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☆ Credit Suisse sheds nearly 13% of workforce this year
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: +1 min

This photograph taken on March 24, 2023 in Geneva, shows a sign of Credit Suisse bank. Credit Suisse has shed nearly 13% of its workforce this year, underlining the turmoil at the bank which was taken over by cross-town rival UBS in a state-engineered rescue earlier this year. The number of Credit Suisse employees fell to 33,968 at the end of June, down from 38,908 at the end of 2022, the bank said in its financial report published on Friday. Some of the jobs lost could be people who left as part of Credit Suisse's own cost cutting plans before the takeover or who jumped ship as confidence in the lender collapsed. Further jobs could be lost, with UBS saying in August it planned to cut3,000 jobs in Switzerland alone at the enlarged bank.

Persons: Sergio Ermotti, Ermotti Organizations: Suisse, Credit Suisse, UBS, Asset Management Association Switzerland Locations: Geneva, Switzerland

☆ UBS, Credit Suisse face wider US probe over Russia sanctions -Bloomberg News
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +3 min

Logos of Swiss banks UBS and Credit Suisse are seen on an office building in Zurich, Switzerland March 19, 2023. UBS declined to comment to Reuters when asked for a response to the Bloomberg News report, which said the alleged compliance failures related to UBS and Credit Suisse, which was taken over by its larger rival UBS (UBSG.S) earlier this year. A full-scale investigation by the Department of Justice focusing mainly on Credit Suisse and potential sanctions violations was now underway, added the Bloomberg report, citing people familiar with the matter. "Credit Suisse has conducted a review of these issues, the UK and French aspects of which have been closed, and is continuing to cooperate with the authorities," UBS added. The Swiss bank has also adjusted its valuation of Credit Suisse by $3 billion to cover outflows related to contingent liabilities such as law suits.

Persons: Denis Balibouse, JP Morgan, Shivani Tanna, John Revill, Krishna Chandra Eluri, Emelia, Jane Merriman, Alexander Smith Organizations: UBS, Credit Suisse, REUTERS, Rights, U.S . Department of Justice, Bloomberg, Department of Justice, Justice, United, European Union, Suisse, DOJ, Credit, Thomson Locations: Zurich, Switzerland, United Nations, United States, Switzerland's, Britain, Netherlands, France, Belgium, Swiss, Ukraine, Crimea, Bengaluru

[1/2] Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Credit Suisse, which was Switzerland's second-biggest bank, suffered years of scandals and losses before it had to be rescued in March in a state-engineered takeover by UBS. Credit Suisse declined to comment. Spokespeople for central banks in South Korea, India, Ireland, and Saudi Arabia also did not immediately respond to Reuters requests for comment. Last month, a Moscow court banned UBS and Credit Suisse from disposing of shares in their Russian subsidiaries, Reuters reported, citing court documents.

Persons: Denis Balibouse, Laws, Engen Tham, Selena Li, Jihoon Lee, Alexander Marrow, Sumeet Chatterjee, Stephen Coates, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Rights, Reuters, Suisse, Western, Thomson Locations: Zurich Switzerland, Rights SHANGHAI, HONG KONG, South Korea, India, Swiss, Ireland, Saudi Arabia, Russia, Moscow, Ukraine, Bahrain, Dubai, Abu Dhabi, Japan, Thailand, Turkey, Shanghai, Hong Kong, London

☆ UBS cuts nearly 70% Credit Suisse researchers in Hong Kong-sources
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged in March this year by Swiss authorities to avert Credit Suisse's collapse. More than 15 equity researchers were notified earlier this week about the layoffs in Hong Kong, the sources said, adding less than 10 researchers focusing on Hong Kong and China equities will join the UBS team. Credit Suisse did not respond to a Reuters request for comments. Both of them will bring some junior researchers from Credit Suisse, the sources added.

