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Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The report, however, exposed tensions and conflicts at the heart of a process that ultimately required Switzerland to initially back the emergency rescue of Credit Suisse by rival UBS (UBSG.S) with public money to avert panic. The officials summed up that the "resolution" rules for shutting a collapsing bank without panicking markets could have worked for Credit Suisse, though public money would still likely have been needed. The FSB report sheds new light on events that led to Credit Suisse's downfall. The FSB said Switzerland's action preserved financial stability, even if it raised questions as to why the resolution was not chosen.
Persons: Denis Balibouse, Karin Keller, Sutter, Switzerland's Keller, FINMA, Andrew Bailey, Arturo Bris, Mayra Rodriguez Valladares, Arthur Wilmarth, it’s, Tatiana Bautzer, Elisa Martinuzzi, Stefania Spezzati, Pete Schroeder, Mark Potter, Nick Zieminski Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Swiss, U.S, Bank of England, IMD, Bank, MRV Associates, Banco, George Washington University Law School, Thomson Locations: Zurich Switzerland, Switzerland, Swiss, U.S
At Allianz, CEO stays but CFO goes
  + stars: | 2023-10-02 | by ( ) www.reuters.com   time to read: +1 min
The logo of Allianz is seen on a building in Paris, France, April 30, 2020. Baete, whose contract was extended to 2028, said: "I thank the Supervisory Board for their confidence and support." Chief Financial Officer Giulio Terzariol is leaving to head the insurance division at Generali, the Italian company announced on Monday. Allianz has appointed Claire-Marie Coste-Lepoutre to succeed him as finance chief. Coste-Lepoutre is a French national who has been with Allianz since 2011, with previous stints at Swiss Re, SCOR and McKinsey.
Persons: Charles Platiau, Oliver Baete, Baete, Giulio Terzariol, Claire, Marie Coste, Lepoutre, Tom Sims, Alexander Huebner, Miranda Murray Organizations: Allianz, REUTERS, Rights, U.S . Department of Justice, U.S . Securities, Exchange Commission, Board, Monday, Swiss, SCOR, McKinsey, Thomson Locations: Paris, France, U.S, Generali, Italian, French
REUTERS/Denis Balibouse Acquire Licensing RightsZURICH, Sept 28 (Reuters) - Switzerland's glaciers suffered their second worst melt rate this year after record 2022 losses, shrinking their overall volume by 10% in the last two years, monitoring body GLAMOS said on Thursday. "This year was very problematic for glaciers because there was really little snow in winter, and the summer was very warm," Matthias Huss, who leads Glacier Monitoring Switzerland (GLAMOS), told Reuters. This year, low winter snowfall combined with an early start and a late end to the summer melt season dealt the heavy losses, GLAMOS said. "We are really losing the small glaciers," Huss said. Swiss records go back to at least 1960 and as far back as 1914 for some glaciers.
Persons: Denis Balibouse, GLAMOS, Matthias Huss, Huss, " Huss, Emma Farge, Timothy Gardner Organizations: REUTERS, Rights, Reuters, Thomson Locations: Obergoms, Switzerland, Swiss, Blanc's
The U.S. homeowner’s insurance industry has had three straight years of underwriting losses, according to credit rating agency AM Best. Record numbers of Americans are now insured through state-affiliated “insurers of last resort” like California’s FAIR Plan, or Louisiana or Florida’s Citizens property insurance companies. These programs were designed to insure properties where private insurance companies have refused to insure or the price for private insurance is too expensive. In Florida, Citizens Property Insurance Corp. now has 1.4 million homeowners’ policies in effect, nearly triple in five years. “It used to be homeowner's insurance was an afterthought when you are looking at buying a property.
