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Search resuls for: "Johann Scholtz"


11 mentions found


☆ UBS earnings: Numbers 'heavily influenced' by integration of Credit Suisse, analyst says
  + stars: | 2024-05-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS earnings: Numbers 'heavily influenced' by integration of Credit Suisse, analyst saysJohann Scholtz of Morningstar discusses UBS' first-quarter results, and says its integration of Credit Suisse makes it "tricky" to compare numbers across periods.
Persons: Johann Scholtz, Morningstar Organizations: UBS, Credit Suisse
☆ UBS makes first profit since Credit Suisse rescue
  + stars: | 2024-05-07 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +3 min
London CNN —UBS has reported its first quarterly profit since buying ailing rival Credit Suisse, marking a sharp turnaround from six months of losses that immediately followed the closure of the rescue deal. It also realized cost savings of $1 billion, adding to cost cuts of some $4 billion last year. On Tuesday, Ermotti said UBS was “on track” to achieve “significant integration milestones” this year, including the merger of the two banks’ operations in Switzerland in the third quarter. UBS has raised serious concerns about the proposals and on Tuesday Ermotti reiterated the bank’s view that it wasn’t lack of capital that left Credit Suisse needing to be rescued. He said UBS was already adding almost $20 billion to its capital buffers as a result of the takeover of Credit Suisse, in part because of the bank’s increased market share and balance sheet size.
Persons: Sergio Ermotti, Johann Scholtz, ”, Ermotti, Karin Keller, Suter Organizations: London CNN, UBS, Credit Suisse, Morningstar, Credit, bank’s Locations: Swiss, Zurich, Switzerland
☆ Focus: UBS goes on hiring spree for wealth managers catering to rich Americans
  + stars: | 2023-07-03 | by ( Tatiana Bautzer | ) www.reuters.com   time to read: +4 min
Of those, 30 came after the Credit Suisse deal was announced in March. With the Credit Suisse deal, UBS became the world's second-largest wealth manager. “The U.S. is the largest wealth market globally, and in recent years there has been unprecedented growth," Iqbal Khan, UBS' president of global wealth management, told Reuters. Reuters GraphicsUBS' ranks of financial advisers in the U.S. have swelled by more than 25% in the last three years. “Over the next 20 years, we'll see the greatest transfer of wealth in history," said Khan, who joined UBS from Credit Suisse in 2019.
Persons: Bank of America's Merrill Lynch, Iqbal Khan, ”, Khan, Wells, John Mathews, We’ve, Johann Scholtz, we'll, Tatiana Bautzer, Paritosh Bansal, Lananh Nguyen Organizations: YORK, UBS, Credit Suisse, Bank of America's, JPMorgan Chase's, First Republic Bank, Citigroup, BG Group, Merrill, Reuters, Reuters Graphics UBS, Wealth, Thomson Locations: Wells Fargo, Europe, Asia, U.S, California, Americas, New York
☆ Everything you need to know about UBS's historic $3 billion deal to rescue rival bank Credit Suisse
  + stars: | 2023-03-21 | by ( George Glover | ) www.businessinsider.com   time to read: +6 min
UBS agreed to buy its longtime rival Credit Suisse for $3 billion on Sunday. There's one big winner — and lots of losers — from the Credit Suisse rescue deal. The deal announced Sunday afternoon valued Credit Suisse shares at just 0.76 Swiss francs, one-fifth of the price the Saudi National Bank paid. Lastly, the merger between UBS and Credit Suisse could be bad news for the Fed. Here's how the Credit Suisse rescue deal impacts the central bank.
☆ Bank shares slide as Credit Suisse rescue fails to quell contagion fears
  + stars: | 2023-03-20 | by ( Amanda Cooper Tom Westbrook John Revill | Amanda Cooper | Tom Westbrook | ) www.reuters.com   time to read: +6 min
In a package engineered by Swiss regulators on Sunday, UBS will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse Group AG (CSGN.S) and assume up to $5.4 billion in losses. Investor focus has now shifted to the massive blow some Credit Suisse bondholders will take, adding to anxiety about other banking sector risks including contagion and the fragile state of U.S. regional lenders. UBS acquiring Credit Suisse for 3 billion francs a week ago would have seemed like a terrific deal. Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023. QUESTIONS FOR UBSThe deal to buy Credit Suisse will make UBS Switzerland’s only global bank and the Swiss economy more dependent on a single lender.
