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Colm Kelleher - 2 “ - 2 ” - 2 ” Kelleher - 2 Ermotti - 2 London CNN — - 1 Kelleher - 1 Pascal Mora - 1
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Search resuls for: "Ermotti’s"


4 mentions found


☆ Switzerland says UBS may need more cash. The bank is fuming
  + stars: | 2024-04-24 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +4 min
Now, the giant Swiss lender is hitting back, saying its finances are robust and warning that the proposal could harm Switzerland’s standing as a global financial center. “There can be no regulatory solution for a broken business model,” he continued, referring to Credit Suisse. UBS bought its stricken rival last March in a government-orchestrated rescue aimed at preventing a global financial crisis. It was not too-low capital requirements that forced Credit Suisse into the historic weekend rescue,” he added. But that leaves the stock more vulnerable to declines as a result of “execution risk in the Credit Suisse integration,” suggested Citi analyst Andrew Coombs.
Persons: London CNN —, Colm Kelleher, “, ”, Kelleher, Pascal Mora, Karin Keller, Keller Sutter, Anke, Andrew Coombs, ” Kelleher, Sergio Ermotti’s, Ermotti Organizations: London CNN, Credit Suisse, UBS, Bloomberg, Getty, RBC Capital Markets, Citi, Reuters Locations: Swiss, Switzerland, Europe
☆ Sergio Ermotti, UBS CEO, is leading the biggest banking deal in history. Failure is not an option
  + stars: | 2023-11-13 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +11 min
The caller was UBS (UBS) chairman Colm Kelleher. “I was definitely not expecting the phone call,” Ermotti told CNN on the sidelines of a conference in Geneva last month. UBS paid 60% less than the beaten-down value of Credit Suisse shares just before its last-ditch rescue over a weekend. Even if Credit Suisse had none of that painful baggage, the sheer size of the two banks makes the merger an enormous undertaking. “The fact that UBS was asked to be part of the solution (to Credit Suisse), that was the ultimate success,” Ermotti told CNN.
Persons: Sergio Ermotti, Colm Kelleher, Ermotti, ” Ermotti, Anke Reingen, Roger Federer, “, ”, Morgan Stanley, ” Kelleher, Michael Buholzer, it’s, Katrin Koch, Tom Naratil, —, Merrill Lynch, Stefan Wermuth, Oswald Gruebel, ” Christopher Wheeler, Fabrice Coffrini, … Organizations: Switzerland CNN, UBS, Credit Suisse, CNN, Bank of America, JPMorgan, HSBC, RBC Capital Markets, RBC, Ermotti’s, Banca, Citi, UBS —, Bloomberg, New York Times, Getty Locations: Geneva, Switzerland, Swiss, Zurich, Lugano, Singapore, Europe, Middle East, Africa, New York, AFP
☆ UBS kitchen sink has protection from further leaks
  + stars: | 2023-05-17 | by ( Liam Proud | ) www.reuters.com   time to read: +4 min
UBS (UBSG.S) late on Tuesday released a regulatory filing showing what the bank’s accounts may look like after its roughly $4 billion acquisition of Credit Suisse (CSGN.S). For starters, the filing is peppered with caveats, including that UBS still hasn’t managed to complete detailed valuations of the assets. At roughly 2% of Credit Suisse’s overall loans and financial assets, the haircuts do seem rather modest. The filing’s risk factors note that UBS might inherit future court cases that could stem from the cancellation of Credit Suisse’s Additional Tier 1 bonds, for example. Ermotti might not have performed a total kitchen sink, but his investors needn’t be too concerned.
☆ Swiss mega-bank has scope to shrink to greatness
  + stars: | 2023-04-05 | by ( Liam Proud | ) www.reuters.com   time to read: +3 min
In UBS (UBSG.S), which is rescuing Credit Suisse (CSGN.S) in a government-brokered deal, they almost have one. The combined Swiss mega-bank will start out with a $1.7 trillion balance sheet, making it the 10th largest Western bank, based on Refinitiv data. Credit Suisse was in the process of running down, selling or carving out trading and investment-banking businesses with risk-weighted assets (RWAs) of $68 billion. Credit Suisse CEO Ulrich Körner was hamstrung by large losses, which drained capital and limited how quickly he could shrink. The emergency combination of UBS and Credit Suisse has created a banking giant.
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