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

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

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

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

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

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

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

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

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

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

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

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

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

☆ Winners and losers likely as Switzerland absorbs Credit Suisse layoffs
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +5 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. In Switzerland, up to 10,000 jobs could be affected with Zurich bearing the brunt if UBS goes ahead with its indicated preferred option of absorbing Credit Suisse and cutting overlapping jobs and operations. "The large banks have many highly paid very specialized roles, where frankly there is very little demand in the market outside UBS and Credit Suisse," he said. Job cuts at Credit Suisse will hit Swiss and foreign nationals on its payroll, which may mean some have to leave Switzerland if they can't find a new job. Swiss banks have been looking in particular to snap up relationship managers with strong client relationships and solid books.

Persons: Denis Balibouse, headhunter Fredy Hausammann, Hausammann, Adecco, Balz Stueckelberger, Sergio Ermotti, Lombard Odier, Marco Arnold, Giorgio Pradelli, Pradelli, EFG, Noele Illien, Susan Fenton Organizations: UBS, Credit Suisse, REUTERS, Reuters, State Secretariat, Economic Affairs, Arbeitgeber Banker, Swiss, EFG's, Thomson Locations: Zurich, Switzerland, Swiss, Europe, Zug

A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyNEW YORK, Aug 2 (Reuters) - UBS Group (UBSG.S) is laying off employees from Credit Suisse's investment bank this week in New York, a source familiar with the situation said. Bloomberg reported about the closure of the Houston office late on Tuesday. The job cuts come after UBS closed a government-backed deal to buy Credit Suisse in June. Since the announcement of the deal, UBS has made clear it will reduce the risk of Credit Suisse's investment bank.

Persons: Pierre Albouy, Tatiana Bautzer, Chris Reese, Diane Craft Organizations: Credit Suisse, UBS, REUTERS, Credit, Bloomberg, Thomson Locations: Zurich, Switzerland, New York, Houston

☆ Wall Street analysts become even more bullish on Meta after its latest earnings report
▼ + stars: | 2023-07-27 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

Meta has had a breakout year in 2023 — and Wall Street analysts think the stock has even further room to grow after company's latest quarterly report. The new target price implies more than 25% upside from Wednesday's close. Bank of America analyst Justin Post also increased his price target on Meta shares to $375 from $350. META YTD mountain Meta shares in 2023 Meanwhile, UBS hiked its price target to $400 from $335, implying 34% further upside. He reiterated his overweight rating while lifting his price target to $425 from $300, one of the highest on the Street.

Persons: Meta, Morgan Stanley, Brian Novak, Novak, Justin Post, Goldman Sachs, Eric Sheridan, Sheridan, Wells, Ken Gawrelski, Gawrelski, Stephen Ju, Ju, UBS's Lloyd Walmsley, Walmsley, Doug Anmuth, — CNBC's Michael Bloom Organizations: Wall Street, Meta, Bank of America, Citi, Reality Labs, UBS, Credit Suisse Locations: opex

☆ UBS agrees to pay $388 million over Credit Suisse's Archegos failings
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

ZURICH, July 24 (Reuters) - UBS (UBSG.S) has been ordered to pay $388 million to British and U.S. regulators over Credit Suisse's dealings with private investment firm Archegos Capital Management, the Swiss bank said on Monday. The settlement is the first of several that UBS could have to pay after it last month closed its takeover of Credit Suisse, which was involved in a number of legal battles. Under the agreement, UBS is to pay the U.S. Federal Reserve $268.5 million and the UK's Prudential Regulation Authority 87 million pounds ($111.6 million). Reports ahead of time had suggested the U.S. regulator would impose a penalty of up to $300 million and the UK regulator would fine UBS up to 100 million pounds over the bank's dealings with Archegos. ($1 = 0.7797 pounds)Reporting by Noele Illien and John Revill; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Noele Illien, John Revill, Jan Harvey Organizations: UBS, Archegos Capital Management, Credit Suisse, U.S . Federal, Prudential, Archegos, Thomson Locations: ZURICH, U.S, Swiss

