DIRS.INFO The most relevant business & tech news

☆ Credit Suisse inquiry will keep files secret for 50 years
▼ + stars: | 2023-07-15 | by ( John Revill | ) www.reuters.com time to read: +2 min

ZURICH (Reuters) -A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, according to a parliamentary committee document, a level of secrecy that has triggered concern among Swiss historians. The investigation will focus on the activities of the Swiss government, financial regulator and central bank in the run up to the emergency takeover of Credit Suisse by UBS in March. “After the completion of the investigation, the files shall be handed over to the Federal Archives and shall be subject to an extended protection period of 50 years,” the committee said in a strategy paper outlining its communication policy. “Should researchers want to scientifically investigate the 2023 banking crisis, access to the CS files would be invaluable,” Zala wrote, according to the newspaper. “Indiscretions complicate the work or damage the credibility of the commission and can have negative consequences for the Swiss financial centre,” the committee added.

Persons: Sacha Zala, Isabelle Chassot, “, ” Zala Organizations: Suisse, Swiss Federal Archives, Credit Suisse, UBS, Swiss, Federal Archives, Aargauer Zeitung, Swiss Society Locations: ZURICH, Swiss, Bern

☆ Credit Suisse inquiry will keep files secret for 50 years, paper reports
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File PhotoZURICH, July 15 (Reuters) - A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, newspaper Aargauer Zeitung reported, triggering concerns among Swiss historians. The Swiss parliament did not respond to a request for comment on Saturday. The investigation will focus on the activities of the Swiss government, financial regulator and central bank in the run up to emergency takeover of Credit Suisse by UBS in March. It could have the power to question the Credit Suisse bankers involved, but they will not be the focus of the inquiry.

Persons: Denis Balibouse, Sacha Zala, Isabelle Chassot, Zala, John Revill, David Evans Organizations: Credit Suisse, Swiss, REUTERS, Suisse, Aargauer Zeitung, Swiss Federal Archives, Swiss Society, UBS, Thomson Locations: Bern, Switzerland, ZURICH, Swiss

[1/2] The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse//File PhotoBERN, July 13 (Reuters) - A Swiss parliamentary investigation into the role played by state institutions in the collapse and emergency rescue of Switzerland's second biggest lender Credit Suisse will take 12 to 14 months to complete, its president said on Thursday. The investigation committee is Swiss lawmakers' most powerful tool and this is only the fifth time such a parliamentary probe has been launched. It will also examine the role played by financial regulator FINMA as well as the Swiss National Bank. UBS (UBSG.S) agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender.

Persons: Denis Balibouse, Isabelle Chassot, Noele Illien, John Revill, David Evans, Alexandra Hudson Organizations: Credit Suisse, Swiss, REUTERS, Suisse, Swiss National Bank, UBS, Alexandra Hudson Our, Thomson Locations: Bern, Switzerland, BERN, Swiss, Die Mitte, Zurich

ERLANGEN, Germany, July 13 (Reuters) - Siemens (SIEGn.DE) will spend 1 billion euros ($1.12 billion)on new factories and facilities in Germany, the engineering company said on Thursday, as Berlin published a strategy paper highlighting the economic and security risks of investing in China. News of the Erlangen investment came as Berlin published a paper responding to a more assertive China, which included warnings about security risks of investing in the country. Siemens, which last month unveiled a 2 billion euro global investment plan, said it was investing in Germany to accelerate growth and also "increase its resilience." "Siemens is banking on innovation in Germany and launching the next stage of digitalization," Siemens Chief Executive Roland Busch said on Thursday. Under its global investment plan Siemens is also expanding its digital factory in Chengdu and building a new R&D centre in Shenzhen.

