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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

☆ UBS chair says Swiss banking giant is not 'too big to fail'
▼ + stars: | 2024-04-24 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

UBS Group Chairman Colm Kelleher on Wednesday said that the Swiss bank is "not too big to fail," as he criticized Swiss government proposals to strengthen its capital requirements. Kelleher was delivering a speech during the UBS Annual General Meeting — the first such gathering held since the bank completed the takeover of its former rival Credit Suisse last summer. "UBS is not too big to fail. UBS is one of the best capitalized banks in Europe, with a sustainable business model and a corresponding low-risk balance sheet," Kelleher said. This is a breaking news story and will be updated shortly.

Persons: Colm Kelleher, Kelleher Organizations: UBS, Credit Suisse Locations: Swiss, Europe

☆ Liverpool ‘lost the plot’ after being rocked by Atalanta in Europa League quarterfinal
▼ + stars: | 2024-04-12 | by ( Ben Church | ) edition.cnn.com time to read: +4 min

CNN —Liverpool and its manager Jürgen Klopp were left stunned after losing 3-0 at home in the first leg of its Europa League quarterfinal against Italian side Atalanta on Thursday. Atalanta, currently sixth in Serie A, could have scored more at Anfield had it not been for Liverpool goalkeeper Caoimhin Kelleher. But Atalanta broke the deadlock in the 38th minute when Gianluca Scamacca’s effort found a way past Kelleher. The goal sparked panic at Anfield as Liverpool went searching for a goal to help reduce the deficit. Fans had earmarked the Europa League final in Dublin, Ireland, as Klopp’s potential last game in charge, but those plans now seem in jeopardy.

Persons: Jürgen Klopp, Caoimhin Kelleher, ” Klopp, “, Atalanta, Kelleher, Mario Pašalić, Darwin Núñez, Harvey Elliot, Gianluca Scamacca’s, Teun Koopmeiners, Visionhaus, Klopp, Mohamed Salah, Juan Musso, Scamacca, Salah, Pašalić, Europe –, Liverpool’s, it’s, ” Organizations: CNN, Liverpool, Europa League, Italian, Atalanta, Serie, Anfield, English Premier League –, Arsenal, Reds, Barcelona, Champions League, Premier League, Crystal Locations: Liverpool, Anfield, Italy, Europe, Klopp, Dublin, Ireland

☆ UBS chief's surprise return to the Swiss banking giant bagged him a $15.9 million paycheck
▼ + stars: | 2024-03-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Newly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023. UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after his surprise return at the helm of the Swiss banking giant, following its takeover of stricken rival Credit Suisse. Hamers earned 12.6 million Swiss francs in 2022 during his last full year as CEO, according to UBS' annual report published on Thursday. In total, the bank's executive board picked up a 140.3 million Swiss franc pay package in 2023, a significant increase from the previous year's 106.9 million francs. UBS shares have gained more than 52% since Ermotti took the reins on April 5, 2023.

Persons: Sergio Ermotti, Colm Kelleher, Ermotti, Ralph Hamers, Hamers Organizations: UBS, Credit Suisse Locations: Zurich, Swiss

☆ Liverpool’s quadruple dream comes to an end in FA Cup quarterfinal thriller against Manchester United
▼ + stars: | 2024-03-17 | by ( Samuel Joseph | Sam Joseph | ) edition.cnn.com time to read: +5 min

CNN —Liverpool’s chances of a historic quadruple in Jürgen Klopp’s final season at the club are over after falling to a 4-3 extra time defeat against bitter rival Manchester United in a frenetic FA Cup quarterfinal. Goals from Scott McTominay, Antony, Marcus Rashford and Amad Diallo gave United the win in a topsy-turvy FA Cup classic at Old Trafford in Manchester. “The first 35 minutes I think was the best minutes from our season,” United manager Erik ten Hag told the ITV broadcast after the game. In a game as hectic as this though, no lead was ever truly safe, as United proved in the second half of extra time. United fans were treated to a win in a chaotic cup tie.