Persons: Denis Balibouse, Charles Zhou, China financials, Kenneth Fong, Zhou, Fong, Sergio Ermotti, Julie Zhu, Kane Wu, Selena Li, Summer Zhen, Sumeet Chatterjee, Bernadette Baum, Emelia Organizations: Credit Suisse, UBS, REUTERS, Credit, Suisse's Securities Research, Reuters, Monday, Asia, China Internet, Thomson Locations: Zurich Switzerland, HONG KONG, Hong Kong, China, Asia Pacific, Asia, Swiss

☆ Swiss National Bank to expand liquidity provision to banks
▼ + stars: | 2023-09-21 | by ( Noele Illien | ) www.reuters.com time to read: +1 min

ZURICH, Sept 21 (Reuters) - The Swiss National Bank will provide funds secured against mortgages to all commercial banks, expanding liquidity provision to the sector, Vice Chairman Martin Schlegel said on Thursday. To take advantage of the support, which had previously only been available to systemically important banks, lenders must be able to transfer the mortgages to the central bank. The greater the number of banks that take the preparatory steps necessary to use the new possibility of obtaining liquidity, the greater will be the central bank's room for manoeuvre in time of need, Schlegel said. Earlier this month, Switzerland's central bank was criticised for being too restrictive in a report by a group of experts, including bankers and academics, formed in the wake of Credit Suisse's collapse. Schlegel said, by expanding the ways the country's banks can tap liquidity, the central bank was not lowering its standards.

Persons: Martin Schlegel, Schlegel, Noele, Tomasz Janowski Organizations: Swiss National Bank, Thomson Locations: ZURICH

[1/2] Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS completed its takeover of Credit Suisse in June. UBS and Credit Suisse did not respond to Reuters request for comment. Spokespeople for central banks in South Korea, India, Ireland, and Saudi Arabia also did not immediately respond to Reuters request for comment. In the review document, UBS said "a single non-cooperative regulator can jeopardize the timeline of the parent bank merger and other transactions", impacting other related integration deals.

Persons: Denis Balibouse, Engen Tham, Selena Li, Sumeet Chatterjee, Stephen Coates Organizations: Credit Suisse, UBS, REUTERS, Rights, UBS Group AG, Reuters, Thomson Locations: Zurich Switzerland, Rights SHANGHAI, HONG KONG, South Korea, India, Ireland, Saudi Arabia, Swiss, Shanghai, Hong Kong

☆ Wall Street banks shed jobs to ease cost pressures
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Morning commuters walk on Wall Street in New York's financial district October 30, 2014. Others, like Citigroup (C.N), are preparing to cut jobs as part of a structural revamp targeted to remove complexity. It also laid off nearly 1,000 employees from First Republic Bank, the collapsed lender it had acquired from the Federal Deposit Insurance Corp. The bank laid off about 3,200 people earlier this year in its biggest headcount reduction since the 2008 financial crisis. Lazard (LAZ.N) -The New York-based investment bank said it would cut around 10% of its workforce in 2023.

Persons: Brendan McDermid, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Wells Fargo, Wells, Mike Santomassimo, Santomassimo, Charles Schwab, Lazard, Jaiveer Singh, Maju Samuel Organizations: REUTERS, Banking, Citigroup, JPMorgan, First Republic Bank, Federal Deposit Insurance Corp, Reuters, Financial Times, Bloomberg News, Wall Street, UBS Group, Credit, Thomson Locations: New, U.S, New York, York, Bengaluru

[1/4] UBS CEO Sergio Ermotti addresses the Economic Club of New York in New York City, U.S., September 14, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNEW YORK, Sept 14 (Reuters) - UBS Group (UBSG.S) CEO Sergio Ermotti plans to stay at the helm through 2026 to integrate former rival Credit Suisse in a process he likened to a marathon. "I need to finish the job," Ermotti told the Economic Club of New York on Thursday. "My commitment is to finish the job, and for sure that means staying through the end of 2026. UBS said last month it wants to cut $10 billion in costs by the end of 2026 and lay off 3,000 people in Switzerland.