Persons: Chancellor Olaf Scholz, Roland Busch, Busch, Siemens, Alexander Huebner, John Revill, Tomasz Janowski Organizations: Siemens, Siemens Healthineers, Thomson Locations: ERLANGEN, Germany, Berlin, China, Erlangen, Beijing, Europe, United States, Chengdu, Shenzhen, Siemens's, Forchheim, Nuremburg, Zurich

ZURICH, July 11 (Reuters) - A rare Swiss parliamentary investigation due to start this week aims to establish what went wrong before the dramatic fall of Credit Suisse, once Switzerland's second biggest bank. It was apparent that Credit Suisse was in difficulties over the last two years after a string of scandals, with customers withdrawing money on a massive scale at the end of 2022. Could the central bank have done more, for example by promising Credit Suisse unlimited liquidity to reassure customers and stem the outflow of funds? It is unclear whether Credit Suisse and UBS executives are obliged to appear if asked, but they are expected to do so due to intense political and public pressure. POSSIBLE OUTCOMESWhile some experts have said the inquiry offers the Swiss authorities an opportunity to redeem themselves, others have warned it could simply become political theatre.

Persons: Peter V Kunz, Isabelle Chassot, Franziska Ryser, John Revill, Tomasz Janowski, Alexander Smith Organizations: Credit Suisse, UBS, Bern University, Swiss, Swiss National Bank, Suisse, Swiss People's Party, Social Democrats, Greens, Green Liberals Party, Thomson Locations: ZURICH, Swiss, Switzerland, Mitte

☆ Julius Baer wants to double assets under management - Handelsblatt
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

ZURICH, July 10 (Reuters) - Swiss bank Julius Baer (BAER.S) can double its assets under management to 1 trillion Swiss francs ($1.12 trillion), CEO Philipp Rickenbacher said in an interview with German daily Handelsblatt on Monday. Achieving the goal would mean a massive increase from the 429 billion francs in assets that Julius Baer currently manages, but it is possible, the daily reported, adding that Rickenbacher declined to give a timeline on when the target could be achieved. "But we are in growth mode and such ambitions are not unrealistic," he said, adding that attracting former Credit Suisse clients will take time. "Perhaps the market has overestimated the speed of the shifts," Rickenbacher said. ($1 = 0.8912 Swiss francs)Reporting by John Revill; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Julius Baer, Philipp Rickenbacher, Rickenbacher, John Revill, Sherry Jacob, Phillips Organizations: Credit Suisse, Silicon Valley Bank, Thomson Locations: ZURICH, Swiss, Silicon

☆ Swiss National Bank's Schlegel not deterred by recent inflation dip - newspaper
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +2 min

"Our mission is to guarantee price stability, that means inflation should be in the range of 0-2%," Schlegel told the newspaper. The market currently sees a 63% chance of a 25 basis point hike by the central bank at its next meeting in September. "This will make labour scarcer, which could mean higher wages and higher prices which would require higher interest rates," Schlegel said. Therefore less capital could be available which would put upward pressure on inflation-adjusted interest rates." The switch to renewable energies and the accompanying large investments this needed could also push up inflation and interest rates, he said.

Persons: Martin Schlegel, Schlegel, John Revill, Hugh Lawson Organizations: Swiss National Bank, Schweiz, Thomson Locations: ZURICH

☆ UBS overhauls leadership at wealth management division
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

ZURICH, July 6 (Reuters) - UBS's (UBSG.S) flagship global wealth management business on Thursday announced a raft of management changes triggered by the Swiss bank's takeover of Credit Suisse. Former Credit Suisse executive Michael Marr will become the head of Global Wealth Management Australia at UBS, according to a person familiar with the matter. The move marks the re-entry of UBS's wealth management business into Australia after several years. The decisions had been based on "fairness and meritocracy," said Iqbal Khan, the president of UBS Global Wealth Management, in a memo seen by Reuters. Thursday's announcement follows a raft of management changes UBS announced last month when it formally completed the takeover of its former rival.

