Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "suisse"


25 mentions found


UBS logo is seen at the office building in Krakow, Poland on February 22, 2024. UBS on Tuesday reported a swing back to profit after two quarterly losses as it smashed first-quarter expectations, with results bolstered by higher wealth management revenues. Lower expenses and consolidation benefits following the takeover of Credit Suisse in June 2023 also helped the bank post a net profit of $1.8 billion in the first quarter, ahead of a consensus forecast in an LSEG poll of $721.4 million. The Swiss banking giant is continuing to process the mammoth integration of its former rival. The firm said Tuesday that it expects to complete the merger of UBS AG and Credit Suisse AG into a single U.S. intermediate holding company in the second quarter, and the merger of its Swiss entities in the third quarter.
Organizations: UBS, Credit Suisse, UBS AG, Credit Suisse AG Locations: Krakow, Poland, Swiss, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS earnings: Numbers 'heavily influenced' by integration of Credit Suisse, analyst saysJohann Scholtz of Morningstar discusses UBS' first-quarter results, and says its integration of Credit Suisse makes it "tricky" to compare numbers across periods.
Persons: Johann Scholtz, Morningstar Organizations: UBS, Credit Suisse
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS CEO: We are making very good progress in our Credit Suisse integration plansSergio Ermotti, the CEO of UBS, speaks to CNBC's Silvia Amaro after the bank's first-quarter results.
Persons: Sergio Ermotti, CNBC's Silvia Amaro Organizations: UBS, Suisse
UBS makes first profit since Credit Suisse rescue
  + stars: | 2024-05-07 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +3 min
London CNN —UBS has reported its first quarterly profit since buying ailing rival Credit Suisse, marking a sharp turnaround from six months of losses that immediately followed the closure of the rescue deal. It also realized cost savings of $1 billion, adding to cost cuts of some $4 billion last year. On Tuesday, Ermotti said UBS was “on track” to achieve “significant integration milestones” this year, including the merger of the two banks’ operations in Switzerland in the third quarter. UBS has raised serious concerns about the proposals and on Tuesday Ermotti reiterated the bank’s view that it wasn’t lack of capital that left Credit Suisse needing to be rescued. He said UBS was already adding almost $20 billion to its capital buffers as a result of the takeover of Credit Suisse, in part because of the bank’s increased market share and balance sheet size.
Persons: Sergio Ermotti, Johann Scholtz, , Ermotti, Karin Keller, Suter Organizations: London CNN, UBS, Credit Suisse, Morningstar, Credit, bank’s Locations: Swiss, Zurich, Switzerland
Americans are falling behind on their payments
  + stars: | 2024-04-25 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
Americans are already struggling to keep up with their credit card payments. Strong consumer spending has buoyed the US economy through the Fed’s aggressive hiking cycle that has brought interest rates to a 23-year high. Economists say that Fed officials look closely at Americans’ ability to make their payments. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. “This is particularly troubling given that ‘naked’ short selling often entails sophisticated market participants profiting at the expense of retail investors,” the Trump Media CEO wrote.
