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☆ UBS ends state guarantee granted over Credit Suisse rescue
▼ + stars: | 2023-08-11 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

The Swiss government provided 9 billion francs ($10.3 billion) of loss protection guarantees to UBS as part of the state-sponsored takeover of Credit Suisse earlier this year. UBS also said that Credit Suisse had fully repaid an Emergency Liquidity Assistance Plus (ELA+) loan of 50 billion francs to the SNB. "The early voluntary repayment could potentially also help in other matters, such as negotiating the retention of the Credit Suisse Swiss business, in our view," Citi analyst Andrew Coombs said. Credit Suisse and UBS also borrowed 168 billion francs from the SNB in various emergency liquidity schemes to ease the takeover. Government help included a guarantee of up to 9 billion francs for losses UBS might incur from the sale of Credit Suisse assets, beyond 5 billion francs that UBS agreed to cover itself.

Persons: Arnd, ELA, Andreas Venditti, Andrew Coombs, Switzerland's, Noele, Jacqueline Wong, Mark Potter Organizations: Swiss, UBS, REUTERS, Suisse, Credit Suisse, Swiss National Bank, Confederation, Credit Suisse Swiss, Citi, Reuters, Thomson Locations: Zurich, ZURICH, Swiss

☆ Top 10 things to watch in the stock market Friday, including hotter PPI and mega-cap pressure
▼ + stars: | 2023-08-11 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Top 10 things to watch Friday, Aug. 11 Stocks are lower to end the week. Apple (AAPL) and Nvidia (NVDA), the Club's two "own it, don't trade it" stocks and big 2023 winners, are under pressure again early Friday. Target (TGT) price target lowered to $142 per share from $163 by Barclays; and $160 from $200 by Guggenheim ahead of earnings next Wednesday. Credit Suisse raises its earnings estimates and price target on Walmart (WMT) to $180 from $170 ahead of its report next week. Club name Pioneer Natural Resources (PXD) price target raised to $281 per share from $275 at Stifel.

Persons: Dow, Stanley Black, Decker, Stanley, Eli Lilly, Piper Sandler, Piper, Guggenheim, Jim Cramer's, Jim Cramer, Jim Organizations: Caterpillar, Apple, Nvidia, Wolf Research, Citi, Merck, Cisco Systems, Arista Networks, Juniper Networks, Palo Alto Networks, Barclays, Credit Suisse, Walmart, Natural Resources, Energy, Halliburton, HAL, JPMorgan, Netflix, Jim Cramer's Charitable, CNBC Locations: Stifel

☆ Here are Friday's biggest analyst calls: Amazon, Netflix, Nio, Coinbase, Apple, Chevron, BJ's, Carvana
▼ + stars: | 2023-08-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Friday's biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by its overweight rating on shares of Apple. JPMorgan reiterates Netflix as overweight JPMorgan said it's standing by its overweight rating on Netflix shares. Morgan Stanley upgrades DigitalOcean to equal weight from underweight Morgan Stanley said in its upgrade of the software company that its thesis on DigitalOcean has largely played out. Morgan Stanley reiterates Carvana as underweight Morgan Stanley said the company still has "alot to prove." Wells Fargo reiterates Chevron as overweight Wells said it's standing by its overweight rating on shares of Chevron.

Persons: Morgan Stanley, Apple, it's, hasn't, pushback we've, Mizuho, Coinbase, Redburn, DigitalOcean, Nio, Carvana, Wells, Wells Fargo, BJ, JPMorgan, Krispy Kreme, Krispy, Stephens, Wolfe downgrades Stanley Black, Decker, Wolfe, Argus Organizations: Apple, iPhone, Services, JPMorgan, Netflix, ARM, Walmart, Credit Suisse, HOOD, " Bank of America, Oncology, Bank of America, Citi, Cisco Citi, Cisco, Arista, Juniper, Enterprise, Deutsche Bank, Deutsche, Chevron, FedEx, Garden Entertainment Locations: Coinbase, 2Q, HOOD

☆ European markets open lower; UBS ends Credit Suisse protection measures, shares up 4%
▼ + stars: | 2023-08-11 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The pan-European Stoxx 600 index was down 0.5% in the first minutes of trading, with all sectors opening in negative territory. Mining stocks led losses with a 1% downturn, followed by oil and gas and autos, which both dropped 0.9%. UBS announced Friday it ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop originally put in place by the Swiss government when the bank took over rival bank Credit Suisse in March. The pan-European Stoxx 600 index ended the previous session up 0.8%, with household goods adding 2.2% to lead gains on the back of strong earnings. Mining stocks slid 0.9%.