Persons: CNN —, Scott McTominay, Antony, Marcus Rashford, Amad Diallo, Harvey Elliott, “, Erik ten Hag, ” United's Alejandro Garnacho, Paul Ellis, ” Klopp, Caoimhin Kelleher – deputizing, Alisson –, Dominik Szoboszlai, United ‘, Andre Onana, Alejandro Garnacho’s, Kelleher, Klopp’s, Wataru Endo, Mohamed Salah, Alexis Mac Allister, Darwin Núñez, Onana, Mac Allister, Stu Forster, Núñez, Salah, Michael Regan, Christian Eriksen, Rashford, slotting, Diallo Organizations: CNN, Manchester United, United, turvy, Old, Carabao, Chelsea, ”, ITV, Liverpool, Getty, raptures, Red Devils, English, Coventry City, Premier League, Manchester City, Newcastle United, Leicester City Locations: Klopp’s, Old Trafford, Manchester . Liverpool, AFP, Núñez, United, Chelsea

☆ Liverpool defeats Chelsea in dramatic Carabao Cup final, beginning Jürgen Klopp’s farewell tour in best possible fashion
▼ + stars: | 2024-02-25 | by ( Issy Ronald | ) edition.cnn.com time to read: +1 min

CNN —Liverpool celebrated the beginning of the end of manager Jürgen Klopp’s time at the club in the best possible fashion, winning the Carabao Cup on Sunday after defeating Chelsea 1-0 in the dying moments of extra-time following a tense final at Wembley Stadium. And that tension ratcheted up as the missed chances for both teams piled up, including a disallowed goal disallowed apiece, culminating in Liverpool goalkeeper Caoimhin Kelleher making several spectacular, scrambled saves as the clock ticked into the red to force extra-time. “All the young boys on the pitch on extra-time. It’s incredible, I’m so proud of the team,” he told broadcaster Sky Sports. This is a developing story and will be updated.

Persons: Jürgen, Caoimhin Kelleher, Virgil van Dijk, Van Dijk, ” Organizations: CNN, Liverpool, Chelsea, Wembley, Reds, Sky Sports Locations: Liverpool

WASHINGTON (AP) — From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers. Why, with inflation nearly conquered and interest rates at a 22-year high, isn't now the time to cut? High rates could also compound the struggles of banks that are saddled with bad commercial real estate loans, which would be harder to refinance at higher rates. “We need the government to address the interest rates ... and understand that they’ve accomplished their goal of lowering inflation," Kelleher said. If so, that might not just delay the Fed's rate cuts, but result in fewer of them.

Persons: isn't, ”, Steven Blitz, “ They’re, ” Loretta Mester, Mester, “, David Kelleher's Chrysler, Kelleher, ” Kelleher, Powell, ” Powell, we’re, Andrea Kugler, Eric Swanson Organizations: WASHINGTON, Federal Reserve, GlobalData, Lombard, Federal Reserve Bank of Cleveland, Jeep, Fed, University of California Locations: Wall, Philadelphia, Irvine

USA Hockey is mandating neck laceration protection for all players under the age of 18, the latest development in the wake of the death of a player in England from a skate cut to the neck. The decision announced Sunday comes three months after American Adam Johnson died after taking a skate blade to the neck during a game in the Elite Ice Hockey League. The International Ice Hockey Federation has since mandated neck guards for players at all levels at the tournaments it runs. The governing body for the sport in the U.S. also said it strongly recommends that adults wear neck protection. “I know throughout our organization, the overwhelming opinion was that the time is appropriate to modify our rules related to neck laceration protection,” USA Hockey executive director Pat Kelleher said.

Persons: Adam Johnson, Pat Kelleher, “ We’re, ___ Organizations: Hockey, Elite Ice Hockey League, Ice Hockey Federation, USA, USA Hockey Locations: England, U.S

☆ USA Hockey requires all junior players to wear neck protection in wake of Adam Johnson’s death
▼ + stars: | 2024-01-28 | by ( Kevin Dotson | ) edition.cnn.com time to read: +3 min

“Safety is always at the forefront of our conversations and the action of our Congress today reflected that,” said USA Hockey president Mike Trimboli. Days after his death, England Ice Hockey announced all players at all levels would be required to wear approved neck protection starting in January 2024. For USA Hockey, neck laceration protection had previously been recommended but not required for youth hockey players. USA Hockey also “strongly recommends” neck laceration protection for adult players. “I think there is a machismo within ice hockey where you’re seen as being something less if you choose to wear more protective equipment,” ice hockey broadcaster Seth Bennett told CNN Sport in November.

