, forging a Swiss banking and wealth management giant with a $1.6 trillion balance sheet and overseeing more than $5 trillion in assets. Michael Ebert, head of Credit Suisse for the investment bank, will lead markets within the committee. Onu Odim will oversee investment banking risk management and the chief operating officers for markets and capital markets will be Olivier Charhon and Amy Clack, respectively. The committee will be supported by other executives such as investment banking CFO Tony Bullman and Chief Risk Officer David Krauss.

Persons: Michael Ebert, Marc, Michael Furber, Tan, Onu Odim, Olivier Charhon, Amy Clack, Tony Bullman, David Krauss, Tatiana Bautzer, Chris Reese, Mark Porter Organizations: YORK, Credit Suisse Group AG, UBS Group AG, Reuters, UBS, Credit Suisse, Capital, Kuan, Thomson Locations: Americas, APAC, Asia

☆ Credit Suisse CEO memo signals UBS deal to close Monday - Bloomberg
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

June 10 (Reuters) - Credit Suisse Group AG (CSGN.S) Chief Executive Ulrich Koerner has indicated that the emergency takeover of the bank by UBS AG (UBSG.S) will close on Monday, Bloomberg News reported on Saturday, citing an internal memo. "Monday's legal close is the next important step as we work to get you the answers you need as quickly as possible." On Friday, UBS Chief Executive Sergio Ermotti hinted the takeover of Credit Suisse would close on Monday, the earliest expected date. Earlier on Friday, the Swiss government agreed with UBS to guarantee up to 9 billion Swiss francs ($9.96 billion) of losses the bank may incur from the sale of its rival's assets beyond 5 billion francs the lender is due to cover itself. Credit Suisse and UBS did not immediately respond to a Reuters request for comment.

Persons: Ulrich Koerner, " Koerner, Sergio Ermotti, Urvi, Andrew Cawthorne, Mike Harrison Organizations: Credit Suisse Group AG, UBS AG, Bloomberg, UBS, Credit Suisse, Thomson Locations: Swiss, Bengaluru

☆ Credit Suisse CEO memo signals UBS deal to close Monday, Bloomberg reports
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

June 10 (Reuters) - Credit Suisse Group AG (CSGN.S) Chief Executive Ulrich Koerner has indicated that the emergency takeover of the bank by UBS AG (UBSG.S) will close on Monday, Bloomberg News reported on Saturday, citing an internal memo. "Monday's legal close is the next important step as we work to get you the answers you need as quickly as possible." On Friday, UBS Chief Executive Sergio Ermotti hinted the takeover of Credit Suisse would close on Monday, the earliest expected date. Earlier on Friday, the Swiss government agreed with UBS to guarantee up to 9 billion Swiss francs ($9.96 billion) of losses the bank may incur from the sale of its rival's assets beyond 5 billion francs the lender is due to cover itself. UBS declined to comment, while Credit Suisse did not immediately respond to a Reuters request for comment.

Persons: Ulrich Koerner, " Koerner, Sergio Ermotti, Urvi, Andrew Cawthorne, Mike Harrison, Louise Heavens Organizations: Credit Suisse Group AG, UBS AG, Bloomberg, UBS, Credit Suisse, Thomson Locations: Swiss, Bengaluru

The moves add to a trio of Barclays U.S. investment bankers that UBS announced it hired last month. Many Credit Suisse bankers are based in the United States. These bankers follow Barclays ex-colleagues Marco Valla, Jeff Hinton and Kurt Anthony, whose moves to UBS were announced in April. Sources told Reuters last month that UBS plans to retain only a small number of Credit Suisse senior bankers with strong client relationships. At Barclays, Braham was global chair of investment banking for technology, while Hardegree served as vice chair and head of technology M&A.