Persons: Sergio Ermotti, Brendan McDermid, Ermotti, Colm Kelleher, Tatiana Bautzer, Lananh Nguyen, Chris Reese, Timothy Gardner Organizations: UBS, Economic, of New, REUTERS, Credit Suisse, Thomson Locations: of New York, New York City, U.S, Swiss, Asia, China, Switzerland, New York

☆ U.S. market is too heavily reliant on pricey 'Magnificent Seven' stocks for gains, says Credit Suisse strategist
▼ + stars: | 2023-09-13 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

"We struggle to believe that the US at currently [circa] 60% of global market cap can continue its inexorable rise." The Shiller P/E ratio is a measure of how undervalued or overvalued the broader stock market is. Garthwaite attributed the overvalued nature of the market to the meteoric rise of technology stocks this year, especially the so-called Magnificent Seven, which includes Alphabet , Amazon , Apple , Meta , Microsoft , Nvidia and Tesla . This means the U.S. market is essentially overexposed to these seven stocks, which are seeing "extreme levels" for relative valuations, he said, in a note to clients that advised investors to underweight U.S. stocks. While Credit Suisse is still bullish on technology stocks, current high price-to-earnings multiples for the Magnificent Seven will be difficult to maintain, he said.

Persons: Andrew Garthwaite, Garthwaite, — CNBC's Michael Bloom Organizations: Apple, Meta, Microsoft, Nvidia, Tesla, Credit Suisse, Tech Locations: U.S

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. "The strength of the Swiss banks, of the Swiss economy, of the Swiss political system ... I think this is the foundation to be the preeminent number one financial place for cross border wealth management," he told the event. "Everyone is and wants to be in wealth management and everyone sticks to it, even those players who are not as efficient, not as effective as others." He declined to comment on speculation linking Julius Baer with Swiss bank EFG International (EFGN.S).

Persons: Julius Baer, Arnd, Julius Baer's, Philipp Rickenbacher, Rickenbacher, Noele Illien, John Revill, Tomasz Janowski Organizations: REUTERS, Rights, Reuters, UBS, Credit Suisse, Swiss, EFG, Thomson Locations: Zurich, Switzerland, Swiss, United States

☆ Swiss post mortem of Credit Suisse crisis to go back to 2015
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

The logo of Credit Suisse is pictured on a building near the Hallenstadion where took place the Annual General Meeting, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. A Swiss parliamentary committee said that it has completed the so-called "investigation concept" for the post mortem, dividing the time periods it will examine in the run up to the emergency Credit Suisse rescue. The first phase will cover the events before the middle of 2022, going back to 2015 when the Swiss cabinet submitted its first evaluation report on systemically important banks. The actions of the government, financial markets watchdog FINMA and the Swiss National Bank as Credit Suisse's situation worsened towards the end of 2022 to March 2023 will also come under the microscope. It would also award an external mandate to analyse how the problems at Credit Suisse developed over the past few years, although it would not assess the bank's management, as this was outside its remit.

Persons: Pierre Albouy, John Revill, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Rights, Suisse, Swiss National Bank, Thomson Locations: Zurich, Switzerland, Swiss

In a memo to staff Ermotti said that 3,000 Swiss jobs would go, while more people would leave of their own accord, for example, through retirement. With a market value of 77 billion Swiss francs, UBS also struck an optimistic note about its short-term outlook. With Credit Suisse in Switzerland intact and independent, as some politicians had hoped, fewer jobs would have been hit. [1/2]Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Reuters GraphicsThe bumper profit results from a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.

Persons: Ermotti, Sergio Ermotti, Denis Balibouse, Jefferies, Brenna Hughes, John O'Donnell, Noele, Edwina Gibbs, Tomasz Janowski, Alexander Smith Organizations: UBS, Credit Suisse Swiss, Credit Suisse, UBS grapples, REUTERS, Swiss Bank Employees Association, Analysts, Deutsche Bank, Reuters, Credit, Thomson Locations: Switzerland, ZURICH, Swiss, Zurich Switzerland, Zurich, London

☆ UBS to cut 3000 Swiss jobs as it slashes costs by $10 bln
▼ + stars: | 2023-08-31 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS also announced it would be keeping Credit Suisse's domestic bank - and the ensuing job losses are expected to result in a backlash in Switzerland. Hanging on to existing Credit Suisse clients is seen as key if UBS is to successfully pull off the Herculean deal. Groupwide UBS results include just one month of Credit Suisse earnings as the deal only closed in June. The bumper profit is due to a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.