Persons: ”, Mike Trimboli, Dr, Mike Stuart, Adam Johnson, coroner’s, Teddy Balkind, “, Pat Kelleher, “ We’re, –, Seth Bennett, Johnson, CNN’s Eric Levenson, George Ramsay Organizations: CNN, USA Hockey, Safety, Protective, Committee, Nottingham Panthers, England Ice Hockey, ”, CNN Sport, American Hockey League, NHL, Pittsburgh Penguins Locations: Sheffield, England, Connecticut, Hibbing , Minnesota

☆ I was a teen mom. Now I'm 44, my 2 kids are adults, and I have my life back.
▼ + stars: | 2024-01-24 | by ( Lauren Crosmedlicott | ) www.businessinsider.com time to read: +6 min

Casey Kelleher gave birth to her first son when she was 17 and her second son when she was 20. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . My partner and I had talked about having children someday, so even though it was an early surprise, it was welcomed. AdvertisementRaising children as a young mother hasn't always been easy. But looking back, they were the very best days, and in the blink of an eye, my boys grew up.

Persons: Casey Kelleher, —, Ben, Danny, Danny's, I've, hasn't, haven't Organizations: Service

☆ SEC approves bitcoin ETFs for some investment firms
▼ + stars: | 2024-01-10 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. The SEC had a deadline of January 10 to offer a decision for just one of the 11 firms that applied to offer bitcoin ETFs. Bitcoin ETFs, like bitcoin, carry risks for investorsFor those considering jumping on the bitcoin bandwagon, it’s important to note that the price of a bitcoin will be just as volatile whether you invest in it directly yourself or through an ETF. Those sentiments have been echoed by many financial advisers and the investor watchdog group Better Markets, which strongly opposed the SEC’s approval of bitcoin ETFs. The full list of companies that got SEC approval to launch bitcoin ETFs are: Ark Invest together with 21 Shares; Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Hashdex, Invesco, WisdomTree, Valkyrie and VanEck.

Persons: Gary Gensler, bitcoin, ”, Gensler, Dennis Kelleher, “, Sheila Warren, Franklin Templeton Organizations: New, New York CNN, Securities and Exchange Commission, SEC, FBI, Investments, Better, Street, Crypto, Innovation, Fidelity Locations: New York, BlackRock

(AP) — A Montana man intends to plead guilty to threatening to kill Democratic U.S. Sen. Jon Tester under the terms of a deal filed Monday by federal prosecutors. Anthony James Cross of Billings faces up to 10 years in prison at sentencing if the plea agreement is accepted by the court. Cross, 30, has been jailed since late April, when he was arrested on a state charge for allegedly threatening a neighbor with a pellet gun. The plea deal comes after another Montana man, Kevin Patrick Smith of Kalispell, was sentenced in August to 2 1/2 years in prison for threatening to kill Tester in voicemails left at his office in Kalispell. A third Montana man accused of making threats against a high-ranking Washington official pleaded not guilty in October and is awaiting trial.

Persons: Democratic U.S . Sen, Jon Tester, Anthony James Cross, Cross, Joe Biden, “, ”, Gillian Gosch, Robert Kelleher Jr, Kevin Patrick Smith of Kalispell, voicemails, Richard Lee Rogers, Billings, Kevin McCarthy, Rogers Organizations: Democratic U.S ., Cross, White, Washington, Republican, Monday Locations: Mont, Montana, Billings, Kalispell

Authorities on Friday identified those missing or killed in a southeast Alaska landslide this week as five family members and their neighbor, a commercial fisherman who made a longshot bid for the state's lone seat in the U.S. House last year. Timothy Heller, 44, and Beth Heller, 36 — plus their children Mara, 16; Derek, 12; and Kara, 11 — were at home Monday night when the landslide struck near the island community of Wrangell. Political Cartoons View All 1265 Images“As a 42-year commercial fisherman I have worn many hats,” he said. The Hellers ran a construction company called Heller High Water, said Tyla Nelson, who described herself as Beth Heller's best friend since high school. “The loss of even one child is a very difficult time, and having an entire family with three students is devastating,” Burr wrote.