Persons: Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer, Ken Tittle, Marco Valla, Jeff Hinton, Kurt Anthony, dealmaker Michael Klein, Braham, Hardegree, Casavechia, Ramos, Meyer, Tittle, Milana Vinn, Anirban Sen, Greg Roumeliotis, Lisa Shumaker Organizations: YORK, Barclays Plc, UBS Group AG, Barclays U.S, UBS, Credit, Group, Credit Suisse, Barclays, Reuters, Broadcom, VMware Inc, Thomson Locations: United States, Swiss, Zurich, New York

June 5 (Reuters) - UBS Group AG (UBSG.S) is looking to retain more than 100 Credit Suisse Group AG (CSGN.S) investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said. Bloomberg said that UBS's retention target of more than 100 bankers did not include China. UBS and Credit Suisse declined to comment on the report. Credit Suisse also declined to say how many investment bankers it currently employs in Asia. Reuters last month reported that hundreds of Credit Suisse employees are resigning each week in a sign of the uncertainty gripping the lender while it is being taken over by its larger rival.

Persons: Sergio Ermotti, Yana Gaur, Jamie Freed, Kirsten Donovan Organizations: UBS Group AG, Credit Suisse Group AG, Suisse's, Reuters, Bloomberg News, Bloomberg, UBS, Credit Suisse, Thomson Locations: Asia, South Korea, Thailand, Vietnam, India, China, Bengaluru

☆ UBS to retain more than 100 Credit Suisse bankers in Asia -Bloomberg News
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 4 (Reuters) - UBS Group AG (UBSG.S) is looking to retain more than 100 Credit Suisse Group AG (CSGN.S) investment bankers across Asia, as the Swiss banking giant plans to shore up talent in markets where its rival has a stronger presence, Bloomberg News reported on Sunday. Bloomberg said that Switzerland's biggest bank's retention target of more than 100 bankers did not include China. It has held talks with a few bankers in China, but the final number being kept will depend on discussions with regulators, the report added. UBS did not immediately respond to a request for comment on the report, while Credit Suisse declined to comment. Reuters last month reported that hundreds of Credit Suisse employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by its larger rival.

Persons: Sergio Ermotti, Mrinmay Dey, Jamie Freed Organizations: UBS Group AG, Credit Suisse Group AG, Bloomberg, Suisse's, UBS, Credit Suisse, Reuters, Thomson Locations: Asia, Swiss, South Korea, Thailand, Vietnam, India, China, Bengaluru

☆ UBS expects to seal Credit Suisse takeover as early as June 12
▼ + stars: | 2023-06-05 | by ( John Revill | ) www.reuters.com time to read: +5 min

"UBS expects to complete the acquisition of Credit Suisse as early as 12 June 2023. At that time, Credit Suisse Group AG will be merged into UBS Group AG," it said. UBS shares were indicated 1.1% higher in premarket activity in Switzerland, while Credit Suisse shares were up 0.7%. SIX said in a separate statement Credit Suisse shares would be delisted on June 13 at the earliest. Under the all-share takeover, Credit Suisse shareholders will receive one UBS share for every 22.48 shares they held.

Persons: Zuercher, Michael Klien, Sergio Ermotti, Ermotti, John Revill, Noele, Tomasz Janowski Organizations: Suisse, UBS, Credit Suisse, U.S . Securities, Exchange Commission, Credit Suisse Group AG, UBS Group AG, Reuters, Swiss, SIX Swiss Exchange, New York Stock Exchange, SIX, Financial Times, Thomson Locations: premarket ZURICH, Swiss, Switzerland, Credit

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

Shareholders of Credit Suisse and UBS were not granted a vote on the deal that was sealed over one weekend in March. Officials for QIA, UBS, the Swiss finance ministry and Credit Suisse declined to comment. QIA's investment in Credit Suisse dates back to the global financial crisis of 2008. The sovereign wealth fund had increased its stake in Credit Suisse to just under 7%, only trailing largest shareholder Saudi National Bank's roughly 10% stake, according to a January filing. Among them, Middle Eastern backers which own more than 20% of Credit Suisse face the largest hit.

☆ UBS says it was rushed into unwanted Credit Suisse rescue merger
▼ + stars: | 2023-05-17 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

The wave of deposit outflows and a major share-price drop prompted Switzerland's central bank on March 15 to offer Credit Suisse liquidity assistance. The next day, UBS and Credit Suisse signed a confidentiality agreement upon which the former began due diligence, the UBS filing showed. By then, Credit Suisse was experiencing deposit and net asset outflows at levels substantially exceeding rates of the July-September quarter, UBS said. In early December, UBS management undertook a preliminary assessment of the consequences of a Credit Suisse purchase, which it presented to the Strategy Committee on Dec. 19. From December to mid-January, Credit Suisse executives had also been discussing with the government about its options including a merger with UBS, the UBS filing showed.