Persons: New York CNN —, Austan Goolsbee, ’ ”, , Ramon Laguarta, Matt Egan, Devin Nunes, ” Nunes, Nunes, Read, Hanna Ziady, Colm Kelleher, Organizations: CNN Business, Bell, New York CNN, Chicago Federal, Society for, New York Fed, ISI, PepsiCo, Commerce Department, Atlanta Fed, Social, Trump Media, Trump Media & Technology Group, Truth Social, Financial Services, Republican, Traders, UBS, Credit Suisse Locations: New York, California, Switzerland, Swiss
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
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
It's called a managed futures strategy. That's according to iM Global Partner, which has the largest exchange-traded fund — iMGP DBi Managed Futures Strategy ETF (DBMF) — that copies the strategy. Meanwhile, a managed futures strategy, with its short-term approach across stocks, bonds, commodities, and currencies, is generally uncorrelated to longer-term bond and stock market performance. From January to October 14, 2022, for example, the Credit Suisse Managed Futures Strategy (CSAIX) was up around 26%. iMGP DBi Managed Futures Strategy ETF (DBMF)January-October 14, 2022 returns: 33.9%2024 year-to-date returns: 13.1%Assets under management: $988 millionFirst Trust Managed Futures Strategy Fund (FMF)January-October 14, 2022 returns: 15.7%2024 year-to-date returns: 7.3%Assets under management: $144 millionKFA Mount Lucas Managed Futures Index Strategy ETF (KMLM)January-October 14, 2022 returns: 50%2024 year-to-date returns: 8.8%Assets under management: $284 millionSimplify Managed Futures Strategy ETF (CTA)
Persons: It's, , Andrew Beer, Seth Klarman's, Beer, we've Organizations: Global, Business, Treasury Bond ETF, Credit Suisse, Morningstar, Lucas Locations: DBMF, lockstep, VettaFi
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's important to learn lessons from Credit Suisse crisis, Switzerland's finance minister saysSwiss Finance Minister Karin Keller-Sutter says the country should learn lessons from Credit Suisse's failure and devise new legislation in an effort to prevent it happening again.
Persons: Karin Keller, Sutter Organizations: Credit Suisse, Swiss
Jefferies included a $4 million break-up fee in an offer letter to a banker. The Wall Street bank is demanding payment after Dean Decker stayed with Credit Suisse after signing. AdvertisementA Wall Street bank inserted a $4 million break-up fee into an offer letter and demanded the payment after the employee backed out. "In fact, the only winner was Decker — both Jefferies and Credit Suisse were gamed (pun intended.)" It's worth noting that Credit Suisse agreed to cover Decker's legal costs and any damages, meaning UBS is on the hook following a merger of the two Swiss banks last year.
Persons: Jefferies, Dean Decker, , Decker, Decker —, UBS didn't Organizations: Credit Suisse, Service, Bloomberg, Jefferies, Suisse, UBS, Banco Santander, Business Locations: California, Spanish
CNN —Ditching the US and relocating close to the French Pyrenees wasn’t part of Taylor Barnes’ life plan. ‘Visually inspiring’US artist Taylor Barnes, from Los Angeles, relocated to the medieval village of Saissac close to the French Pyrenees in 2021. Taylor Barnes“I considered, among many things, where I would like to live out the last quarter of my life,” Barnes tells CNN. Cozy hideawayIn 2019, Barnes bought an abandoned crawfish restaurant and converted it into a residency for artists. Since moving to Saissac, Barnes says she has happily embraced a slower-paced lifestyle.
Persons: Taylor Barnes, Barnes, Taylor Barnes “, ” Barnes, , , she’d, Cozy hideaway, Dennis Miranda Zamorano, Sonya, Berger Blanc, apéros, She’s, it’s, Carte, Barnes isn’t Organizations: CNN, Berger Blanc Suisse, Barnes Locations: Los Angeles, Saissac, Aude, France, Montagne, French, California, Spain, Saissac ., England, Ireland, Netherlands, America
For example, we now have a higher interest rate environment that will add more pressure on deposit costs. There is anticipation of more builds for reserves, particularly for commercial real estate, but also possibly for credit cards. The commercial real estate problem is the main issue. "Anything that's levered like commercial real estate, it's a different world," Tom Michaud, CEO of Keefe, Bruyette & Woods, said in a recent interview on FactSet. "I expect more commercial real estate losses in every category, the question is whether it is going to be cataclysmic or is it going to be manageable."
Persons: Financials, Banks, Morgan Stanley, Wells, Wells Fargo, it's, Tom Michaud, Keefe, Woods Organizations: UBS, Credit Suisse, Bank of America, JPMorgan, Federal Reserve, First Republic, Regional Bank ETF, Bank, Allstate, Travelers Locations: Wells Fargo, Treasurys, Hartford
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Lose-lose situation': New Swiss bank laws could derail UBS challenge to Wall Street giantsBeat Wittman, partner at Porta Advisors, reviews new Swiss banking regulation and its potential impact on UBS in the wake of its absorption of Credit Suisse.
