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Top related persons:
Sergio Ermotti - 2 Ulrich Koerner - 2 Ermotti - 2 John Revill - 2 Tomasz Janowski - 2 Greensill - 1 FINMA - 1 Axel Lehmann - 1
Top related locs:
Switzerland ZURICH Silicon Swiss BERN Bern
Top related orgs:
UBS - 2 Credit Suisse - 2 Switzerland's Social Democratic Party - 2 Thomson - 2 Suisse - 1 U.S . Securities - 1 Exchange Commission - 1 SEC - 1

Search resuls for: "Switzerland's Social Democratic Party"


4 mentions found


☆ Countdown to mega merger - how Credit Suisse wobbled and UBS rushed to rescue
  + stars: | 2023-06-05 | by ( ) www.reuters.com   time to read: +6 min
March 19: An emergency rescue of Credit Suisse, brokered by the Swiss government, central bank and financial regulator, is announced. March 23: Switzerland's financial market regulator FINMA defends its decision to impose steep losses on Credit Suisse bondholders, calling the decision legally watertight. Separately, some holders of Credit Suisse AT1 bonds wiped out by the merger instruct lawyers to represent them for possible litigation to recover losses. April 6 - UBS CEO Ermotti tells Credit Suisse staff to stay focussed on the business, but warns of "change and hard decisions" ahead. April 15 - The Federal Reserve approves UBS's acquisition of the U.S. subsidiaries of Credit Suisse.
Persons: Greensill, FINMA, Sergio Ermotti, Axel Lehmann, Ulrich Koerner, Ermotti, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Suisse, U.S . Securities, Exchange Commission, SEC, Silicon Valley Bank, Swiss National Bank, Saudi National Bank, Credit, Swiss Bank Employees Association, Federal Reserve, Court, Switzerland's Social Democratic Party, Thomson Locations: ZURICH, Silicon, Swiss, Switzerland
☆ UBS CEO warns of painful jobs decisions after Credit Suisse takeover
  + stars: | 2023-06-02 | by ( John Revill | ) www.reuters.com   time to read: +2 min
BERN, June 2 (Reuters) - UBS (UBSG.S) Chief Executive Sergio Ermotti on Friday warned of painful decisions about job cuts following the takeover of Credit Suisse (CSGN.S), which he said he hoped would be formalised in coming days. Synergies is part of the story," Ermotti said at an event organised by the Asset Management Association Switzerland in Bern. That management reshuffle only saw Credit Suisse CEO Ulrich Koerner joining the top leadership. Switzerland's Social Democratic Party has drawn up proposals to shrink UBS assets after its takeover of Credit Suisse to reduce the risk of another expensive state-backed rescue. "I don't think we are too big for Switzerland," Ermotti said, adding that in banking "size matters."
Persons: Sergio Ermotti, Ermotti, Ulrich Koerner, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Asset Management Association, Swiss, Switzerland's Social Democratic Party, Thomson Locations: BERN, Bern, Switzerland
☆ Switzerland's Social Democrats propose shrinking UBS
  + stars: | 2023-05-30 | by ( John Revill | ) www.reuters.com   time to read: +3 min
The left-leaning party will propose to cap the bank's assets at half of Switzerland's gross domestic product, effectively forcing the new UBS to slash its assets to a quarter of their current level. Social Democrats are the second-biggest party in the lower house, but with only 39 of the 200 seats will need support of other parties. The Swiss People's Party, which has 53 lower house seats, joined the Social Democrats in rejecting the government's aid package for the merger last month and has also called for no more taxpayer-funded bailouts for banks. An alternative, also considered by the Social Democrats, would be imposing higher capital requirements if the bank's assets rose above 50% of Swiss GDP. "The aim is for UBS to become smaller," Marti told the newspaper.
☆ Switzerland's Social Democrats propose shrinking UBS - Aargauer Zeitung
  + stars: | 2023-05-30 | by ( ) www.reuters.com   time to read: +2 min
ZURICH, May 30 (Reuters) - Switzerland's Social Democratic Party has drawn up a proposal to shrink UBS (UBSG.S) assets after its takeover of Credit Suisse (CSGN.S), the Aargauer Zeitung newspaper reported. The lender is expected to close the deal with Credit Suisse "very shortly," Chairman Colm Kelleher said last week. An alternative would be imposing higher capital requirements if the bank's assets rose above 50% of Swiss GDP. At present the Swiss parliament is discussing an equity requirement of 15%. "The aim is for UBS to become smaller," Marti told the newspaper.
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