Persons: Michael Marr, Puneet Matta, Lisa Golia, Morgan Stanley, Iqbal Khan, Khan, Sergio Ermotti, Ruben Mangold, Oliver Hirt, John Revill, David Evans Organizations: Credit Suisse, Former Credit Suisse, Global Wealth Management, UBS, UBS Global Wealth Management, Reuters, Credit Suisse's, Shipping Finance, Thomson Locations: ZURICH, Swiss, Australia, India, Dubai, London, Singapore, United States, Credit Suisse's Swiss

☆ Credit Suisse investor group joins claim seeking better UBS takeover price
▼ + stars: | 2023-07-04 | by ( John Revill | ) www.reuters.com time to read: +3 min

ZURICH, July 4 (Reuters) - A Swiss proxy adviser representing some former Credit Suisse shareholders has backed a class-action lawsuit seeking a better price from UBS (UBSG.S) for its takeover of its cross-town rival, it said on Tuesday. Under the deal, sealed last month, Credit Suisse shareholders were offered one UBS share for 22.48 Credit Suisse shares, valuing the stricken bank at 3 billion Swiss francs ($3.35 billion). Just 48 hours before deal was struck, Credit Suisse was worth 7 billion francs, Ethos said. If successful, all Credit Suisse shareholders would benefit from the new exchange ratio, it said. Ethos has previously raised concerns about how the acquisition of Credit Suisse by UBS was carried out, particularly that the deal was forced through without consulting shareholders.

Persons: Vincent Kaufmann, LegalPass, FINMA, Kaufmann, Alexandre Osti, John Revill, Conor Humphries Organizations: Credit Suisse, UBS, Ethos Foundation, Credit, Suisse, Thomson Locations: ZURICH, Swiss, Lausanne, Zurich, LegalPass

☆ Neutral Switzerland wants to take part in Sky Shield defence project
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +2 min

ZURICH, July 4 (Reuters) - Switzerland wants to participate in the European Sky Shield air defence umbrella, the government said on Tuesday, a move which critics say is incompatible with the country's long-standing tradition of neutrality. European Sky Shield is a common air defence scheme set up by Germany in 2022 to boost European air defence, an issue which has come into sharper focus since Russia's invasion of Ukraine. "Switzerland wishes to participate in the European Sky Shield Initiative and a declaration of intent is due to be signed in Bern," the Defence Ministry told Reuters, confirming an earlier report by broadcaster SRF. Some 17 European countries have so far signed up to the Sky Shield project including Germany, Britain, Finland and Sweden. The Sky Shield move has provoked concerns from Switzerland's neutrality lobby.

Persons: Viola Amherd, Werner Gartenmann, John Revill, Gareth Jones Organizations: Sky, Swiss, Sky Shield, Defence Ministry, Reuters, SRF, Patriot, Pro Schweiz, NATO, Thomson Locations: ZURICH, Switzerland, Germany, Ukraine, Austria, Bern, Britain, Finland, Sweden, Swiss, Denmark

☆ UBS to announce changes to next management level soon - CEO
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 27 (Reuters) - UBS (UBSG.S) will announce further changes to its management as it seeks to integrate Credit Suisse following the recent takeover of its former rival, the Swiss bank's chief executive said on Tuesday. UBS announced a raft of management changes shortly after it completed the takeover earlier this month. "Within the next 20 days we will announce the third level, so it means around 1,200-1,500 people will have clear responsibilities," he said. Ermotti said he was confident he will be able to give more details on the integration by the end of the summer. UBS has pushed back its second quarter results to the end of August.