☆ Fed fines UBS $268.5 mln for Credit Suisse missteps with Archegos
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, July 24 (Reuters) - The U.S. Federal Reserve announced Monday it had fined UBS Group AG $268.5 million for Credit Suisse's misconduct around its dealings with the defunct investment firm Archegos Capital Management. The Fed said Credit Suisse, which UBS acquired in June, repeatedly failed to address risk management shortcomings in its dealings with the firm, and lost $5.5 billion when it collapsed in 2021. UBS will pay a total of roughly $387 million in fines as Swiss and British authorities also took actions against the bank. Reporting by Pete Schroeder; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Pete Schroeder, Chizu Organizations: U.S . Federal Reserve, UBS, Archegos Capital Management, Fed, Credit Suisse, Thomson

☆ Hollywood strike may soon turn destructive for media stock investors, analysts say
▼ + stars: | 2023-07-20 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

"We're getting to a point of being very destructive to the entertainment ecosystem," said Rosenblatt Securities analyst Barton Crockett. Bazinet said to expect the walkout to last into the fourth quarter, which would mean a writers' strike lasting between around 150 and 240 days and an actors' strike in a range of 70 and 160 days. The strikes could cost the film and TV industry about $150 million per week, Citigroup's Bazinet wrote, using inflation-adjusted data from the 1980 actors' strike. "The lasting impacts are: [it] makes the streamers stronger and the traditional media companies weaker," Crockett said. JPMorgan analyst David Karnovsky downgraded movie theatre chain Cinemark shares to neutral from overweight earlier this week, citing the strike.

Persons: We're, Barton Crockett, Jason Bazinet, Bazinet, Douglas Mitchelson, Mitchelson, Goldman Sachs, Brett Feldman, Philip Cusick, Cusick, Goldman's Feldman, Citigroup's Bazinet, Rosenblatt's Crockett, Crockett, Feldman, Barbie, Oppenheimer, Stephen Laszczyk, David Karnovsky, Karnovsky, — CNBC's Michael Bloom Organizations: Screen, – American Federation of Television, Radio Artists, Alliance, Television Producers, Writers Guild of America, Rosenblatt Securities, Media, AMC, Disney, Warner Bros, Discovery, Paramount, Netflix, UFC, Endeavor, WWE, SAG, Credit Suisse, JPMorgan, AMC Networks, WBD, Covid, Comcast, CNBC

☆ UBS investors warm to Credit Suisse deal
▼ + stars: | 2023-07-17 | by ( Oliver Hirt | ) www.reuters.com time to read: +6 min

Several fund managers who hold UBS stock have told Reuters they think UBS has bought Credit Suisse at a good price, with some even describing it as a steal. "UBS got Credit Suisse for practically nothing, so accordingly the deal will work out for them," another investor told Reuters. Still, UBS inherits a troubled legacy at Credit Suisse, said Thomae, pointing to legal risks which UBS has said could cost billions of dollars. Rivals have poached entire teams from Credit Suisse, he said, and some clients are likely to follow them. Deka's Thomae said UBS and Credit Suisse together would have a market share in Switzerland that is just within acceptable limits.

Persons: Colm Kelleher, Guy de Blonay, Andreas Thomae, Thomae, de Blonay, De Blonay, JP Morgan, Kian Abouhossein, Julius Baer, Deka's Thomae, Oliver Hirt, John Revill, David Holmes Organizations: Credit Suisse, UBS, Switzerland's, Reuters, Jupiter Asset Management, CS, Swiss, UBS AG, Credit Suisse AG, STATE, Deka Investment, Fund, Rivals, Suisse, JP, Suisse's, Investors, Credit, Thomson Locations: ZURICH, Suisse's Swiss, Switzerland

☆ UBS to retain EY as auditor after Credit Suisse takeover, Financial Times reports
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

July 16 (Reuters) - UBS Group (UBSG.S) has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision. UBS 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. PwC in Credit Suisse's 2022 annual report had included an "adverse opinion" on the effectiveness of the bank's internal controls over its reporting but said its statements "present fairly, in all material respects" the financial position of the bank from 2020 through 2022. UBS and EY did not immediately respond to requests for comment on the FT report while PwC said it would not be making any comment on the story. ($1 = 0.8617 Swiss francs)Reporting by Juby Babu in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: EY, PwC, Juby Babu, Jamie Freed Organizations: UBS, Financial Times, Big, PricewaterhouseCoopers, Credit Suisse, Thomson Locations: Bengaluru

