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☆ UBS inherits tricky wealth legacy in Asia
▼ + stars: | 2023-08-29 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

SINGAPORE, Aug 29 (Reuters Breakingviews) - UBS (UBSG.S) CEO Sergio Ermotti is facing an Asian wealth bonanza after acquiring Credit Suisse, which has been particularly strong in Indonesia and neighbouring countries. Tidjane Thiam, who ran Credit Suisse from 2015 to 2020, placed a big bet on the region by creating g a standalone Asian unit led by Indonesian banker Helman Sitohang. Former UBS CEO Ralph Hamers said in March that in Asia, more than anywhere globally, the interplay between wealth management and investment banking was important to lure clients. That working combination helped Credit Suisse regularly top equity capital markets and M&A league tables in Southeast Asian markets. UBS regional chief Edmund Koh told an industry event in July that the Swiss bank will manage about $800 billion of assets in Asia this year, Asia Private Banker reported.

Persons: Sergio Ermotti, Tidjane Thiam, Helman Sitohang, Ralph Hamers, Edmund Koh, Ermotti, Francesco De Ferrari, Benjamin Cavalli, Lisa Jucca, Thomas Shum Organizations: Reuters, UBS, Credit Suisse, Suisse, Credit Suisse’s, Credit, Asia, Banker, HSBC, HK, Thomson Locations: SINGAPORE, Indonesia, Swiss, Asia

☆ Factbox: Credit Suisse arrivals and departures after UBS seals takeover
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

Here are the highlights:OUTLeaving the company:* Credit Suisse General Counsel Markus Diethelm. The Swiss-Italian national returned to Credit Suisse in January 2022 as head of its wealth management division after a stint leading Australian wealth management company AMP. NEWCOMERSA logo is pictured on the Credit Suisse bank in Geneva, Switzerland, March 15, 2023. REUTERS/Denis Balibouse/File PhotoAppointments to the executive board of Credit Suisse AG:* Michael Ebert - becomes Head of Credit Suisse for the investment bank, and head of Americas for the investment bank at UBS. * Andre Helfenstein - continues as CEO Swiss bank, the jewel in the Credit Suisse business whose future UBS is currently considering.

Persons: Markus Diethelm, Romeo Cerutti, Dixit Joshi, Edwin Low, David Miller, Ken Pang, Pang, Francesco De Ferrari, Iqbal Khan, Joanne Hannaford, Mike Dargan, David Wildermuth, Christian Bluhm, Denis Balibouse, Michael Ebert, Simon Grimwood, Isabelle Hennebelle, Claude Honegger, Mike Rongetti, Jake Scrivens, Yves, Alain Sommerhalder, Damian Vogel, Christine Graeff, Andre Helfenstein, Francesca McDonagh, Nita Patel, Goldman Sachs, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Credit, Deutsche Bank, Asia, Global, UBS Global Wealth Management, Italian, AMP, Wealth Management, . Technology, UBS Group, Operations, Technology, Americas, REUTERS, Credit Suisse AG, Credit Suisse Operations, Credit Suisse Chief Technology, Suisse Asset Management, EMEA, European Central Bank, Human, Swiss, Thomson Locations: ZURICH, China, Americas, Asia, Hong Kong, Swiss, Geneva, Switzerland

☆ UBS just reshuffled its leadership ranks after buying Credit Suisse. See the new power players in charge of the $1.7 trillion Swiss banking behemoth.
▼ + stars: | 2023-06-12 | by ( Michelle Abrego | Kaja Whitehouse | ) www.businessinsider.com time to read: +11 min

The merger between Credit Suisse and UBS creates a new Swiss banking behemoth with $1.7 trillion in assets. Investment bank leadersThe president of UBS's investment bank, Robert Karofsky, circulated a memo on Monday announcing his new leadership team. Ebert, co-head of markets at Credit Suisse, was also named head of Credit Suisse for the Investment Bank, reporting to Karofsky. UBS global wealth management president Iqbal Khan revealed the appointments to its critical wealth business in an internal memo titled "Becoming a global wealth powerhouse." Members of the current Credit Suisse wealth management leadership team will report to both Yves-Alain and to their respective UBS global wealth management regional leader.