Persons: Beat Wittman Organizations: UBS, Wall Street, Porta Advisors, Credit Suisse Locations: Swiss
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS shares move lower after politicians request strong capital requirementsCNBC's Silvia Amaro reports on the "Too Big To Fail" report from Switzerland, which calls for strong capital requirements from banking giant UBS after the absorption of Credit Suisse.
Persons: CNBC's Silvia Amaro Organizations: UBS, Credit Suisse Locations: Switzerland
Sergio Ermotti, CEO of Swiss banking giant UBS, during the group's annual shareholders meeting in Zurich on May 2, 2013. Fabrice Coffrini | Afp | Getty ImagesSwitzerland's tough new banking regulations create a "lose-lose situation" for UBS and may limit its potential to challenge Wall Street giants, according to Beat Wittmann, partner at Zurich-based Porta Advisors. The government-backed takeover was the biggest merger of two systemically important banks since the Global Financial Crisis. At $1.7 trillion, the UBS balance sheet is now double the country's annual GDP, prompting enhanced scrutiny of the protections surrounding the Swiss banking sector and the broader economy in the wake of the Credit Suisse collapse. The Wednesday report floated giving additional powers to the Swiss Financial Market Supervisory Authority, applying capital surcharges and fortifying the financial position of subsidiaries — but stopped short of recommending a "blanket increase" in capital requirements.
Persons: Sergio Ermotti, Fabrice Coffrini, Beat Wittmann, Wittmann, Wittman, Goldman Sachs, Morgan Stanley — Organizations: UBS, Afp, Getty, Wall, Porta Advisors, Swiss, Credit Suisse, Suisse, Swiss Financial Market, Authority, JPMorgan, Citigroup Locations: Zurich, Switzerland
Switzerland's government said on Wednesday that UBS and three other systemically relevant banks must face tougher capital requirements to shield the country's wider economy, a year after the rescue of Credit Suisse. In 209 pages of recommendations on how to police banks deemed "too big to fail" (TBTF), the Swiss government pitched 22 measures for direct implementation. It stopped short of saying how far stricter capital requirements should go. The increase in requirements for UBS will be "substantial, especially if UBS were to retain its current size and structure, or even grow," it noted in an explanatory document. The Swiss government-backed takeover by UBS of Credit Suisse last year was the biggest merger of banks of systemic importance since the 2007-9 financial crisis.
Persons: Switzerland's Organizations: UBS, Credit Suisse, Swiss Locations: Manhattan , New York City, Switzerland, Swiss
Robert Kiyosaki warned an "everything bubble" spanning stocks, bonds, and real estate would pop. The "Rich Dad Poor Dad" author touted gold, silver, and bitcoin for riding out the storm. "The EVERYTHING BUBBLE, stocks, bonds, real estate SET to CRASH," he said in a recent X post. Please buy more real gold, silver, Bitcoin." The Rich Dad Company founder's latest crash warning should be treated with skepticism as his previous ones have failed to pan out.
Persons: Robert Kiyosaki, Dad, , — he's, bitcoin, Rich Dad, founder's, Kiyosaki, Lehman Organizations: Service, Nasdaq, Federal Reserve, Credit Suisse, UBS Locations: Swiss
The mammoth integration of failed bank Credit Suisse into its former rival UBS will act as a "case study," UBS CEO Sergio Ermotti said Friday, one that will show that big bank mergers should be allowed. "Of course, we can't just rely on a crisis to create or facilitate the merger of banks," Ermotti said. "It's good to have strong players that can be part of the solution, like UBS was in the Credit Suisse case. UBS in June completed its takeover of the 167-year-old bank in a deal controversially brokered by Swiss authorities. The Swiss National Bank has said the size of the new entity flags potential competition issues that will need to be monitored.
