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London CNN — - 1 Colm Kelleher - 1 “ - 1 ” - 1 Kelleher - 1 Pascal Mora - 1 Karin Keller - 1 Keller Sutter - 1
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☆ 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
☆ The Swiss claim the U.S. banking crisis ultimately toppled Credit Suisse. But are they right?
  + stars: | 2023-03-24 | by ( Elliot Smith | ) www.cnbc.com   time to read: +3 min
Pascal Mora | Bloomberg | Getty Imageswatch nowHowever, the downward spiral of Credit Suisse's share price and mounting asset outflows were underway long before the collapse of Silicon Valley Bank earlier this month. Swiss regulator FINMA has come under fire for allowing the situation to deteriorate as the bank spent years mired in losses and scandal. Mark Yallop, chairman of the U.K.'s Financial Markets Standards Board and former U.K. CEO at UBS, told CNBC on Tuesday that he agreed with the broad assessment that Credit Suisse's downfall was "idiosyncratic." "It's unfortunate that the problems with some of the smaller U.S. banks in the last two or three weeks happened at the same time as this issue with Credit Suisse but the two are completely different and very largely unrelated," he said. By contrast, the Swiss banking and regulatory system has come under fire.
☆ 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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