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Search resuls for: "Credit Suisse Swiss"


3 mentions found


☆ UBS targets $10 bln in costs, to cut 3,000 jobs after Credit Suisse takeover
  + stars: | 2023-08-31 | by ( Noele Illien Oliver Hirt | Noele Illien | Oliver Hirt | ) www.reuters.com   time to read: +6 min
In a memo to staff Ermotti said that 3,000 Swiss jobs would go, while more people would leave of their own accord, for example, through retirement. With a market value of 77 billion Swiss francs, UBS also struck an optimistic note about its short-term outlook. With Credit Suisse in Switzerland intact and independent, as some politicians had hoped, fewer jobs would have been hit. [1/2]Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Reuters GraphicsThe bumper profit results from a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.
Persons: Ermotti, Sergio Ermotti, Denis Balibouse, Jefferies, Brenna Hughes, John O'Donnell, Noele, Edwina Gibbs, Tomasz Janowski, Alexander Smith Organizations: UBS, Credit Suisse Swiss, Credit Suisse, UBS grapples, REUTERS, Swiss Bank Employees Association, Analysts, Deutsche Bank, Reuters, Credit, Thomson Locations: Switzerland, ZURICH, Swiss, Zurich Switzerland, Zurich, London
☆ UBS ends state guarantee granted over Credit Suisse rescue
  + stars: | 2023-08-11 | by ( Noele Illien | ) www.reuters.com   time to read: +3 min
The Swiss government provided 9 billion francs ($10.3 billion) of loss protection guarantees to UBS as part of the state-sponsored takeover of Credit Suisse earlier this year. UBS also said that Credit Suisse had fully repaid an Emergency Liquidity Assistance Plus (ELA+) loan of 50 billion francs to the SNB. "The early voluntary repayment could potentially also help in other matters, such as negotiating the retention of the Credit Suisse Swiss business, in our view," Citi analyst Andrew Coombs said. Credit Suisse and UBS also borrowed 168 billion francs from the SNB in various emergency liquidity schemes to ease the takeover. Government help included a guarantee of up to 9 billion francs for losses UBS might incur from the sale of Credit Suisse assets, beyond 5 billion francs that UBS agreed to cover itself.
Persons: Arnd, ELA, Andreas Venditti, Andrew Coombs, Switzerland's, Noele, Jacqueline Wong, Mark Potter Organizations: Swiss, UBS, REUTERS, Suisse, Credit Suisse, Swiss National Bank, Confederation, Credit Suisse Swiss, Citi, Reuters, Thomson Locations: Zurich, ZURICH, Swiss
☆ Credit Suisse rescue creates bank twice the size of Switzerland's economy
  + stars: | 2023-03-23 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +9 min
London CNN —The last-minute rescue of Credit Suisse may have prevented the current banking crisis from exploding, but it’s a raw deal for Switzerland. An aerial view of the headquarters of Credit Suisse, center, and UBS, left, at Paradeplatz in Zurich, Switzerland on Sunday, 19 March, 2023. Credit Suisse is “part of Switzerland’s identity,” said Hans Gersbach, a professor of macroeconomics at ETH university in Zurich. “The Credit Suisse Swiss bank is a fine asset that we are very determined to keep,” Kelleher said Sunday. Integration is difficultAt $3.25 billion, UBS got Credit Suisse for 60% less than the bank was worth when markets closed two days prior.
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