Organizations: Bureau of Labor Statistics, UBS, Credit Suisse, Mining Locations: U.S, Swiss, Asia, Pacific

☆ 'Inevitable step' for UBS to remove the Swiss government backstop, says the bank's former UK group CEO
▼ + stars: | 2023-08-11 | 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 Email'Inevitable step' for UBS to remove the Swiss government backstop, says the bank's former UK group CEOMark Yallop, Former UK Group CEO for UBS, joins to discuss UBS' termination of the Credit-Suisse loss-protection pact.

Persons: backstop, Mark Yallop Organizations: UBS, UK, Credit, Suisse

☆ Stock Market News Today: Dow Closes Higher, Nasdaq Slips; FTX Founder Sent to Jail
▼ + stars: | 2023-08-11 | by ( ) www.wsj.com time to read: +1 min

The S&P 500 ended slightly lower Friday, logging its second straight week of losses. Stocks had kicked off the day with declines after the producer-price index showed supplier prices ticking up from June's flat reading. The S&P 500 and Nasdaq Composite fell, while the Dow Industrials edged up. The FTSE 100 slid and the pound rallied after data showed the U.K. economy grew. Chinese stocks fell.

Persons: Stocks, TINA, Wynn Organizations: Investors, Nasdaq, Dow, UBS, Credit Suisse, Casino, Wynn Resorts, Caesars, Bank of England Locations: Swiss, Shanghai

☆ UBS tells employees: more milestones in CS merger to be announced Aug 31
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: 1 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse/File PhotoBERLIN, Aug 11 (Reuters) - UBS (UBSG.S) said in a memo to employees seen by Reuters on Friday that it would provide information on some more milestones it has reached in its merger with Credit Suisse as part of its second-quarter results on Aug. 31. "It should be clear to all of us that we still have a lot of work ahead of us to realize the full potential value from this transaction," according to the memo, which was sent as UBS said it had terminated its loss protection agreement with the Swiss government. Reporting by Oliver Hirt and Noele Illien, Writing by Miranda Murray; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Oliver Hirt, Noele, Miranda Murray, Kim Coghill Organizations: UBS, Credit Suisse, REUTERS, Reuters, Thomson Locations: Zurich, Switzerland, Swiss

☆ Stocks making the biggest moves premarket: Six Flags, UBS, IonQ, Archer Aviation and more
▼ + stars: | 2023-08-11 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

UBS also confirmed that Credit Suisse fully repaid a 50 billion Swiss franc emergency liquidity loan to the Swiss National Bank. Second quarter revenue of $348.4 million missed a guidance range that started at $360 million. The company notched adjusted earnings per share of 22 cents on $379 million in revenue, while FactSet had forecast 17 cents and $375 million. Archer Aviation -- Shares soared nearly 23% after Archer settled a lawsuit with Boeing over an autonomous flying dispute. IonQ did, however, raise its booking guidance to a range of $49 million to $56 million.

Persons: disinfects, Maxeon, FactSet, Refinitiv, Archer, IonQ, —, Jesse Pound Organizations: UBS, Credit Suisse, Swiss National Bank ., Refinitiv, Technologies, Flower Foods, Archer Aviation, Boeing, United Airlines, Ark Investment Management Locations: Swiss

☆ Credit Suisse raises Walmart price target, says retailer is a buy ahead of earnings
▼ + stars: | 2023-08-11 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Investors should snap up shares of Walmart ahead of earnings, according to Credit Suisse. Analyst Karen Short maintained her outperform rating on the stock and raised her price target by $10 to $180. Walmart is set to report its third-quarter earnings Thursday before the market opens. Credit Suisse raised its earnings per share forecast for the second quarter by 6 cents to $1.74, exceeding the consensus of $1.69, according to analysts surveyed by FactSet. To be sure, the analyst added that these tailwinds should be partially offset by Walmart's continued softness in general merchandise sales.