Persons: Sergio Ermotti, Ermotti, Noele Illien, John Revill, Tomasz Janowski Organizations: UBS, Suisse, Zero, Credit, Thomson Locations: ZURICH, Swiss, Zurich

☆ SNB to launch digital currency pilot - chairman
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 26 (Reuters) - The Swiss National Bank (SNB) is to issue a wholesale central bank digital currency (CBDC) on Switzerland's SIX digital exchange as part of a pilot, the central bank's chairman said at a conference in Zurich on Monday. As opposed to wholesale CBDCs which use tokenised securities, the SNB has long been cautious about the use of public, or retail, CBDCs. Jordan said he was concerned about potential risks retail CBDCs could have for the financial system, while the use of them was more difficult to control. "We do not exclude that we will never introduce retail [CBDCs] but nevertheless we are a little bit prudent at the moment," he said. "It is the one way that retail households can hold central bank money," she said.

Persons: Thomas Jordan, Jordan, Andrea Maechler, Noele Illien, John Revill, Alison Williams, Mark Potter Organizations: Swiss National Bank, Switzerland's SIX, Zero, Thomson Locations: ZURICH, Zurich, Central, CBDCs, Switzerland

☆ Swiss central bank signals more tightening to come after latest rate hike
▼ + stars: | 2023-06-22 | by ( John Revill | ) www.reuters.com time to read: +4 min

Although Swiss inflation ebbed to 2.2% in May from 2.6% in April, there was still more work to be done to tackle rising prices, Jordan told reporters. Although modest by international standards, Swiss inflation has remained above the SNB's 0-2% target range since February 2022. Reuters GraphicsThe latest SNB hike followed an increase by the European Central Bank, which last week raised euro zone borrowing costs to their highest level in 22 years. Reuters Graphics Reuters GraphicsEven with the Thursday's rate increase, the SNB forecast Swiss inflation would remain above its 0-2% target by 2026. "Before today's meeting, I thought that this rate hike was going to be the last of the cycle," she said.

Persons: Thomas Jordan, Jordan, Gero Jung, Charlotte de, John Revill, Noele, Maria Sheahan, Tomasz Janowski Organizations: Swiss National Bank, Swiss, Reuters, European Central Bank, U.S . Federal Reserve, Reuters Graphics Reuters, Charlotte de Montpellier, ING, Thomson Locations: ZURICH, Switzerland

☆ Swiss central bank raises rates again, signals may need to do more
▼ + stars: | 2023-06-22 | by ( John Revill | ) www.reuters.com time to read: +1 min

ZURICH, June 22 (Reuters) - The Swiss National Bank raised its policy interest rate by 25 basis points on Thursday as the central bank pressed ahead with its campaign to dampen stubborn inflation and left the door open for more tightening. The increase, in line with forecasts in a Reuters poll, meant Swiss interest rates were now at their highest level since April 2002. The central bank said it was tightening monetary policy further to counter inflationary pressure, which has increased again over the medium term. "It cannot be ruled out that additional rises in the SNB policy rate will be necessary to ensure price stability over the medium term," it said in a statement. The SNB said it also remained ready to intervene in currency markets to maintain price stability, which it defines as an inflation rate of 0-2%.

Persons: John Revill, Tomasz Janowski, Maria Sheahan Organizations: Swiss National Bank, Swiss, Thomson Locations: ZURICH

☆ Swiss National Bank calls for new measures after Credit Suisse crash
▼ + stars: | 2023-06-22 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

ZURICH, June 22 (Reuters) - The Swiss National Bank (SNB) on Thursday said it was crucial to draw lessons from the Credit Suisse crisis that led to the bank's downfall and forced rescue by rival UBS (UBSG.S) and consider measures that would prevent such events in the future. Switzerland's largest bank recently grew even bigger, following its rescue of embattled Credit Suisse in a takeover engineered by Swiss authorities in March and formalised by UBS on June 12. The SNB said it was not yet able to judge how resilient the newly merged bank would be. The central bank said there were, however, three key observations to come from the crisis, including that compliance with capital requirements is necessary but not sufficient to ensure confidence in a bank. The SNB also said that the scale and pace of deposit outflows at Credit Suisse that resulted from the loss of confidence were unprecedented and more severe than assumed under the liquidity regulations.

