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Cricket is an Olympic sport again. Five sports were finally added to the 2028 Los Angeles Games by the International Olympic Committee on Monday with baseball-softball, lacrosse and squash also confirmed for the program. All five were voted in as a single package with two “no” votes from about 90 IOC members in the room. “We want L.A. 2028 to have the same springboard effect for our five sports,” Los Angeles organizing committee chairman Casey Wasserman told IOC members. Football in its full-contact form was a demonstration sport at the 1932 Olympics when Los Angeles first hosted the Summer Games.

Persons: Casey Wasserman, “, Greg Barclay, Roger Goodell, Tidjane, William Blick, Niccolo Campriani, ” Wasserman, Wasserman, ”, Syed Shahid Ali of Pakistan, Guy Drut, Drut, ___ Organizations: Flag football, Los Angeles Games, International Olympic, IOC, Olympic, India, ” International Cricket, Flag, NFL, MLB, Football, Los Angeles, Lacrosse, Summer, French IOC Locations: Olympic, Mumbai, India, Los Angeles, Paris, Africa, Ivory Coast, Uganda, U.S, Angeles, Ukraine, Israel, Russia, Gaza

☆ 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

[1/3] Chief Executive Officer of Credit Suisse, Thomas Gottstein, speaks during the fourth annual Future Investment Initiative in Riyadh, Saudi Arabia, January 27, 2021. REUTERS/Ahmed Yosri/File PhotoZURICH, June 22 (Reuters) - A group of Credit Suisse AT1 bondholders has filed a class action suit accusing former executives at the Swiss bank, including three past chief CEOs, of being responsible for the bank's downfall. "Credit Suisse’s directors and senior executives, and the rotten culture they instilled and fostered, destroyed trust in the bank, which led to its collapse," the lawsuit said. The lawsuit also accused executives of "creating and perpetuating a culture at Credit Suisse that placed profits, excessive risk-taking, and self-dealing over sound risk management and compliance with the law." Last month, Switzerland’s Federal Administrative Court said it has received 230 claims against the country’s financial regulator FINMA after it wrote off the value of Credit Suisse’s AT1 bonds.

Persons: Thomas Gottstein, Ahmed Yosri, Tidjane Thiam, Brady Dougan, litigators, Noele, Tomasz Janowski Organizations: Credit Suisse, Investment, REUTERS, UBS, Court, Thomson Locations: Riyadh, Saudi Arabia, ZURICH, Swiss, New York, Switzerland’s Federal

☆ Swiss Miss: Why UBS's deal with Credit Suisse will threaten its hold on rich clients
▼ + stars: | 2023-03-22 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

UBS was already the largest private wealth manager in the world before it agreed to buy fellow Swiss bank Credit Suisse. UBS and Credit Suisse are both known for servicing the ultra-rich, though UBS does so on a much larger scale. The acquirer had $2.8 trillion in global wealth management assets as of the end of 2022 while Credit Suisse's totalled $585 billion. But the merger gives UBS and Credit Suisse clients the thing that matters mostBut the acquisition wasn't just about rescuing Credit Suisse but restoring confidence in the Swiss banking system, Ibrahim noted. For one Irish billionaire and Credit Suisse client, this is what matters most.

☆ UBS will become a Swiss wealth behemoth after buying Credit Suisse, but blending the two rivals could get awkward and messy
▼ + stars: | 2023-03-21 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

UBS was already a giant in wealth management before it agreed to buy doomed rival Credit Suisse. UBS was already the largest private wealth manager in the world before it agreed to buy fellow Swiss bank Credit Suisse. UBS and Credit Suisse are both known for servicing the ultra-rich, though UBS does so on a much larger scale. The acquirer had $2.8 trillion in global wealth management assets as of the end of 2022 while Credit Suisse's totalled $585 billion. But the merger gives UBS and Credit Suisse clients the thing that matters mostBut the acquisition wasn't just about rescuing Credit Suisse but restoring confidence in the Swiss banking system, Ibrahim noted.

☆ Credit Suisse's $3.2 billion cut-price sale signals an ongoing crisis that could expose unicorn fintechs
▼ + stars: | 2023-03-20 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

The firesale of Credit Suisse to UBS is putting the banking world on high alert. A $54 billion loan from the Swiss National Bank wasn't enough to keep Credit Suisse afloat, and UBS stepped in. Credit Suisse suffered idiosyncratic problems, such as a spying scandal involving former CEO Tidjane Thiam, as well as crises relating to its relationships with hedge fund Archegos Capital and financial group Greensill Capital. "There's already a lot of soul searching about what fintech business models are," says Paul Rolles, an ex-Morgan Stanley managing director and cofounder of money-management service HyperJar. Rolles believes the banking issues of the past couple of weeks are as much about confidence as intrinsic issues.