Persons: you’re, , California Sen, Bill Dodd, Jeremy Porter, Fannie Mae, Todd Bevington, “ I’ve, Jen Goodlin, , ’ ”, “ We’ve, ” Dodd, Dodd, Porter, Guy Carpenter, Lara Mowery, Mowery, ” Mowery, That’s, ” Bevington, Adam Beam, Janie Har Organizations: First Street Foundation, Bank of America, Treasury Department, Paradise, FAIR, Citizens Property Insurance Corp, Farm, Allstate, National Flood Insurance, Swiss, Munich Re, Hurricane Locations: California, Florida, Louisiana, Lahaina, Vermont, Maine, New York, U.S, , Paradise, Northern California, Colorado, Munich, New Orleans, Gulf, Asheland, N.C, Sacramento, Calif, San Francisco
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSwiss Re: Macroeconomic tailwinds 'very good' for life and health reinsurance companiesPaul Murray, CEO of Life and Health Reinsurance at Swiss Re, discusses how current macroeconomic conditions are affecting the sector and shares his outlook for the life and health reinsurance industry.
Persons: Paul Murray Organizations: Swiss, Swiss Re
GENEVA (AP) — Voters in a southern Swiss region on Sunday rejected a plan to allow large solar parks on their sun-baked Alpine mountainsides as part of the federal government’s push to develop renewable energy sources. The rejection doesn't torpedo solar parks entirely if the private sector wants to develop them. At stake is up to 60% of financing for big solar parks. The federal energy department estimates that about 40 to 50 proposals for large solar parks have been made across the country. Overall, Swiss federal authorities have set a target of 2 billion GWh in new solar energy under legislation promoting development of solar energy, adopted in September 2022.
Persons: Organizations: GENEVA, — Voters, Swiss People's Party Locations: Swiss, Valais, Switzerland, Bern Oberland
The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Sept 5 (Reuters) - S&P Global has raised its view of the global reinsurance sector to stable from negative, it said on Tuesday, due to higher reinsurance rates and increasing investment income, while rival Moody's kept its outlook for the sector stable. The COVID-19 pandemic, war, inflation and climate change-fuelled natural catastrophes have put upward pressure on reinsurance rates in recent years. S&P Global said this "resulted in the hardest market in decades" in some lines of business. "Challenges such as elevated natural disasters, increasing cost of capital, financial market volatility, and inflation risk persist," S&P Global added.
Persons: Brendan McDermid, Moody's, Gallagher Re, reinsurers, Laline Carvalho, Neff, Re, Carolyn Cohn, Jason Neely, Alex Richardson, Sharon Singleton Organizations: REUTERS, Global, P Global, P, reinsurer, Thomson Locations: New York City, U.S, California, Florida, Monte Carlo
Thermal coal insurance rates rose more than 20% last year, it said, above the 7.3% rise in the benchmark Marsh Global Insurance Market Index. Insurance companies can be active in both primary insurance and reinsurance and have differing commitments on ESG for different parts of their business. "Establishing a mutual fund for the coal industry is a matter for the coal industry," a spokesperson for the Australian Department of Treasury said. "I'm talking about going beyond your normal UK-based markets and looking into Asia for funders and insurance cover," she added. Coal prices hit record highs in September last year as European countries scrambled to replace Russian gas, sending coal miners' profits soaring.
Persons: Philip Mostert, Seriti, Doug Gain, Gain, Ben Davis, Willis Towers Watson, Thungela, China's, Russia's, Switzerland's Chubb, Chubb, Russia's SOGAZ, Peter Bosshard, Nombasa Tsengwa, Tsengwa, Exxaro, Clara Denina, Sarah McFarlane, Nelson Banya, Elaine Hardcastle, Daniel Flynn Organizations: REUTERS, Seriti, Thungela Resources, International Energy Agency, Reuters, Marsh Global Insurance, Whitehaven Coal, Whitehaven, Allianz, Swiss, Germany's Allianz, Insuramore, Australian Department of Treasury, South, Thomson Locations: American, Mpumalanga Province, South Africa, South, Ukraine, Whitehaven, Munich, Australia, Asia, Europe
Silhouettes of laptop users are seen next to a screen projection of Microsoft logo in this photo illustration. U.S. tech giant Microsoft on Thursday said it will unbundle its chat and videoconference service Teams from its Microsoft 365 and Office 365 products, in a bid to allay European Union antitrust concerns. European Union regulators had in July opened an antitrust investigation into Microsoft's bundling of Teams with other Office products, citing anti-competitive concerns. "We appreciate the clarity that has emerged on several of the concerns from extensive and constructive discussions with the European Commission. With the benefit of this clarity, we believe it is important that we start to take meaningful steps to address those concerns," Nanna-Louise Linde, vice president of Microsoft European Government Affairs, said Thursday in a blogpost.