Persons: Denis Balibouse, Ermotti, Sergio Ermotti, Noele Illien, John O'Donnell, Edwina Gibbs Organizations: Credit Suisse, UBS, REUTERS, Suisse, Thomson Locations: Zurich Switzerland, Switzerland, ZURICH, Swiss

☆ Shares in Swiss bank UBS hit highest since late 2008
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland February 28, 2020. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Aug 31 (Reuters) - Shares in UBS (UBSG.S) hit their highest level since October 2008 on Thursday, extending a strong run that has put the Swiss bank well ahead of its European rivals following the takeover in March of its struggling rival Credit Suisse. UBS rallied more than 6% early in Zurich, set for its biggest one-day gain since March, after the group said it would fully absorb Credit Suisse's domestic bank and that it was increasing its ambitions for cost savings to over $10 billion. The stock has risen 36% so far in 2023 against a 13.5% gain for the broader European banking index (.SX7P). (This story has been refiled to change the dateline to Aug. 31, and not Aug. 30)Reporting by Danilo Masoni Editing by Amanda Cooper and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Danilo Masoni, Amanda Cooper, David Goodman Organizations: Swiss, UBS, REUTERS, Credit Suisse, Deutsche Bank, Thomson Locations: Zurich, Switzerland, Swiss

☆ UBS shares jump to 2008 highs after profit beat, job cuts announcement
▼ + stars: | 2023-08-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

UBS posted a second-quarter profit of $28.88 billion in its first quarterly earnings since Switzerland's largest bank completed its takeover of stricken rival Credit Suisse. UBS said the result primarily reflected $28.93 billion in negative goodwill on the Credit Suisse acquisition. UBS paid a discounted 3 billion Swiss francs ($3.4 billion) to acquire Credit Suisse in March. "Credit Suisse has excellent people, clients, and product capabilities, but the business model was not sustainable any longer and needs to be restructured." UBS delayed reporting its second-quarter results — initially scheduled for July 25 — until after completing the Credit Suisse takeover on June 12.

Persons: Eduardo Munoz Alvarez, Ermotti, CNBC's, CNBC's Joumanna, — Organizations: UBS, View Press, Getty, Credit Suisse, Analysts, Suisse, Suisse's, Credit, The Credit Suisse, Swiss Locations: Manhattan, New York City, Zurich, Swiss, Switzerland

☆ No more 'bodies in the cupboard' for UBS after Credit Suisse acquisition: Lakefield Partners
▼ + stars: | 2023-08-31 | 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 EmailNo more 'bodies in the cupboard' for UBS after Credit Suisse acquisition: Lakefield PartnersBruno Verstraete, partner at Lakefield Partners, discusses the positive market reaction to UBS' massive second-quarter profit and announcement that it will fully absorb Credit Suisse's Swiss banking division.

Persons: Bruno Verstraete Organizations: UBS, Credit Suisse, Lakefield, Lakefield Partners, Swiss

☆ UBS to cut 3,000 jobs in Switzerland after Credit Suisse takeover
▼ + stars: | 2023-08-31 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

UBS is planning to cut 3,000 jobs in Switzerland after its shock takeover of rival Credit Suisse. The shotgun marriage with UBS saved embattled Credit Suisse from possible collapse. AdvertisementAdvertisementUBS is planning to cut 3,000 jobs in Switzerland as it continues to integrate Credit Suisse following the shock takeover of its rival earlier this year. The company said Thursday that it plans to complete the integration of Credit Suisse by the end of 2026 and aims to cut costs by $10 billion during that period. Amid fears the 167-year-old financial institution could go under, the Swiss government brokered a shotgun marriage with UBS, with Credit Suisse being sold for 3 billion Swiss francs ($3.25 billion).

Persons: Sergio Ermotti, Ermotti Organizations: UBS, Credit Suisse, Suisse, Reuters, AG, Silicon Valley Locations: Switzerland, Schweiz, Swiss

☆ A 'historic' result but still a 'construction site': Analysts react to blowout UBS earnings
▼ + stars: | 2023-08-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March. Fabrice Coffrini | AFP | Getty ImagesUBS shares rallied to 15-year highs on the back of what analysts branded a "historic" earnings report, though Deutsche Bank said the Swiss banking giant may remain a "construction site" for some time. UBS also announced that it will fully integrate Credit Suisse's Swiss banking unit, a key profit center, in 2024. Notably, UBS highlighted that the massive net asset and deposit outflows seen by Credit Suisse over the last year have finally begun to reverse, and turned positive in June. "It's difficult to combine a blowout result like that and then to announce layoffs at the same time.