☆ Morning Bid: Are we there yet? Market holds breath for debt ceiling deal
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Ankur BanerjeeNervousness in the market over the looming U.S. debt ceiling deadline prevailed through the Asian hours and will remain the main focus for investors as Europe wakes up. McCarthy, the speaker of the House of Representatives, told reporters the two sides remained far apart on an agreement. But he said, "It is possible to get a deal by the end of the week. European markets are set for a lower open, with traders waiting for April inflation data for the eurozone. Japan's economy emerged from recession and grew faster than expected in the first quarter as a post-pandemic consumption rebound offset global headwind.

☆ UBS flags $17 bln hit from Credit Suisse takeover
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

May 16 (Reuters) - UBS Group AG (UBSG.S) expects a financial hit of about $17 billion from the takeover of Credit Suisse Group AG (CSGN.S), the bank said in a presentation early on Wednesday as it prepares to complete the rescue of its struggling Swiss rival. The Swiss state is backing the deal with up to 250 billion Swiss francs in public funds. Switzerland's government is providing a guarantee of up to 9 billion francs for further potential losses on a clearly defined part of Credit Suisse portfolio. Credit Suisse faces certain restrictions in its ability to do business until its acquisition by UBS is completed, according to a regulatory filing on Tuesday. Following the legal closing of the transaction, UBS Group AG plans to manage two separate parent companies – UBS AG and Credit Suisse AG, UBS said last week.

☆ Credit Suisse faces restrictions on business till deal closure
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Credit Suisse Group AG faces certain restrictions in its ability to do business until its acquisition by rival UBS Group AG (UBSG.S) is completed, according to a regulatory filing on Tuesday. In certain cases, without prior UBS approval, Credit Suisse cannot grant a new credit facility or credit line in an amount exceeding 100 million Swiss francs ($113 million) to investment grade borrowers or more than 50 million francs to non-investment grade borrowers, the filing showed. In addition, Credit Suisse cannot undertake any capital expenditure of more than 10 million francs or enter into certain contracts worth more than 3 million francs per year. The filing also showed Credit Suisse cannot order any "material amendments" to its employee terms and conditions, including remuneration and pension entitlements, while the merger is underway. UBS estimated a "negative goodwill" of $34.8 billion from its acquisition of Credit Suisse.

☆ UBS flags $17 billion hit from Credit Suisse takeover
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +3 min

Meanwhile, UBS has implemented a number of restrictions on Credit Suisse while the takeover is underway. Credit Suisse also cannot undertake capital expenditure of more than 10 million francs or enter into certain contracts worth more than 3 million francs per year. The filing shows Credit Suisse cannot order any "material amendments" to its employee terms and conditions, including remuneration and pension entitlements, till deal closure. The Swiss state is backing the deal with up to 250 billion Swiss francs in public funds. Following the legal closing of the transaction, UBS Group AG plans to manage two separate parent companies – UBS AG and Credit Suisse AG, UBS said last week.

NEW YORK, May 15 (Reuters) - At least seven top Barclays Plc (BARC.L) bankers have resigned to join to UBS Group AG (UBSG.S) in the United States in the last few days, people familiar with the matter said. The moves add to a trio of Barclays investment bankers that UBS announced internally it hired last month. Many Credit Suisse bankers are based in the United States. UBS has hired Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer and Ken Tittle from Barclays, the sources said. These bankers follow Barclays ex-colleagues Marco Valla, Jeff Hinton and Kurt Anthony, whose moves to UBS were announced in April.

The moves add to a trio of Barclays U.S. investment bankers that UBS announced it hired last month. Many Credit Suisse bankers are based in the United States. Sources told Reuters last month that UBS plans to retain only a small number of Credit Suisse senior bankers with strong client relationships. At Barclays, Braham was global chair of investment banking for technology, while Hardegree served as vice chair and head of technology M&A. Williams, Meyer and Tittle were managing directors in the investment banking group.