Persons: Karen Short, FactSet ., Walmart's, — CNBC's Michael Bloom Organizations: Walmart, Credit Suisse, FactSet

☆ Porta Advisors discusses end of Credit Suisse backstop
▼ + stars: | 2023-08-11 | 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 EmailTiming of UBS decision to scrap backstop for Credit Suisse deal is perfect: Financial advisory firmBeat Wittmann of Porta Advisors discusses UBS' decision to end a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop that were put in place by the Swiss government when it took over rival Credit Suisse in March.

Persons: Beat Wittmann, Porta Organizations: UBS, Credit Suisse, Porta Advisors Locations: Swiss

☆ Stocks making the biggest moves midday: News Corp, Alibaba, Applied Materials and more
▼ + stars: | 2023-08-11 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

News Corp — The media company's shares jumped nearly 4% after reporting an earnings beat in the fiscal fourth quarter. Meanwhile, the company's revenue of $2.43 billion missed analysts' forecast of $2.49 billion. Chip stocks — Semiconductor shares dropped more than 2% Friday, putting the sector on pace for a weekly decline of 4.5%. The decline comes after shares rose nearly 3% in the previous session on the back of the company's earnings announcement. Kura Oncology — The biotech company's shares rose 4% after Bank of America initiated coverage of Kura with a buy rating in a Friday note.

Persons: Refinitiv, Alibaba, Krispy, Morgan Stanley, DigitalOcean, —, Alex Harring, Yun Li Organizations: Artificial Intelligence, News Corp, News, UBS —, UBS, Credit Suisse, Swiss National Bank, — Semiconductor, VanEck Semiconductor, NXP, Lam Research, Materials, Nvidia, Semiconductor, FactSet, Wynn Resorts, Caesars Entertainment, JPMorgan, Mizuho, Capri Holdings, Kura Oncology, Bank of America, Holdings Locations: Shanghai, China, U.S, Coinbase, Kura

☆ Stock Market Today: Dow Futures Waver Ahead of PPI Data -- Live Updates
▼ + stars: | 2023-08-11 | by ( ) www.wsj.com time to read: +1 min

Stock futures wavered as investors awaited another reading on inflation. Stocks got a small bump yesterday after the consumer-price index showed modest underlying price pressures . Stock futures oscillated. Gilts led a selloff in European government bonds, the FTSE 100 slid and the pound rallied, after data showed the U.K. economy grew last quarter. The Shanghai Composite Index lost 2% after data showed a steep drop in new loans issued by Chinese banks, signaling that credit demand remains weak.

Persons: Stocks, Gilts Organizations: Stock, Nasdaq, Dow, Bank of England, UBS, Credit Suisse, Overseas Locations: U.S, Swiss, Europe, Shanghai

☆ UBS ends Credit Suisse's government and central bank protections
▼ + stars: | 2023-08-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The logos of Swiss banks Credit Suisse and UBS on March 16, 2023 in Zurich, Switzerland. UBS on Friday said that it has ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop that were put in place by the Swiss government when it took over rival Credit Suisse in March. UBS said the decision followed a "comprehensive assessment" of Credit Suisse's non-core assets that were covered by the liquidity support measures. "These measures, together with the intervention of UBS, contributed to the stabilization of Credit Suisse and financial stability in Switzerland and globally," UBS said in a statement. Credit Suisse has also fully repaid an emergency liquidity assistance plus (ELA+) loan of 50 billion Swiss francs obtained from the Swiss National Bank in March, as the lender teetered on the brink after a collapse in shareholder and investor confidence, UBS confirmed.

Organizations: Credit Suisse, UBS, Swiss National Bank, Confederation, Swiss Federal Council Locations: Zurich, Switzerland, Swiss

"We're going to see our first rise in headline inflation after 12 consecutive months of falling prices," said Ben Laidler, global markets strategist at eToro. The pan-European benchmark STOXX 600 (.STOXX) rose 0.5%, supported by gains in the luxury sector (.STXLUXP) after China lifted a ban on group tours in the United States and other key markets. In currency markets, the dollar index , which measures the U.S. currency against six peers, eased 0.4%. "We've got $1 trillion coming down the pipe over the next three months," eToro's Laidler said. "Any sign that markets are absorbing that well, which we got the first signs of yesterday, will be very well taken."