Persons: Nanna, Louise Linde, — CNBC's Silvia Amaro Organizations: Microsoft, European Union, European Commission, Microsoft European Government Affairs, CNBC Locations: Swiss
New York CNN —As it churns toward the disaster-prone Sunshine State, Hurricane Idalia could be a litmus test for Florida’s increasingly volatile and expensive insurance landscape. Despite several insurance companies exiting Florida, experts say the state’s residents are still mostly covered this hurricane season. “Florida’s property insurance market remains very volatile, but the insurance industry is well-capitalized to pay Idalia claims,” he added. Enrollment in flood insurance has seen a steady uptick every month since October 2022, according to the latest FEMA data. While Florida has the highest flood insurance enrollment rate of any state, Friedlander said only 18% have flood insurance through either federal or private insurers.
Persons: , Matthew Carletti, It’s, Hurricane Ian, Ian, Mark Friedlander, Friedlander Organizations: New, New York CNN, JMP Securities, Jacksonville —, CNN, Hurricane, Swiss, Insurance, Institute, Insurance Information Institute, Farmers Insurance, Farmers, Federal Emergency Management Agency, FEMA Locations: New York, Sunshine State, Hurricane, Florida, Tampa, Gulf Coast, Gainesville, Jacksonville,
Companies Swiss Re AG FollowLONDON, Aug 25 (Reuters) - A former Swiss Re (SRENH.S) underwriter has been awarded nearly 1.3 million pounds ($1.6 million) by a London employment tribunal for sexual discrimination and unfair dismissal. Julia Sommer joined Zurich-based Swiss Re in 2017 as a political risk underwriter in London but was made redundant in 2021, months after returning from maternity leave. She sued Swiss Re, seeking just over 5 million pounds, saying a senior manager commented about her breasts, made references to sex and discriminated against her. The Central London Employment Tribunal ruled last year that her redundancy was "retrofitted" to a pre-existing decision to dismiss her and that a senior manager repeatedly humiliated her. A Swiss Re spokesperson said in a statement: "We are aware of this judgment, which is self-explanatory and which we have given careful consideration to.
Persons: Julia Sommer, Sommer, Sam Tobin, Tomasz Janowski Organizations: Swiss Re, Swiss, Central, Central London Employment, Thomson Locations: London, Zurich, Central London,
Credit Suisse 1a Immo PK real estate fund to remain unlisted
  + stars: | 2023-08-24 | by ( ) www.reuters.com   time to read: +1 min
The logo of Credit Suisse bank is seen outside its office building in Hong Kong, China March 20, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsZURICH, Aug 24 (Reuters) - The Credit Suisse 1a Immo PK real estate fund will remain unlisted and not floated in an initial public offering planned for the fourth quarter of 2023, the Swiss bank, which is now a subsidiary of UBS (UBSG.S), said on Thursday. "Due to the renewed fall in trading volumes on the market for listed Swiss real estate funds compared with the previous year; (an IPO) would likely have led to significantly higher volatility in the event of a stock exchange listing," Credit Suisse AG said. With UBS taking over Credit Suisse earlier this year and in the process of integrating its former rival, the decision would also give allow the newly formed real estate unit within UBS Asset Management to coordinate and refocus its offering. Reporting by Noele Illien; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.
Persons: Tyrone Siu, Noele Illien, Christopher Cushing Organizations: Credit, REUTERS, Rights, UBS, Suisse AG, Credit Suisse, Management, Thomson Locations: Credit Suisse, Hong Kong, China, Swiss
CNN —A Swiss national and 13 Myanmar citizens were arrested by the military junta on August 8 for working on a film authorities say harms Buddhist culture and tradition, state-funded media has reported. According to the junta, all 14 people allegedly worked on the film “Don’t Expect Anything,” which was released on July 24 on YouTube and TikTok, Myawady Daily said. Myawady added that the junta believe that the film is intended to mislead audiences about Buddhists and Buddhist monks, and that it harms Buddhist culture and tradition. “The local Swiss representation is in contact with the relevant authorities,” the spokesperson added. A Dutch tourist was sentenced to three months hard labor in 2016 after unplugging a speaker relaying a sermon.