☆ UBS to retain EY as auditor after Credit Suisse takeover- FT
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

July 16 (Reuters) - UBS Group (UBSG.S) has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision. The size of the contract will require the Big Four accounting firm to call in staff from other countries to work on the audit, two people told the FT.PricewaterhouseCoopers (PwC), which has been Credit Suisse's auditor since 2020, will audit the acquired bank's accounts for 2023, according to the newspaper. UBS 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. UBS, EY and PwC did not immediately respond to requests for comment on the FT report. ($1 = 0.8617 Swiss francs)Reporting by Juby Babu in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: PwC, Juby Babu, Jamie Freed Organizations: UBS, Financial Times, Big, PricewaterhouseCoopers, Credit Suisse, EY, Thomson Locations: Bengaluru

☆ Real-estate guru Brandon Turner shares the low-risk investing approach his company is now taking amid housing market uncertainty — and which strategies he's avoiding
▼ + stars: | 2023-07-12 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

He's still bullish on real-estate investing as a strategy to build wealth. But he's taking a buy-and-hold approach right now, and not taking out risky loans. It's hard to imagine anyone who hails the virtues of real-estate investing more than Brandon Turner. He again sang the praises of real-estate investing as a method for building generational wealth, and brushed off calls for a housing market crash that have grown louder since last year. But that's not to say Turner is particularly bullish on every investing approach right now.

Persons: Brandon Turner, He's, Turner, David Greene, that's, Skylar Olsen, Anne Curry, Morgan Stanley's Ellen Zentner, Ray Farris, Ian Shepherdson Organizations: Credit

☆ 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

☆ UBS looks to axe 30% of staff and keep Credit Suisse's domestic business - source
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

UBS could axe around 30% of its combined workforce, which has expanded to 120,000 following the state-brokered rescue earlier this year, that person told Reuters on Wednesday. UBS declined to comment, while Credit Suisse did not immediately respond to a request for comment. Such plans indicate that UBS wants to absorb Credit Suisse's domestic business, streamlining operations and cutting costs in the process, a controversial decision which could trigger concerns about the bank's domestic market dominance. Earlier this month, UBS Chief Executive Sergio Ermotti warned of painful decisions about job cuts following the takeover of Credit Suisse, but provided no numbers. Reuters reported last week reported that UBS will cut Asia investment banking jobs at Credit Suisse next month, with significant reduction in investment bankers covering Australia and China.

Persons: Sergio Ermotti, Oliver Hirt, Tomasz Janowski Organizations: UBS, Credit Suisse, Reuters, Wednesday, Bloomberg, Thomson Locations: Swiss, Zurich, Switzerland, Asia, Australia, China

☆ UBS to cut more than half of Credit Suisse workforce, Bloomberg reports
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - UBS Group (UBSG.S) is looking to cut more than half of Credit Suisse's workforce from next month as a result of the bank's takeover, Bloomberg News reported on Tuesday. Bankers, traders, support staff in Credit Suisse's investment bank in London, New York, and in some parts of Asia are expected to bear the brunt, with almost all activities at risk, the report said. UBS and Credit Suisse declined to comment. Reuters had last week reported that UBS will cut Asia investment banking jobs at Credit Suisse next month, with significant reduction in investment bankers covering Australia and China. Earlier this month, UBS Chief Executive Sergio Ermotti warned of painful decisions about job cuts following the takeover of Credit Suisse, but did not give details about the number of potential layoffs.

Persons: Sergio Ermotti, Rishabh, Arun Koyyur Organizations: UBS, Bloomberg, . Bankers, Credit, headcount, Credit Suisse, Reuters, Thomson Locations: London , New York, Asia, Swiss, Australia, China, Bengaluru

☆ 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

☆ UBS to cut more than half of Credit Suisse workforce - Bloomberg News
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

☆ Tens of thousands of Credit Suisse staffers are about to find out if they still have a job
▼ + stars: | 2023-06-27 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +3 min

UBS is set to begin slashing jobs at Credit Suisse. Credit Suisse bankers, traders, and support staff in New York will be among those bearing the brunt of the cuts, Bloomberg says, in addition to those in London and some Asian locations. "The investment banking business at Credit Suisse is in a lot of trouble," Oliver Rolfe, the founder of London-based recruiting firm Spartan International, said at the time. "There is so much overlap" between Credit Suisse and UBS. Credit Suisse had already been trimming its headcount before its troubles forced Swiss regulators to take action.