Persons: Noele Illien, John Revill, Tomasz Janowski Organizations: Swiss National Bank, Credit Suisse, UBS, Swiss, Thomson Locations: ZURICH, Switzerland, Swiss

☆ Swiss referendum set to back global minimum corporate tax, climate goals
▼ + stars: | 2023-06-18 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

SummarySummary Companies Swiss set to back 15% minimum business taxMinimum tax backed by business groupsClimate law, rejected in 2021, set to passExtension to COVID-19 law also set to win approvalZURICH, June 18 (Reuters) - Swiss voters looked set to approve proposals to introduce a global minimum tax on businesses and a climate law that aims to cut fossil fuel use and reach zero emissions by 2050, projections by public broadcaster SRF showed on Sunday. The projections, based on counted votes, showed 88% of those who voted in Sunday's national referendum backed raising the country's business tax to the 15% global minimum rate from current average minimum of 11%, while 55% supported the climate law. In 2021, Switzerland joined almost 140 countries that signed up to an Organisation for Economic Cooperation and Development (OECD) deal to set a minimum tax rate for big companies, a move aimed at limiting the practice of shifting profits to low tax countries. The climate law, brought back in a modified form after it was rejected in 2021 as too costly, has stirred up more debate with those campaigning against it gaining traction in recent weeks. We want the additional tax revenue to stay in the country, and be used to improve its attractiveness for businesses," said Christian Frey, from Economiesuisse, a lobby group.

Persons: SRF, Christian Frey, Noele Illien, John Revill, Emma Farge, Tomasz Janowski, Frances Kerry, Hugh Lawson Organizations: ZURICH, Economic Cooperation, Development, Google, Nestle, Reuters Graphics, Thomson Locations: COVID, Switzerland, Economiesuisse

☆ Siemens to invest $2.2 bln to ramp up global production
▼ + stars: | 2023-06-15 | by ( John Revill | ) www.reuters.com time to read: +3 min

[1/4] Siemens CEO Roland Busch announces their plans for a new Singapore plant, at their office in Singapore June 15, 2023. Siemens will also increase its research and development spending by 500 million euros this year, the company said on Thursday. The company, which employs 311,000, is seen as a bellwether for the health of the global industrial economy. Siemens also wants to grow faster than rivals and increase market share, Busch told analysts last month. Still, on Thursday Siemens said it was also investing 140 million euros to expand its digital factory in the Chinese city of Chengdu and building a new R&D centre in Shenzhen.

Persons: Roland Busch, Edgar Su, Busch, Wirtschaftswoche, John Revill, Tomasz Janowski Organizations: Siemens, REUTERS, Company, Deal, Thomson Locations: Singapore, ZURICH, United States, Europe, Beijing, Washington, China, Chengdu, Shenzhen

☆ Bain Capital makes $3.2 bln offer for SoftwareOne, board says it's too low
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

ZURICH, June 15 (Reuters) - Bain Capital Private Equity has made an offer for SoftwareOne (SWON.S) which values the Swiss software management company at 2.9 billion Swiss francs ($3.21 billion), Bain said on Thursday. In its response, SoftwareOne board, said the offer "materially undervalues" the company and was not in its best interest or that of the majority of its shareholders. Bain has made an all cash offer of 18.50 Swiss francs per share to take the company private, it said. The company's shares, which closed at 15.17 Swiss francs on Wednesday, were up 19.8% in pre-market trade. In its statement, SoftwareOne confirmed that the "indicative, unsolicited and non-binding offer from Bain Capital" it had received was supported by those shareholders.