Persons: Ben Laidler, Laidler, Germany's DAX, Rodrigo Catril, We've, eToro's Laidler, Bond, Brent, Samuel Indyk, Ankur Banerjee, Edwina Gibbs, Sam Holmes, Susan Fenton, Alexandra Hudson Organizations: Silicon Valley Bank, Credit Suisse, Reuters, CAC, FTSE, Wall, National Australia Bank, U.S, Treasury, Alexandra Hudson Our, Thomson Locations: Frankfurt, Silicon, China, United States, Europe's, Europe, CHINA, U.S, Asia, Pacific, Japan, Beijing, Saudi Arabia, Russia

☆ Moody's cuts ratings of 10 U.S. banks and puts some big names on downgrade watch
▼ + stars: | 2023-08-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Moody's cut the credit ratings of a host of small and mid-sized U.S. banks late Monday and placed several big Wall Street names on negative review. Moody's also changed its outlook to negative for 11 banks, including Capital One , Citizens Financial and Fifth Third Bancorp . Among the smaller lenders receiving an official ratings downgrade were M&T Bank , Pinnacle Financial , BOK Financial and Webster Financial . "Meanwhile, many banks' Q2 results showed growing profitability pressures that will reduce their ability to generate internal capital. Though the stress on U.S. banks has mostly been concentrated in funding and interest rate risk resulting from monetary policy tightening, Moody's warned that a worsening in asset quality is on the horizon.

Persons: Moody's, Cullen, Frost, Jill Cetina, Ana Arsov Organizations: New York Stock Exchange, Bank, New York Mellon, U.S . Bancorp, Truist, Frost Bankers, Northern Trust, Capital, Citizens Financial, Fifth Third Bancorp, T Bank, Pinnacle Financial, BOK, Webster, Regional, Silicon Valley Bank, Signature Bank, Credit Suisse, UBS, Federal Reserve, Fed Locations: New York City, U.S, Regional U.S, Silicon, Europe, Swiss

☆ Credit Suisse's top market strategist says recession is still coming and stocks may have peaked
▼ + stars: | 2023-08-08 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The U.S. economy is still likely to fall into a recession and that will soon drag down stocks, according to Credit Suisse. The S & P 500 closed at its highest level of the year July 31, at 4,588.96. .SPX YTD mountain The S & P 500 has slipped off its highs of the year in August. Some major investment banks, including Goldman Sachs , have recently reduced the odds of a recession, while Oppenheimer hiked its S & P 500 target to 4,900. Still, there are areas of concern that support Credit Suisse's recession case.

Persons: Andrew Garthwaite, Garthwaite, Garthwaite's, Goldman Sachs, Oppenheimer, Moody's, CNBC's Michael Bloom Organizations: Credit Suisse, Global Locations: U.S

☆ Italy slaps 40% windfall tax on bank profits
▼ + stars: | 2023-08-08 | by ( ) edition.cnn.com time to read: +1 min

European bank shares tumbled on Tuesday after Italy approved a 40% windfall tax on banks for 2023, sending shivers across the sector that has recorded surging profits as global interest rates have risen. A gauge of euro zone banks fell 3.7%, and was set for its biggest daily drop since the turmoil in the banking sector in March, when Credit Suisse collapsed. Analysts at Bank of America estimated the new tax could cost Italian banks between 2% and 9% of their earnings. For 2023 alone, Italy will tax 40% of banks’ net interest margin, a measure of income banks derive from the gap between lending and deposit rates. Proceeds from the windfall tax will be used to help mortgage holders and cut taxes, Italy’s deputy prime minister said.