Persons: Timothy Heller, Beth Heller, Mara, Derek, Kara, Otto Florschutz, Florschutz's, Don Young, Florschutz, ”, ” Beth Heller, Tyla Nelson, Beth Heller's, Beth, Timothy, Nelson, Nelson sobbed, “, Bill Burr, ” Burr, Aaron Jacobs, Mason Villarma, ” Villarma, ___ Sinco Kelleher, Gene Johnson Organizations: U.S . House, Wrangell ., Alaska Department of Public Safety, Republican, U.S, Rep, Anchorage Daily, Wrangell School, Heller, National Weather Service Locations: Alaska, U.S, Wrangell, Wrangell's Port, Anchorage, Juneau . One, Juneau ., Honolulu, Bellisle, Seattle

WASHINGTON (AP) — While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little interest in pushing through legislation to codify the structure of the industry. The latest shoe to drop is Binance’s multibillion dollar settlement with U.S. authorities and the resignation of its CEO this week. When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate the industry in the future. Brown has been highly skeptical of cryptocurrencies as a concept and he’s been generally reluctant to put Congress’ blessing on them through legislation. Yesterday’s development marks the same inflection point that we saw earlier at the intersection of the .com and post-.com eras.”

Persons: Sam Bankman, cryptocurrencies, Janet Yellen, Changpeng Zhao, Zhao, Binance, General Merrick Garland, — Binance, Debbie Stabenow, John Boozman, Sen, Sherrod Brown, Brown, He’s, ” Brown, Fried, can’t, ”, Dennis Kelleher, Yiannis Giokas Organizations: WASHINGTON, Treasury, White, Biden Administration, Binance, U.S . Treasury, U.S, Securities and Exchange Commission, Coinbase, SEC, PayPal, Futures Trading Commission, Agriculture Committee, U.S ., Financial Services, Senate, Consumer, Better, Moody’s Analytics, U.S . Authorities Locations: Washington, United States, Cayman Islands, Ohio, stablecoins, U.S

The group usually has one active case against financial regulators, but currently has two against the Securities and Exchange Commission (SEC) and one against the Consumer Financial Protection Bureau (CFPB), he said. To be sure, the financial regulators have been sued many times during previous administrations, including by pro-reform advocacy groups. "There are some financial regulators that are walking right into it," he added. In September, for example, bank groups accused regulators including the Federal Reserve of violating the APA with a new capital rule. According to research by Wharton School professor David Zaring, neither industry groups nor individual lenders have filed more than one suit over the past decade challenging Fed policymaking.

Persons: Jim Bourg, Gibson, Dunn, Crutcher, Joe Biden's, Donald Trump's, Tom Quaadman, Jack Inglis, CFPB, Dennis Kelleher, Trump, Eugene Scalia, Gibson Dunn, Scalia, Antonin Scalia, Rebeca Romero Rainey, David Zaring, Kelleher, Douglas Gillison, Chris Prentice, Pete Schroeder, Nate Raymond, Jody Godoy, Megan Davies, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, WASHINGTON, Democratic, Republican, Reuters, APA, U.S . Chamber of Commerce, Securities and Exchange Commission, Consumer Financial Protection Bureau, Funds, Alternative Investment Management Association, Fifth Circuit, Appeals, Better Markets, Biden, American Bankers Association, Labor, Supreme, Independent Community Bankers of, Federal, Wharton School, Thomson Locations: Washington, Independent Community Bankers of America

HONOLULU (AP) — A U.S. Navy plane overshot a runway and splashed into a bay in Hawaii on Monday, but authorities said all nine people aboard made it safely to shore with no injuries. The P-8A aircraft overshot the runway at a Marine base on Kaneohe Bay, said U.S. Marine Corps spokesperson Gunnery Sgt. Patrol squadrons were once based at Kaneohe Bay, but now they deploy to Hawaii on a rotational basis. Marine Corps Base Hawaii is about 10 miles (16 kilometers) from Honolulu on Oahu. The base sits on Kaneohe Bay, which is also home to coral reefs, a breeding ground for hammerhead sharks and a University of Hawaii marine biology research institute.