Persons: Bain, SoftwareOne, Daniel von Stockar, Rene Gilli, von Stockar, John Revill, Tomasz Janowski Organizations: Bain Capital Private Equity, Microsoft, Adobe, IBM, Bain Capital, Bain, Thomson Locations: ZURICH, Swiss, Stans, Switzerland

☆ Low-tax Switzerland votes on global minimum corporate tax rate
▼ + stars: | 2023-06-14 | by ( John Revill | ) www.reuters.com time to read: +4 min

In 2021 almost 140 countries including Switzerland agreed to an Organisation for Economic Cooperation and Development (OECD) deal to ensure large companies pay a minimum tax rate of 15%, to prevent them trying to avoid taxation by transferring profits to low tax countries. Reuters GraphicsEach of Switzerland's 26 cantons can set its own corporate tax rate, but the federal government would impose a top-up tax to ensure companies are paying 15 percent, raising up to 2.5 billion Swiss francs ($2.76 billion) in tax revenue. She said last month, "this minimum tax is coming, with or without Switzerland." Swiss Holdings, a group representing 62 multinationals in Switzerland including Nestle, Johnson & Johnson, and IKEA, supported the minimum tax. Stefan Kuhn, Head of Tax and Legal at KPMG Switzerland, said the top-up tax "gives cantons the money to do something smart to remain competitive."

Persons: Arnd, Fabian Molina, Karin Keller, Johnson, Christian Frey, Stefan Kuhn, Kuhn, John Revill, Alexandra Hudson Organizations: REUTERS, Switzerland Broad, Economic Cooperation, Development, GFS, Google, Nestle, Reuters, Union, Social Democrats, Sutter, OECD, Swiss Holdings, Johnson, IKEA, KPMG Switzerland, Alexandra Hudson Our, Thomson Locations: Bernese, Lake Zug, Zug, Switzerland, ZURICH, Swiss, GFS Bern, Germany, Japan, Basel, Economiesuisse

☆ Credit Suisse shares close slightly higher on final trading day
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 12 (Reuters) - Credit Suisse (CSGN.S) shares closed 1% higher at 0.81 Swiss francs ($0.89) on Monday, their last trading day after the stricken bank's takeover by Swiss rival UBS (UBSG.S). Under the terms of the 3 billion franc all-share transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares they held. Credit Suisse shares have lost 86% in value over the last 12 months after the lender was hit was a collapse in customer confidence, necessitating a state-orchestrated rescue by its larger Swiss peer. The final price underlines a massive collapse in value at Credit Suisse. In 2007 its shares had traded at 81 francs, 100 times their final price.

Persons: John Revill, Toby Chopra Organizations: Credit Suisse, UBS, UBS Group, Thomson Locations: ZURICH, Swiss, Switzerland

☆ Factbox: Credit Suisse arrivals and departures after UBS seals takeover
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

Here are the highlights:OUTLeaving the company:* Credit Suisse General Counsel Markus Diethelm. The Swiss-Italian national returned to Credit Suisse in January 2022 as head of its wealth management division after a stint leading Australian wealth management company AMP. NEWCOMERSA logo is pictured on the Credit Suisse bank in Geneva, Switzerland, March 15, 2023. REUTERS/Denis Balibouse/File PhotoAppointments to the executive board of Credit Suisse AG:* Michael Ebert - becomes Head of Credit Suisse for the investment bank, and head of Americas for the investment bank at UBS. * Andre Helfenstein - continues as CEO Swiss bank, the jewel in the Credit Suisse business whose future UBS is currently considering.

Persons: Markus Diethelm, Romeo Cerutti, Dixit Joshi, Edwin Low, David Miller, Ken Pang, Pang, Francesco De Ferrari, Iqbal Khan, Joanne Hannaford, Mike Dargan, David Wildermuth, Christian Bluhm, Denis Balibouse, Michael Ebert, Simon Grimwood, Isabelle Hennebelle, Claude Honegger, Mike Rongetti, Jake Scrivens, Yves, Alain Sommerhalder, Damian Vogel, Christine Graeff, Andre Helfenstein, Francesca McDonagh, Nita Patel, Goldman Sachs, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Credit, Deutsche Bank, Asia, Global, UBS Global Wealth Management, Italian, AMP, Wealth Management, . Technology, UBS Group, Operations, Technology, Americas, REUTERS, Credit Suisse AG, Credit Suisse Operations, Credit Suisse Chief Technology, Suisse Asset Management, EMEA, European Central Bank, Human, Swiss, Thomson Locations: ZURICH, China, Americas, Asia, Hong Kong, Swiss, Geneva, Switzerland