Persons: Yves, Alain Sommerhalder, Michael Ebert, Robert Karofsky, Ebert, Karofsky, Marco Valla, Valla, Javier Oficialdegui, Mike, I've, George Athanasopoulos, Jason Barron, Ros L'Esperance, Dan Dowd, Taichi Takahashi, Chris Leone, Julie Beavan, Tricia Hazelwood, Jeff Hinton, Kurt Anthony, Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer, Ken Tittle, Iqbal Khan, Francesco De Ferrari, Khan, Reuters Yves, Alain, Wiwi Gutmannsbauer, Benjamin Cavalli, Cavalli, Kinner, Amy Lo, Jin Yee Young, Young, Hatecke, UBS's Anton Simonet, Christl, Jason Chandler, Sergio Ermotti, Ralph Hamers, Ermotti, MICHELE LIMINA, Todd Tuckner, Sarah Youngwood, Michelle Bereaux, Stefan Seiler, Christian Bluhm, Damian Vogel, Ulrich Körner Organizations: UBS, Credit Suisse, Suisse, Credit, Wall Street, Investment, Investment Bank, Barclays, Global Banking, Investment Bank Management, Global Markets, Global Research, IB, Resource Management, Staff, MUFG Securities, Reuters, Yves, Deutsche, Switzerland, Swiss Re, Getty Locations: Switzerland's, Swiss, Americas, Asia, Singapore, Switzerland, Europe, Middle East, Africa, America, AFP

☆ UBS offers retention packages to Credit Suisse Asia wealth bankers -sources
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

In a town hall address in Hong Kong on Friday, Iqbal Khan, UBS's president for global wealth management, also focussed on stabilising the Credit Suisse Asia team and boosting confidence, one of the two sources said. In his address, Khan said the top performers at the Credit Suisse wealth business will get retention packages, the second source said. Spokespeople for Credit Suisse and UBS declined to comment. UBS told Credit Suisse wealth bankers in Zurich this week that it is weighing financial sweeteners for them to stay as it seeks to reassure key staff following the takeover, Reuters reported on Monday. Reporting by Xie Yu in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Christian Schmollinger and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ UBS mulls sweeteners to keep Credit Suisse wealth bankers - source
▼ + stars: | 2023-03-20 | by ( Stefania Spezzati | ) www.reuters.com time to read: +1 min

LONDON, March 20 (Reuters) - UBS Group AG told Credit Suisse wealth bankers it's weighing financial sweeteners for them to stay as it seeks to reassure key staff following the takeover, a person with knowledge of the matter told Reuters on Monday. In a town hall for Credit Suisse's employees in wealth management in Zurich, Iqbal Khan, UBS's president for global wealth management and Francesco de Ferrari, Credit Suisse's CEO for wealth management, reassured staff on Monday that the two banks will all be acting as a "big family," the person said. Before the deal, Credit Suisse had embarked on a plan to slash 9,000 jobs. That number can grow to 10,000, Reuters has reported as UBS acquires Credit Suisse. UBS said in a presentation that the acquisition will scale up the bank's global wealth and asset management franchise with more than $3.4 trillion in invested assets on a combined basis, according to a press release on Sunday.

☆ Morning Bid: Tough Fed talk
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in markets from Anshuman DagaWhile Fed speakers talk tough on interest rates and keep market expectations in check, Britain's bleak outlook will also weigh on UK assets. St. Louis Fed President James Bullard said that even under a "generous" analysis of monetary policy, the Fed needs to keep raising interest rates given that its tightening so far "had only limited effects on observed inflation." For now, it does look like recent market enthusiasm about a short period of rising rates on signs of slower inflation was misplaced. This came a day after the country's budget forecasters warned Britain faced a record hit to living standards this year, battered by surging inflation. On the corporate front, Francesco De Ferrari, who heads Credit Suisse's (CSGN.S) wealth management business, told Reuters he is targeting growth markets, high net worth clients and technology to fuel the fortunes of the embattled Swiss bank.

Around 60% of Credit Suisse's wealth business is exposure to what it calls growth markets such as the Asia-Pacific region and emerging markets, and the other main part is business with ultra-wealthy entrepreneurs. De Ferrari said some of the best opportunities come in the "high net" business, clients who have $5-25 million to invest. Credit Suisse had been rocked in early October by wild market swings and a social media storm. "Everybody said we love Credit Suisse. Key to wealth management's success as a core business at Credit Suisse is focusing on its offerings and its top 20 markets and exiting from some others, he said.

☆ Factbox: Who's in and out in Credit Suisse's day of reckoning
▼ + stars: | 2022-10-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Oct 27 (Reuters) - Credit Suisse's (CSGN.S) latest shake-up has led to the promotion of some senior executives to more powerful roles while others are leaving. IN:MICHAEL KLEINA former Citigroup Inc (C.N) dealmaker, Klein has been named adviser to Credit Suisse CEO Ulrich Körner. He was hired by former Credit Suisse boss Tidjane Thiam in 2017 to run equity derivatives globally. A Spanish national, Lopez Lorenzo joined Credit Suisse in 2015 from JPMorgan (JPM.N) where he was a managing director in New York. The 47-year-old banker was part of a new crop of executives who had been tasked to restore Credit Suisse's reputation after a series of scandals.

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