Persons: Petty, Ryan Fisher, ”, Orlando Perez, Chesley “ Sully ” Sullenberger, Diane Dircks, Malcolm K, Medrano, Thomas Vaughan, It's, Jennifer Sinco Kelleher, Dupuy Organizations: —, U.S . Navy, Coast Guard, U.S . Marine Corps, Hudson, Airbus, Honolulu Fire Department, National Weather Service, Boeing, Patrol Squadron, Patrol, Marine Corps Base Hawaii, University of Hawaii, Associated Locations: HONOLULU, U.S, Hawaii, Kaneohe, York, Illinois, “, Honolulu, Whidbey, Washington, Oahu, New York City

☆ Sergio Ermotti, UBS CEO, is leading the biggest banking deal in history. Failure is not an option
▼ + stars: | 2023-11-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +11 min

The caller was UBS (UBS) chairman Colm Kelleher. “I was definitely not expecting the phone call,” Ermotti told CNN on the sidelines of a conference in Geneva last month. UBS paid 60% less than the beaten-down value of Credit Suisse shares just before its last-ditch rescue over a weekend. Even if Credit Suisse had none of that painful baggage, the sheer size of the two banks makes the merger an enormous undertaking. “The fact that UBS was asked to be part of the solution (to Credit Suisse), that was the ultimate success,” Ermotti told CNN.

Persons: Sergio Ermotti, Colm Kelleher, Ermotti, ” Ermotti, Anke Reingen, Roger Federer, “, ”, Morgan Stanley, ” Kelleher, Michael Buholzer, it’s, Katrin Koch, Tom Naratil, —, Merrill Lynch, Stefan Wermuth, Oswald Gruebel, ” Christopher Wheeler, Fabrice Coffrini, … Organizations: Switzerland CNN, UBS, Credit Suisse, CNN, Bank of America, JPMorgan, HSBC, RBC Capital Markets, RBC, Ermotti’s, Banca, Citi, UBS —, Bloomberg, New York Times, Getty Locations: Geneva, Switzerland, Swiss, Zurich, Lugano, Singapore, Europe, Middle East, Africa, New York, AFP

☆ Hong Kong finance summit tiptoes around China
▼ + stars: | 2023-11-09 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +7 min

HONG KONG, Nov 9 (Reuters Breakingviews) - Hong Kong in November enjoys a pleasant climate that some local managers dub “chairman weather”. Hong Kong is hardly a hot destination for financiers right now. Companies raised just $2.7 billion from initial public offerings in Hong Kong in the quarter, a fraction of previous years. Hong Kong officials including John Lee, the territory’s chief executive, have been sanctioned by the U.S.. Follow @peter_tl on XCONTEXT NEWSThe Global Financial Leaders’ Summit was held in Hong Kong from Nov. 6 to Nov. 8.

Persons: Marc Rowan, Colm Kelleher, Morgan Stanley, Goldman Sachs, David Solomon, Jane Fraser, Ken Griffin, Hong, John Lee, Eddie Yue, Kung, Zhang Qingsong, Bob Prince, Mark Wiedman, Apollo’s Rowan, UBS’s Kelleher, Joseph Yam, Una Galani, Thomas Shum Organizations: Reuters, Apollo Global Management, UBS, Monetary Fund, Companies, Citigroup, Citadel, Hong Kong Monetary Authority, Hong Kong’s HK, Exchange, People’s Bank of China, Bridgewater Associates, BlackRock, Goldman, Bank for International, Global, ’, Thomson Locations: HONG KONG, Hong Kong, Europe, U.S, China . Hong Kong, China, People’s Republic, Hong, British, Singapore, BLK.N, ”

☆ UBS dragged into the red with Credit Suisse takeover
▼ + stars: | 2023-11-07 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

ZURICH, Nov 7 (Reuters) - UBS Group (UBSG.S) posted a $785 million loss in the third quarter after expenses tied to the Swiss bank's takeover of Credit Suisse while signalling that its core wealth business is stabilising. Stripping out the impact of the takeover, UBS made an underlying profit of $844 million. With the takeover, UBS now oversees more than $5 trillion in assets. It has been working to recover from the exodus of client funds from Credit Suisse with above-market rates on deposits. It also continued to cut staff, which accounted for a big chunk of the more than 2 billion Swiss francs ($2.22 billion) of costs related to integration.