THE SWISS BANKPossibly the first hurdle is a politically fraught decision on Credit Suisse's "crown jewel", its domestic business. But UBS will have to weigh that against public pressure to keep the Credit Suisse business separate with its own brand, identity and, critically, workforce. However, insiders talk of rivals aggressively wooing Credit Suisse clients and employees. Clients who would typically bank both with UBS and Credit Suisse to spread their risk, might now take some of that business elsewhere. One potential risk stems from legal challenges to the decision by Swiss authorities to write off special AT1 bonds issued by Credit Suisse.

Persons: Sergio Ermotti, Ermotti, Colm Kelleher, Alan Mudie, Arturo Bris, Kelleher, Lars Schweizer, John Revill, Oliver Hirt, Noele Illien, Tomasz Janowski, Elisa Martinuzzi, Alexander Smith Organizations: Credit Suisse, UBS, Suisse, Woodman Asset Management, Finance, International Institute for Management Development, Reuters Graphics, Credit, Frankfurt University, Barclays, Thomson Locations: ZURICH, Switzerland, Swiss, Lausanne

☆ UBS CEO says around 10% of Credit Suisse employees have left the bank
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 12 (Reuters) - UBS's (UBSG.S) Chief Executive Sergio Ermotti said around 10% of Credit Suisse (CSGN.S) staff have already left the company before its takeover by his bank. "It's true that around 10% of the workforce have already left in the last few months before the takeover," Ermotti told Swiss broadcaster SRF in an interview. UBS earlier on Monday said it had completed its emergency takeover of stricken local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management. The two banks jointly employ 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies. UBS also announced a raft of management changes following the takeover.

Persons: Sergio Ermotti, Ermotti, Noele Illien, John Revill Organizations: Credit Suisse, SRF, UBS, Thomson Locations: ZURICH, Swiss

☆ Swiss National Bank Chairman hints at rate rises to tackle inflation
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

"Most central banks have an inflation target of about 2%, the SNB is slightly more conservative," Jordan said. "Of course if inflation is higher than the target, monetary policy must be restrictive," Jordan told the newspaper. Earlier this week Jordan in a separate public appearance, said he could not rule out tightening monetary policy to tackle stubborn Swiss inflation. In the newspaper interview Jordan said price stability created the best environment for economic growth, and was important for social stability and fairness. "When inflation is above 2%, people with lower incomes especially suffer," Jordan told the newspaper.

Persons: Thomas Jordan, Jordan, John Revill, Tomasz Janowski Organizations: Swiss National Bank, Corriere del, Thomson Locations: ZURICH, Corriere del Ticino, Switzerland

The loss protection agreement (LPA) will become effective with the completion of Credit Suisse takeover, expected as early as June 12, UBS said in a separate statement. The guarantees will kick in if UBS incurs losses from the sale of Credit Suisse assets beyond 5 billion francs that the lender is due to cover itself. The money was made available by the government to ease the emergency takeover of Credit Suisse, whose collapse risked triggering a global financial crisis. "To make the takeover possible, the government granted UBS a guarantee for any losses incurred in the liquidation of Credit Suisse assets," the government said in a statement. The agreement will remain in place until the final realisation of the Credit Suisse assets.

Persons: Denis Balibouse, Noele Illien, John Revill, Tomasz Janowski Organizations: Swiss, UBS, REUTERS, Suisse, Credit Suisse, country's Social, Credit Suisse's, Thomson Locations: Zurich, Switzerland, ZURICH, Swiss

Search resuls for: "John Revill"

25 mentions found