☆ UBS chief draws up Credit Suisse leadership shortlist, FT reports
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +1 min

May 6 (Reuters) - UBS Group AG's (UBSG.S) Chief Executive Sergio Ermotti has shortlisted the Credit Suisse Group AG's (CSGN.S) executives most likely to become part of the management team, the Financial times reported on Saturday, citing people familiar with the plans. Dixit Joshi, chief financial officer, Francesca McDonagh, chief operating officer, and André Helfenstein, head of the Swiss business, are most likely to remain a part of the Swiss bank's executive team, the report said. Credit Suisse declined to comment on the report. UBS did not immediately respond to Reuters' request for a comment. ($1 = 0.8910 Swiss francs)Reporting by Rahat Sandhu in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ UBS chief draws up Credit Suisse leadership shortlist, FT says
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +1 min

☆ Nomura shares drop more than 7% after quarterly profit tanks
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

TOKYO, April 27 (Reuters) - Nomura Holdings Inc (8604.T) shares dropped more than 7% early on Thursday after Japan's biggest brokerage posted a sharp fall in quarterly net profit as worries about a global banking crisis roiled markets and hit its investment banking business. Moody's Japan senior analyst Tomoya Suzuki also blamed rapidly rising interest rates around the world and geopolitical tensions for dampened investor sentiment. "Moody’s has a negative outlook on Nomura Holdings’ rating, reflecting structural challenges to the company's profitability in the domestic retail segment," Suzuki wrong in a report. Nomura's wholesale division, which houses its investment banking and trading businesses, sank into the red for the second consecutive quarter with a pre-tax loss of 14.2 billion yen ($106.24 million). Its shares were down 7.5% in early trade, marking the biggest daily fall since March 2021.

HONG KONG, April 26 (Reuters) - Standard Chartered PLC (StanChart) (STAN.L) on Wednesday said first-quarter profit jumped 21%, beating expectations, as rising interest rates buoyed income from its cash management and retail banking businesses. The earnings update showed how rising central bank rates have boosted revenue, as StanChart charged borrowers more interest while not passing all of the increase to depositors. StanChart, which earns most of its revenue in Asia, said January-March statutory pretax profit reached $1.81 billion. That compared with $1.49 billion a year earlier and the $1.43 billion average of 14 analyst estimates compiled by the bank. The bank said it saw signs of stabilisation in China's troubled commercial real estate market, with no increase in credit impairment from the previous quarter.

☆ StanChart profit swells on soaring global interest rates
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: +2 min

Standard Chartered PLC (StanChart) on Wednesday said first-quarter pretax profit jumped 21%, beating expectations, as rising interest rates buoyed cash management income and retail product sales for the emerging markets-focused lender. The earnings update showed how rising central bank rates have boosted revenue, as StanChart charged borrowers more interest while not passing all of the increase to depositors. StanChart, which earns most of its revenue in Asia, said January-March statutory pretax profit reached $1.81 billion. The bank said income in its corporate cash management business tripled due to "strong pricing discipline and passthrough rate management". Retail banking income rose 53%, propelled by deposit income which also tripled to $771 million.

☆ 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 bondholders sue Swiss regulator over $17 bln bond wipeout -FT
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Credit Suisse Group AG (CSGN.S) bondholders, representing $4.5 billion of the $17 billion of wiped-out Additional Tier 1 bonds of the company, have filed a lawsuit against Switzerland's banking regulator, the Financial Times reported on Friday. The complaint says the regulator, Finma, acted unconstitutionally when it ordered Credit Suisse to cancel the AT1 debt, the FT report said. This move by the Swiss regulator in mid-March angered bondholders who thought they would be better protected than shareholders in a rescue deal with UBS (UBSG.S) earlier in the month. The lawsuit was filed by the law firm Quinn Emanuel in the city of St. Gallen in eastern Switzerland on Wednesday, FT said. The bondholder group holds a "significant" percentage of the total notional value of the bonds, Quinn Emanuel said earlier this month when it was hired by the bondholders group.

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