Persons: Goldman Sachs, Morgan Stanley, Lazard, Oliver Rolfe Organizations: UBS, Credit Suisse, JPMorgan, Morning, Bloomberg, Jefferies, London, Spartan International, JPMorgan Chase, Citigroup Locations: York, Blackstone, New York, London, Swiss

☆ UBS to cut more than half of Credit Suisse workforce, report says
▼ + stars: | 2023-06-27 | 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. UBS Group is looking to cut more than half of Credit Suisse's workforce from next month as a result of the bank's takeover, Bloomberg News reported on Tuesday. Bankers, traders, support staff in Credit Suisse's investment bank in London, New York, and in some parts of Asia are expected to bear the brunt, with almost all activities at risk, the report said. UBS and Credit Suisse declined to comment. Reuters had last week reported that UBS will cut Asia investment banking jobs at Credit Suisse next month, with significant reduction in investment bankers covering Australia and China.

Persons: Sergio Ermotti Organizations: Suisse, UBS Group, Bloomberg, . Bankers, Credit, UBS, headcount, Credit Suisse, Reuters Locations: Geneva, London , New York, Asia, Swiss, Australia, China

[1/2] The HSBC headquarters is seen in the Canary Wharf financial district in east London February 15, 2015. The ripple effects of so many companies slashing office space has significantly impacted wider markets. 'GENIE OUT OF THE BOTTLE'HSBC for its part has one of the most aggressive targets to cut office space among major employers, with a commitment to axe around 40% globally. Canary Wharf Group, the Docklands commercial landlord, declined to comment. One of the Canary Wharf estate's newer developments, the YY building - a recently completed redevelopment of Thomson Reuters' former headquarters opposite Canary Wharf station - remains vacant, Bloomberg has reported.

Persons: Peter Nicholls, Tony Travers, Travers, Knight Frank, Weil, Gerardine Davies, HSBC's, Moody's, YY, Andrew Mawson, Iain Withers, Chiara Elisei, Sinead Cruise, Paul Sandle, Mark Potter Organizations: HSBC, REUTERS, Companies, London School of Economics, of, Perenna Capital Management, BT, UBS, City of London Corporation, Canary, Canary Wharf Group, Docklands, Thomson Reuters, Bloomberg, Workplace Associates, Employees, Thomson Locations: Canary, London, St Paul's Cathedral, of London, Real, Sweden, Aldgate, City, Swiss, Docklands, Canary Wharf

[1/3] Chief Executive Officer of Credit Suisse, Thomas Gottstein, speaks during the fourth annual Future Investment Initiative in Riyadh, Saudi Arabia, January 27, 2021. REUTERS/Ahmed Yosri/File PhotoZURICH, June 22 (Reuters) - A group of Credit Suisse AT1 bondholders has filed a class action suit accusing former executives at the Swiss bank, including three past chief CEOs, of being responsible for the bank's downfall. "Credit Suisse’s directors and senior executives, and the rotten culture they instilled and fostered, destroyed trust in the bank, which led to its collapse," the lawsuit said. The lawsuit also accused executives of "creating and perpetuating a culture at Credit Suisse that placed profits, excessive risk-taking, and self-dealing over sound risk management and compliance with the law." Last month, Switzerland’s Federal Administrative Court said it has received 230 claims against the country’s financial regulator FINMA after it wrote off the value of Credit Suisse’s AT1 bonds.

Persons: Thomas Gottstein, Ahmed Yosri, Tidjane Thiam, Brady Dougan, litigators, Noele, Tomasz Janowski Organizations: Credit Suisse, Investment, REUTERS, UBS, Court, Thomson Locations: Riyadh, Saudi Arabia, ZURICH, Swiss, New York, Switzerland’s Federal

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