Persons: Fabrice Coffrini, Benjamin Goy, Sharath Kumar, Bruno Verstraete, Verstraete Organizations: Credit Suisse, UBS, AFP, Getty, Deutsche Bank, Swiss, Credit, midafternoon, Lakefield Partners, CNBC Locations: Swiss, Zurich, 2Q23, Switzerland

☆ Factbox: Key figures for UBS, including Credit Suisse
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Groupwide UBS results include just one month of Credit Suisse earnings as the deal only closed in June. OUTFLOWSCredit Suisse reported net asset outflows of 39.2 billion Swiss francs ($44.6 billion) in the quarter. ASSETSInvested assets for the combined group were $5.53 trillion, while Credit Suisse managed assets of 1.213 trillion Swiss francs. Credit Suisse reported a net loss of 9.3 billion Swiss francs.

Persons: Denis Balibouse, Groupwide, Brenna Hughes, Edwina Gibbs Organizations: Credit Suisse, UBS, REUTERS, OUTFLOWS Credit Suisse, UBS headcount, NET, Thomson Locations: Zurich Switzerland, UBS's, OUTFLOWS

☆ European markets higher following UBS earnings; Swiss bank up 5%
▼ + stars: | 2023-08-31 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

UBS on Thursday posted a second-quarter profit of $28.88 billion in its first quarterly earnings since Switzerland's largest bank completed its takeover of stricken rival Credit Suisse. UBS said the result primarily reflected $28.93 billion in negative goodwill on the Credit Suisse acquisition. Underlying profit before tax, which excludes negative goodwill, integration-related expenses and acquisition costs, came in at $1.1 billion. The fate of Credit Suisse's flagship Swiss bank, a key profit center for the group and the only division still generating positive earnings in 2022, was a focal point of the acquisition. The emergency rescue deal that saw UBS purchase Credit Suisse at a heavily discounted 3 billion Swiss francs was mediated by Swiss authorities over the course of a weekend in March.

Persons: Read, — Elliot Smith Organizations: UBS, Credit Suisse, Credit, Suisse's, Swiss Locations: Swiss

☆ UBS, Swiss finance blog settle Credit Suisse legacy lawsuit
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich in this July 1, 2009, photo. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Aug 29 (Reuters) - UBS (UBSG.S) and Inside Paradeplatz have settled a lawsuit initially brought against the popular Zurich based finance blog by Credit Suisse, the publication said on Tuesday. A spokesperson for UBS confirmed that the Swiss bank and blog had settled the case. Credit Suisse launched a lawsuit against the blog, widely read in Swiss finance circles, in December over user comments left under posts. It is the second Credit Suisse case that UBS has resolved since taking over its former rival and inheriting its legal battles.

Persons: Arnd, Noele Illien, Friederike Heine Our Organizations: Swiss, UBS, Rights, Credit Suisse, Suisse, Archegos Capital Management, Thomson Locations: Zurich, Swiss, U.S

☆ After Credit Suisse takeover, UBS gives first glimpse of new group
▼ + stars: | 2023-08-29 | by ( Noele Illien | ) www.reuters.com time to read: +5 min

Credit Suisse has already flagged that it expects to post a hefty loss for 2023. Rich clients often kept accounts at both UBS and Credit Suisse, so as not to place all their eggs in one basket. In previous quarters, UBS had reported significant inflows, as it benefited from Credit Suisse clients looking for safer alternatives. SWISS BANK'S FUTUREMany bank watchers are waiting to see what UBS does with Credit Suisse's "crown jewel" - its Swiss arm. The huge figure largely reflects a one-off boost to the bottom line from UBS buying Credit Suisse for a fraction of its value.

Persons: Ralph Hamers, Sergio Ermotti, Colm Kelleher, Stefan Wermuth, Rich, Benjamin Goy, Ermotti, Keefe, Thomas Hallett, Noele, John O'Donnell, Tomasz Janowski Organizations: UBS Group AG, UBS, REUTERS, Rights, Credit Suisse, SUISSE, Suisse's, Swiss, Deutsche Bank, UBS's, CORE UNIT UBS, Suisse, Thomson Locations: Zurich, Switzerland, SWISS, Swiss, Woods

☆ 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

☆ 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

☆ 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

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