Persons: Sergio Ermotti, Goldman Sachs, Colm Kelleher, Noele Illien, John O'Donnell, Christopher Cushing Organizations: UBS, Credit Suisse, Goldman, Thomson Locations: ZURICH, Swiss, Switzerland, Zurich

☆ Banking chiefs say market vulnerable to 'geopolitical escalation', regulatory push
▼ + stars: | 2023-11-07 | by ( Selena Li | ) www.reuters.com time to read: +3 min

[1/3] UBS Chairman Colm Kelleher looks on during the Global Financial Leaders' Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu Acquire Licensing RightsHONG KONG, Nov 7 (Reuters) - Top global banking chiefs on Tuesday said they are concerned the financial sector's next crisis may come from rising geopolitical uncertainty which could test financial market resiliency, while the industry remains vulnerable to regulatory tightening. The trigger for the next global financial crisis is likely to come from the geopolitical or political space, said Morgan Stanley (MS.N) Chairman and CEO James Gorman. Gorman was among more than a dozen top executives of international firms speaking at the Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority. REGULATION "WAY TOO FAR"The global banking bosses also took the stage of the Asia summit to voice their concerns in an unusually aggressive joint effort to push back on a set of stricter banking rules.

Persons: Colm Kelleher, Tyrone Siu, Morgan Stanley, MS.N, James Gorman, Gorman, " Gorman, Christian, Goldman Sachs, David Solomon, Solomon, Morgan Stanley's Gorman, Selena Li ， Kane Wu, Xie Yu, Scott Murdoch, Summer, Tom Hogue, Christopher Cushing, Lincoln Organizations: UBS, Global Financial, Investment, REUTERS, Tyrone, Investment Summit, Hong Kong Monetary Authority, Deutsche Bank, Christian Sewing, UBS Group, Thomson Locations: Hong Kong, China, HONG KONG, Israel, Gaza, Russia, Ukraine, Asia, U.S

☆ UBS dragged into the red by Credit Suisse takeover but inflows cheer
▼ + stars: | 2023-11-07 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

ZURICH, Nov 7 (Reuters) - UBS Group (UBSG.S) reported a $785 million loss in the third quarter after expenses tied to the Swiss bank's takeover of Credit Suisse while signalling that its core wealth business is stabilising. "We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the group in the first full quarter since the acquisition," said Chief Executive Sergio Ermotti. Analysts at Goldman Sachs had expected $14 billion for the group, with the Swiss bank already disclosing $8 billion for the months of July and August. It has been working to recover from the exodus of client funds from Credit Suisse with above-market rates on deposits. UBS has continued to cut staff, which accounted for a big chunk of the more than 2 billion Swiss francs ($2.22 billion) of costs related to integration.

Persons: Sergio Ermotti, Goldman Sachs, Andreas Venditti, Colm Kelleher, Noele Illien, John O'Donnell, Christopher Cushing, Tomasz Janowski Organizations: UBS, Credit Suisse, Goldman, Thomson Locations: ZURICH, Swiss, Zurich, Switzerland

☆ Banking industry direct deposit delays: Customers of Bank of America, Chase, and more have reported payment issues
▼ + stars: | 2023-11-06 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Some customers still haven’t received their direct deposit paychecks following a “human error” last week deep in the plumbing of America’s banking system. The deposit delays are linked to a problem that emerged on Friday with the Automated Clearing House (ACH) payments system, causing headaches for consumers and employers. An industry source confirmed to CNN on Monday that it’s likely some customers haven’t received their deposits yet. Clearing house says it was a ‘manual error’Asked for comment, multiple banks referred inquiries to The Clearing House, which is owned by the largest commercial banks including Bank of America, JPMorgan Chase, CitiBank and Wells Fargo. The Clearing House did not provide an updated comment on Monday or any timetable for when the problem will be fully resolved.