☆ From spying to Swiss bailout: How years of turbulence at Credit Suisse came to a head
▼ + stars: | 2023-03-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland February 21, 2022. The announcement that Credit Suisse would borrow up to 50 billion Swiss francs ($54 billion) from the central bank came after consecutive sessions of steep drops in its share price. It made Credit Suisse the first major bank to receive such an intervention since the 2008 Global Financial Crisis. Scandals Credit Suisse is currently undergoing a massive strategic overhaul in a bid to address these chronic issues. These oversight failures resulted in a massive shakeup of Credit Suisse's investment banking, risk and compliance and asset management divisions.

☆ How Credit Suisse has evolved over 167 years
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +5 min

Here is how Credit Suisse has developed over 167 years:1856Politician and business leader Alfred Escher founds Schweizerische Kreditanstalt (SKA) to finance the expansion of the railroad network and promote Swiss industrialisation. 1997A reorganisation turns CS Holding into Credit Suisse Group and drops the SKA name; it also buys insurer Winterthur, a strategic partner. 2002A reorganisation creates two units: Credit Suisse Financial Services and Credit Suisse First Boston; two years later it splits into three units by adding Winterthur. 2005Credit Suisse and CSFB merge and stop using the Credit Suisse First Boston brand name. The Swiss authorities provide assurances that Credit Suisse has met "the capital and liquidity requirements imposed on systemically important banks".

☆ Credit Suisse: Why it’s struggling and why that’s a big deal
▼ + stars: | 2023-03-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

Credit Suisse is one of the biggest financial institutions in the world. “Credit Suisse is much more globally interconnected … not just a Swiss problem but a global one.”Why is Credit Suisse struggling now? That engulfed other banks facing big problems, including Credit Suisse, which has been a slow-moving car wreck for decades. In 2014, Credit Suisse pleaded guilty to federal charges that it illegally allowed some U.S. clients to evade their taxes. Credit Suisse acted as an underwriter when the company went public on the Nasdaq in 2019.

☆ Factbox: FACTBOX Credit Suisse's troubles - spies, money laundering and central bank cash
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +6 min

Lescaudron was convicted by a Swiss court in 2018 of having forged the signatures of former clients, including Ivanishvili, over an eight-year period. Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.

☆ Factbox: Credit Suisse's troubles - spies, money laundering and takeover
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +6 min

Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. Switzerland's financial regulator said Credit Suisse had misled it about the scale of the spying. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.

☆ The evolution of Credit Suisse over 166 years
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +4 min

1990The group takes a controlling stake in U.S. investment bank CS First Boston and buys Bank Leu, a Swiss private bank. 1997A reorganisation turns CS Holding into Credit Suisse Group and drops the SKA name; it also buys insurer Winterthur, a strategic partner. 2002A reorganisation creates two units: Credit Suisse Financial Services and Credit Suisse First Boston; two years later it splits into three units by adding Winterthur. 2005Credit Suisse and CSFB merge and stop using the Credit Suisse First Boston brand name. In March, U.S. investment fund Archegos implodes, saddling Credit Suisse with a $5.5 billion loss.

☆ Credit Suisse begins perilous ride to right place
▼ + stars: | 2022-10-27 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Oct 27 (Reuters Breakingviews) - After years of botched strategies, Credit Suisse (CSGN.S) has finally hit the nail on the head. He’s also in exclusive talks with Apollo Global Management (APO.N) and PIMCO about selling the securitisation business, which bundles and slices mortgages for credit investors. It could fall even further if Credit Suisse eventually hives off the carved-out dealmaking business it is rebranding as CS First Boston, under former Citigroup (C.N) rainmaker Michael Klein. Those moves solve the central problem that has plagued Credit Suisse for years, and which former CEOs Thomas Gottstein and Tidjane Thiam failed to answer. The deposit outflow saw Credit Suisse breach liquidity requirements set by regulators of its legal subsidiaries.

☆ 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.

☆ Explainer: Credit Suisse in spotlight ahead of strategy shift
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +5 min

WHY IS CREDIT SUISSE IN THE SPOTLIGHT? A spying scandal forced then-CEO Tidjane Thiam to quit in 2020, and Switzerland's financial regulator said Credit Suisse had misled it about the scale of its surveillance. His successor Thomas Gottstein lasted until July 2022, when Credit Suisse turned to restructuring expert Ulrich Koerner as CEO and launched a second strategic review within a year. Credit Suisse is looking to sell the Savoy Hotel in central Zurich, which could be worth 400 million Swiss francs. Since its foundation in 1856, Credit Suisse has played a central role in the history and development of Switzerland.

☆ Credit Suisse's investment bankers are bracing for another case of 'rinse and repeat' as they await the bank's second strategic review in a year. Insiders describe an environment of uncertainty and cy
▼ + stars: | 2022-09-27 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +7 min

Investment bankers at Credit Suisse are stuck in limbo and are bracing for heavy cuts as the bank rolls out another strategic review. Among the plans reported to be under consideration are a three-way split of the investment bank, according to the Financial Times. This review of the investment banking business is Credit Suisse's second in a year. Credit Suisse will update the market when it reports third-quarter results on October 27. Bracing for changeThe investment bank was known as Credit Suisse First Boston until 2005.

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