☆ Analysis: UBS swallows doomed Credit Suisse, casting shadow over Switzerland
  + stars: | 2023-03-20 | by ( John O'Donnell Stefania Spezzati | John O'Donnell | Stefania Spezzati | ) www.reuters.com   time to read: +6 min
It will change the landscape of banking in Switzerland, where branches of Credit Suisse and UBS are dotted everywhere, sometimes just metres apart. The Credit Suisse rescue, orchestrated with public money, shows banks' continued vulnerability and how their problems can quickly rebound on their home country. But it also removes a competitor to Wall Street, with UBS planning to pare back much of Credit Suisse’s investment bank. During the great financial crash, it was UBS and not Credit Suisse that needed state support. UBS earned $7.6 billion in profit in 2022, while Credit Suisse lost $7.9 billion.
☆ Analysis: UBS swallows Credit Suisse, casting shadow over Switzerland
  + stars: | 2023-03-20 | by ( John O'Donnell Stefania Spezzati | John O'Donnell | Stefania Spezzati | ) www.reuters.com   time to read: +6 min
It will change the landscape of banking in Switzerland, where branches of Credit Suisse and UBS are dotted everywhere, sometimes just metres apart. The Credit Suisse rescue, orchestrated with public money, shows banks' continued vulnerability and how their problems can quickly rebound on their home country. But it also removes a competitor to Wall Street, with UBS planning to pare back much of Credit Suisse’s investment bank. During the great financial crash, it was UBS and not Credit Suisse that needed state support. UBS earned $7.6 billion in profit in 2022, while Credit Suisse lost $7.9 billion.
☆ UBS to take over Credit Suisse, central banks act on liquidity
  + stars: | 2023-03-19 | by ( Reuters Staff | ) www.reuters.com   time to read: +13 min
LONDON/NEW YORK (Reuters) -UBS sealed a deal to buy rival Swiss bank Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday. FILE PHOTO: The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. The reports that UBS is acquiring Credit Suisse will likely magnify Credit Suisse’s problems by moving them to UBS... The Credit Suisse issues are not new and needed to be resolved years ago. A legal challenge by Credit Suisse shareholders, who will claim that their property has been illegally confiscated, is guaranteed.
☆ Credit Suisse has suffered from 'self-inflicted damage,' says analyst
  + stars: | 2023-03-16 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit Suisse has suffered from 'self-inflicted damage,' says analystJohann Scholtz of Morningstar says Credit Suisse has been facing many "company-specific issues."
☆ Analysis: Cracks appear in Credit Suisse comeback plans
  + stars: | 2022-10-28 | by ( Noele Illien John O'Donnell Davide Barbuscia | Noele Illien | John O'Donnell | ) www.reuters.com   time to read: +6 min
ZURICH/NEW YORK, Oct 28 (Reuters) - After months of reflecting, Credit Suisse's chairman Axel Lehmann revealed an overhaul "to rebuild Credit Suisse as a strong ... bank with a firm foundation, rock-solid like our Swiss mountains". On Thursday, Credit Suisse outlined plans to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients. Credit Suisse said its clients pulled funds in recent weeks at a pace that led the lender to breach some regulatory requirements for liquidity, underscoring the deep impact of wild market swings and social media speculation about its health. It will separate its investment bank to create CS First Boston, focused on advisory work such as mergers and acquisitions and arranging deals on capital markets. And that's the pond that Credit Suisse is swimming in."
☆ Credit Suisse to buy back $3 billion in debt, sell landmark hotel as credit fears persist
  + stars: | 2022-10-07 | by ( Elliot Smith | ) www.cnbc.com   time to read: +5 min
Signage hangs over the entrance of a Credit Suisse Group AG branch in Zurich, Switzerland, on Sunday, Sept. 25, 2022. Troubled bank Credit Suisse offered to buy back up to 3 billion Swiss francs ($3.03 billion) of debt securities Friday, as it navigates a plunging share price and a rise in bets against its debt. The offers on the debt securities will expire by Nov. 3 and Nov. 10, respectively. Credit Suisse shares were trading more than 7% higher following the news Friday, however they remain down around 50% year to date. Credit Suisse is the only major bank for which the curve has recently flattened," MSCI Research Executive Directors Gergely Szalka and Thomas Verbraken noted.
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