Persons: haven’t, Banks, Chase, ”, Downdetector, Wells, “ Wells, Wells Fargo, Jim Seitz, ” Chase, Greg MacSweeney, MacSweeney, Dennis Kelleher, ” Kelleher Organizations: New, New York CNN, CNN, Consumer Financial, Bureau, Bank of America, US Bank, Twitter, “, ” Bank of America, JPMorgan Chase, CitiBank, House, Federal Reserve, Fed, ACH Network, Better Locations: New York, Wells Fargo, ACH, United States

When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate the industry in the future. Ironically, the failure of Bankman-Fried's FTX and his subsequent arrest late last year may have contributed to the momentum for regulation stalling out. Before FTX imploded, Bankman-Fried spent millions of dollars — illegally taken from his customers it turns out — to influence the discussion around cryptocurrency regulation in Washington and push for action. “Moreover, almost everything the crypto industry does is clearly covered by existing securities and commodities laws that every other law-abiding financial firm in the country follow," he said. Bartlett Collins Naylor, a financial policy advocate for Public Citizen's Congress Watch said “laws on fraud and securities are currently sound.”__Hussein reported from Lewiston, Maine

Persons: Sam Bankman, cryptocurrencies, FTX, Fried, “, Sens, Debbie Stabenow, John Boozman, Sen, Sherrod Brown, Brown, He’s, ” Brown, can’t, Joe Biden, Dennis Kelleher, Bartlett Collins Naylor, __ Hussein Organizations: Securities and Exchange Commission, Coinbase, PayPal, SEC, Commodities Futures Trading Commission, Agriculture Committee, U.S ., Financial Services, White, Federal Reserve, Consumer, Better, Public Citizen's, Watch Locations: PALM SPRINGS, Calif, Washington, Ohio, stablecoins, Lewiston , Maine

☆ Morgan Stanley’s new CEO inherits rich pickings
▼ + stars: | 2023-11-02 | by ( John Foley | ) www.reuters.com time to read: +7 min

A good place to start is outside Morgan Stanley’s home market. Morgan Stanley’s two last big acquisitions were chunky, at a combined $20 billion, but also filled niches. E*Trade, an online brokerage, brought millions of households and company employees that Morgan Stanley hadn’t previously served. Eaton Vance, a U.S. asset manager, peddles investment products that Morgan Stanley now funnels through sales teams in far-flung markets. CEO Jane Fraser shows no inclination to sell private banking, which for now sits within the group’s $756 billion global wealth management bucket.

Persons: Ted Pick’s, Morgan Stanley, Pick, James Gorman, Morgan, Gorman, Germany’s, Britain’s, Morgan Stanley’s, Morgan Stanley hadn’t, Eaton Vance, Smith Barney, watchdogs, Jane Fraser, It’s, Noel Quinn’s, Ping, Colm Kelleher, Ted Pick, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Credit Suisse, McKinsey ., Morgan, Reuters Graphics Reuters, Infrastructure, Citi, U.S, HSBC, HK, UBS, Thomson Locations: U.S, American, Asia, Pacific, Japan, India, China, French, Europe, Switzerland, HK, Swiss

☆ Mohamed Salah breaks 17-year record as Liverpool thrashes Toulouse in Europa League
▼ + stars: | 2023-10-27 | by ( Ben Church | ) edition.cnn.com time to read: +4 min

CNN —It was a near perfect night for Liverpool in the Europa League on Thursday, with the Reds producing an exciting 5-1 win against French side Toulouse. Salah now holds the record for most goals scored for a single English club in major European competitions. Jurgen Klopp happyThe Toulouse keeper was kept very busy throughout the match and was given no rest in the final moments. “Result good, performance good and especially a lot of really good individual performances, which is nice because it is important for development,” Klopp told reporters after the game. I would say the right players scored the goals, all of them were really, really good.

Persons: Mohamed Salah, Salah, Theirry Henry, Frenchman, Henry’s, Diogo Jota, Thijs Dallinga, Wataru Endo, Darwin Nunez, James Gill, Caoimhin Kelleher’s, Toulouse’s Gabriel Suazo, Trent Alexander, Arnold, Ryan, Nunez, Guillaume Restes, Gravenberch, Jurgen Klopp, ” Klopp, ” Jurgen Klopp, Klopp, ” Organizations: CNN, Liverpool, Europa League, Reds, French, Arsenal, Gunners, Toulouse, Anfield, English Premier League, Getty, MB, Nottingham Forest Locations: Toulouse, Europe, Liverpool

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