Persons: shivers, Intesa, ”, Gilles Guibout, Stuart Cole Organizations: Credit Suisse, Axa Investment, Bank of America, Spain’s Banco Santander, Germany’s Deutsche Bank, DB, Reuters, Equiti Locations: Italy, Europe, Spain, Paris

☆ UBS rejigs investment bank in bid to better compete with Wall Street
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File PhotoLONDON, Aug 7 (Reuters) - UBS (UBSG.S) announced an overhaul of its investment banking division on Monday, including naming the unit's M&A chiefs, marking a key step in integrating Credit Suisse. Sergio Ermotti is seizing on the opportunity presented by the rescue takeover of Credit Suisse in March to reorganize UBS' investment bank to better compete against Wall Street firms. Hundreds of Credit Suisse bankers have already left to other institutions and UBS has been laying off employees from Credit Suisse's investment bank around the globe. Hong Kong makes up Credit Suisse's biggest share of investment bankers in Asia.

Persons: Denis Balibouse, Sergio Ermotti, David Kostel, Tom Churton, Christian Lesueur, Nestor Paz, Galindo, Marc, Anthony Hourihan, Michael Santini, Marc Warm, David Slade, Scott Lindsay, Robin Rankin, Andres Gonzalez, Oliver Hirt, Elisa Martinuzzi, Alexander Smith Organizations: UBS, Credit Suisse, REUTERS, Wall Street, Global, Staff, Reuters, TMT Investment, Global Banking, Credit, Suisse's, Debt, Thomson Locations: Zurich, Switzerland, Credit, Swiss, Hong Kong, Asia

☆ In Switzerland, self-driving pods could transport freight in underground tunnels
▼ + stars: | 2023-08-07 | by ( Mark Tutton | ) edition.cnn.com time to read: +6 min

CNN —In Switzerland, an ambitious proposal could see the construction of an expansive underground network through which self-driving pods would transport freight across the country. The project, called Cargo Sous Terrain (“Underground Cargo” in English), is intended to reduce the reliance on trucks for moving cargo. “In the US, currently we are facing a big shortage of truck drivers and underground freight transport will resolve this issue as well.”In recent years, there have been other proposals for underground freight transport networks around the world. Cargo Sous TerrainA key challenge is working out how to transport freight above ground from the tunnels to stores in cities – without adding to road traffic. CST is “at the forefront” of underground freight transport thanks to its step-by-step approach, he says.

Persons: ”, Patrik Aellig, Gallen, Najafi, Elon Musk, Philipp Noser Organizations: CNN, Swiss, Center for Underground Infrastructure Research, Education, University of Texas, Ruhr University of Bochum, Credit Suisse, Siemens, City Locations: Switzerland, Geneva, St, Härkingen, Zurich, Arlington, Germany, CargoCap, Smart, Hamburg, Hyperloop, Coop

☆ Wells Fargo hires Credit Suisse veteran as head of financial sponsors
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File PhotoAug 7 (Reuters) - U.S. bank Wells Fargo (WFC.N) said on Monday Malcolm Price has joined its corporate and investment bank (CIB) as the head of financial sponsors, after 35 years at Credit Suisse. During his time at Credit Suisse, Price helped form its financial sponsors coverage business in 1996. He was the Swiss bank's first head of Americas financial sponsors before assuming global leadership of the group in 2015. At Wells Fargo, Price will jointly report to Tim O'Hara, head of banking and Scott Warrender, head of coverage within the banking unit.

Persons: Malcolm Price, Price, Tim O'Hara, Scott Warrender, Pritam Biswas, Shailesh Organizations: REUTERS, Credit Suisse, UBS Group, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells, Swiss, Wells Fargo, Bengaluru

☆ Exclusive: Credit Suisse to cut 80% of Hong Kong investment bank jobs from this week
▼ + stars: | 2023-08-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

A pedestrian walks past a logo of Credit Suisse outside its office building in Hong Kong, China March 21, 2023. Hong Kong accounts for Credit Suisse's biggest share of investment bankers in Asia. It has since said it would reduce risk in Credit Suisse's investment banking operation. UBS laid off employees from Credit Suisse's investment bank in New York last week, Reuters reported, citing a source familiar with the situation. Besides Hong Kong, other regional markets in which Credit Suisse has investment bankers include China, Singapore, Vietnam, Australia, South Korea, Thailand and India.