Persons: Sergio Ermotti, Ermotti, CNBC's Steve Sedgwick, it's Organizations: Suisse, UBS, Credit, Credit Suisse, Swiss, Swiss National Bank Locations: Europe, Italy, underperformance
Jeff Bersh is joining from Venor Capital and has a background in distressed debt trading. The multi-manager hedge fund is targeting a launch of up to $6 billion, making it one of the largest ever startups. AdvertisementBobby Jain is continuing to fill out his roster ahead of the expected July launch of his multi-manager hedge fund Jain Global. Jeff Bersh is said to be joining Jain Global from Venor Capital, according to people familiar with the matter. Before that he traded distressed debt at Credit Suisse — overlapping with Jain — and also worked stints at Donaldson, Lufkin & Jenrette and Bear Stearns.
Persons: Bobby Jain, Jeff Bersh, , Jain —, Bear Stearns Organizations: Jain, Venor, Service, Credit Suisse, Donaldson, Lufkin, Business Locations: Jenrette
UBS logo is seen at the office building in Krakow, Poland on February 22, 2024. UBS on Tuesday announced a new share repurchase program of up to $2 billion, with up to $1 billion of that total expected to take place this year. The new program follows the completion of the 2022 buyback, during which 298.5 million of it shares were purchased. This represented 8.62% of its stock worth $5.2 billion, according to UBS. The bank's 2022 share repurchase program concluded last month.
Organizations: UBS, UBS AG, Credit Suisse AG Locations: Krakow, Poland
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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS-Credit Suisse merger: Systemic risk for Switzerland is 'huge,' says Ethos FoundationVincent Kaufmann, CEO of the Ethos Foundation, discusses concerns over the integration of Credit Suisse into UBS and the need for regulation.
Persons: Vincent Kaufmann Organizations: UBS, Credit Suisse, Ethos Foundation Locations: Switzerland
One year since the collapse of Credit Suisse
  + stars: | 2024-03-15 | 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 EmailOne year since the collapse of Credit SuisseCNBC's Steve Sedgwick takes us through the final death throes of Credit Suisse, one year on from its collapse.
Persons: Steve Sedgwick Organizations: Suisse
February 2022: Lohan shares a photo of herself and Shammas for Valentine's Day"My forever Valentine," Lohan captioned the picture of her and Shammas snuggling together. November 2022: Lohan and Shammas make their red carpet debutLindsay Lohan and Bader Shammas at the "Falling for Christmas" premiere on November 9, 2022. Bryan Bedder/Stringer/Getty ImagesIn November 2022, Shammas accompanied Lohan to a fan screening of her movie "Falling For Christmas," marking their red carpet debut. April 2023: Lohan and Shammas commemorate their anniversary in a joint Instagram postAlongside a photo of her embracing Shammas on a beachside cliff, Lohan wrote: "1 year today... AdvertisementMarch 2024: Lohan and Shammas attend the Vanity Fair Oscar Party togetherLindsay Lohan and Bader Shammas at the Vanity Fair Oscars Party.
Persons: , Lindsay Lohan, Bader Shammas, Lohan, Instagram, Shammas, Lohan's, bader, Valentine, Jimmy Fallon, Fallon, BI's Gabi Stevenson, Dina, Aliana, Dakota, Bryan Bedder, Stringer, we're, they've, Luai, James Devaney, Steve Granitz, Fair's Organizations: Service, Business, Twitter, Credit Suisse's, Wealth Management, Netflix Locations: Dubai, New York, London, New York City
Naro, a German fintech startup, has raised $3 million in pre-seed funding. Cologne-based Naro, founded in 2022, wants to take advantage of the boom in exchange-traded funds — or ETF — products in Europe to offer white-label services to various banks, funds, and brokers. Naro's pre-seed funding round was led by Berlin's La Famiglia alongside Discovery Ventures, plus investment from Robin Capital, Angel Invest, and various angels. Funding will go towards expanding the startup's current team of 10 staff as it looks to partner with potential customers looking to build out products within their existing infrastructure. Naro's business plan subsequently changed from its original slides, you can see a version of its pre-seed pitch deck below:
Persons: Chris Püllen, Püllen, Naro's, Berlin's La Organizations: Business, Trade Republic, Discovery Ventures, Robin Capital, Angel Invest, Credit Suisse Locations: Naro, Cologne, Europe, Germany
Total: 25