Persons: Lam, HONG KONG, Christian Deiss, Deiss, Selena Li, Julie Zhu, Sumeet Chatterjee, Christopher Cushing Organizations: Credit Suisse, REUTERS, UBS Group, Credit Suisse's, Asia . Credit Suisse, UBS, Credit, Reuters, Thomson Locations: Hong Kong, China, HONG, Asia ., Swiss, New York, Houston, Asia, Singapore, Vietnam, Australia, South Korea, Thailand, India, Credit Suisse's Asia, Pacific

☆ Here are Credit Suisse's top picks for August, including healthcare and tech stocks
▼ + stars: | 2023-08-06 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Credit Suisse refreshed its "top of the crop" stock picks for August, betting on some big-name stocks as investors continue to feed the markets with optimism. Credit Suisse recently highlighted several stocks the bank's analysts think can outperform this month. "It is increasingly clear that greater service levels in the form of faster delivery is leading to consumers assigning a higher value to Prime" memberships, Credit Suisse said. Credit Suisse also named electronics manufacturer Flex Ltd. as a top pick. Credit Suisse assigned a $126 price target on Merck, which implies 20% appreciation from Friday's closing price.

Persons: Stocks, Stephen Ju, Amazon's, Ju, Shannon Cross, Flex, Cross, Trung Huynh, Merck, — CNBC's Michael Bloom Organizations: Suisse, Credit Suisse, Amazon, Flex, Merck, Prometheus Biosciences

Logos of Swiss banks UBS and Credit Suisse are seen on an office building in Zurich, Switzerland March 19, 2023. The changes are aimed at producing unified teams following the completion of UBS's emergency takeover in June of Credit Suisse. Under the shake-up some Credit Suisse bankers will take on bigger roles in the combined company while some others leave, the sources said. Matt Eilers, UBS's global head of financial sponsors, is also in talks about possibly leaving, two of the sources said. His co-head would be Christian Lesueur, who has been global head of TMT investment banking, the sources added.

Persons: Denis Balibouse, Sergio Ermotti, Jeff Rose, Jon Levin, Matt Eilers, Rob DiGia, Rose, Levin, Eilers, DiGia, Laurence Braham, Lesueur, Steve Pettigrew, Braham, Neil Meyer, Abigail Summerville, Milana Vinn, David Carnevali, Leslie Adler Organizations: UBS, Credit Suisse, REUTERS, UBS Group AG, Suisse, Reuters, Swiss, Barclays Plc, Bank of America Corp, Barclays, Thomson Locations: Zurich, Switzerland, Americas, Milana, New York

☆ Two $50 Million Deals in Lower Manhattan Lead the Top Sales in July
▼ + stars: | 2023-08-04 | by ( Vivian Marino | ) www.nytimes.com time to read: 1 min

The investment banker Robert Shafir earned an enviable rate of return last month on the sale of a penthouse at 150 Charles Street, a brick-and-glass condominium in the West Village. A limited liability company linked to Mr. Shafir, a former top executive of Credit Suisse, sold the spacious apartment for $52 million to an anonymous buyer in an off-market deal; the unit had been purchased brand-new in 2016 for around $29.4 million. Off-market deals, a.k.a. whisper listings, where properties are typically not listed publicly, have become increasingly common in the luxury market since the pandemic. The sale on Charles Street was the priciest in New York City during the month of July and among several big closings taking place in Lower Manhattan.

Persons: Robert Shafir, Charles Street, Shafir Organizations: Charles, Credit Suisse Locations: West, New York City, Lower Manhattan

The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland October 25, 2022. UBS was 8th in Refinitiv's global M&A league table in the first half of 2023, down from 6th a year earlier. Steve Pettigrew, who just joined UBS from Bank of America Corp (BAC.N), would be leading software M&A under Braham, according to the sources. Some Credit Suisse technology bankers may lose their jobs as part of the shake-up, while others may be retained or also be promoted, the sources said. Reuters reported on Wednesday that Credit Suisse had initiated broad layoffs in New York.

Persons: Sergio Ermotti, Laurence Braham, Lesueur, Steve Pettigrew, Braham, Neil Meyer, Milana Vinn, Amy, Jo Crowley, Jane Merriman Organizations: Swiss, UBS, REUTERS, UBS Group AG, Credit Suisse, Swiss Re AG, Barclays Plc, Bank of America Corp, Barclays, Reuters, Suisse, Credit Suisse's, Thomson Locations: Zurich, Switzerland, Swiss, dealmaking, United States, Americas, New York, London

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