Persons: CNN —, Myawady, , unplugging Organizations: CNN, YouTube, Swiss Federal Department of Foreign Affairs Locations: Swiss, Myanmar, Myawady, Yangon
As disasters like the wildfires that devastated the Hawaiian town of Lahaina and the storms that tore apart roofs from Alabama to Massachusetts last week intensify, insurance companies have pulled back from offering coverage in certain areas or cut the kinds of damage they will pay to repair. A little-noticed slice of the financial industry that provides insurance to insurers, called reinsurance, has helped drive the changes. These companies promise to step in with cash — usually huge amounts — when something like a hurricane, wildfire or other big disaster creates damage that is too costly and widespread for insurance companies to pay for on their own. And at the beginning of the year, nearly all of them raised prices. That led to a flurry of tense negotiations between those insurers and firms, like Swiss Re, Odyssey Re and other reinsurers, many of whom are headquartered outside of the United States.
Persons: reinsurers Organizations: Farmers, Swiss Locations: Lahaina, Alabama, Massachusetts, United States, Canada
REUTERS/Andrew Kelly/File PhotoWASHINGTON, Aug 10 (Reuters) - Colombian conglomerate Grupo Aval (GAA.CN) and its bank subsidiary will pay over $80 million to settle charges of violating anti-corruption laws, U.S. authorities said on Thursday. After the settlement was reached, Grupo Aval said the Justice Department did not bring any enforcement action and the SEC did not make a claim against the company for bribery. Corficolombiana will pay a criminal penalty of $40.6 million, the U.S. Justice Department said in a statement. Corficolombiana had conspired with Brazilian construction firm Odebrecht to pay bribes to Colombian government officials, according to prosecutors. Corficolombiana also agreed to continue enhancing its compliance program and providing reports to the Justice Department regarding remediation and the implementation of compliance measures, the Justice Department said.
Persons: Andrew Kelly, Grupo Aval, Corficolombiana, Odebrecht, Kanishka Singh, Isabel Woodford, Leslie Adler, David Gregorio Our Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Grupo Aval, U.S . Foreign, U.S . Justice Department, Securities and Exchange Commission, SEC, Grupo, Justice Department, Odebrecht, U.S, Thomson Locations: Washington ,, Colombian, disgorgement, Swiss, Peru, Mexico, Argentina, Colombia, U.S, Washington
Up from $48 billion in the same period a year earlier, the losses were the second highest since 2011, spurred by $34 billion in losses tied to the U.S. storms, the highest ever for a six-month period. Globally, severe convective storms, which can include thunder, lightening, heavy rain, strong winds and sudden changes in temperature caused losses of $35 billion, Swiss Re said. "With severe thunderstorms as the main driver for above-average insured losses in the first half of 2023, this secondary peril becomes one of the dominant global drivers of insured losses," Martin Bertogg, Head of Catastrophe Perils at Swiss Re, said. "The above‑average losses reaffirm a 5–7% annual growth trend in insured losses, driven by a warming climate but even more so, by rapidly growing economic values in urbanized settings, globally." During the same period, overall economic losses - which includes damage that is not insured - were $120 billion, down slightly from $123 billion in the prior-year period, but 46% above the 10-year average, Swiss Re said.
Persons: Greenlee Beal, Martin Bertogg, Simon Jessop, Kirsten Donovan Organizations: REUTERS, Global, reinsurer Swiss, Swiss Re, Swiss, Thomson Locations: Texas, San Antonio , Texas, U.S, United States
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
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
NEW YORK, July 27 (Reuters) - Bill Hwang, the founder of Archegos Capital Management, on Thursday asked a judge to let him subpoena documents from 10 banks, in an effort to shift blame as he defends against criminal fraud charges that the firm's collapse was his fault. The office of U.S. Attorney Damian Williams, which is prosecuting Hwang, did not immediately respond to a request for comment. Other banks also lost money when Archegos collapsed, but less than Credit Suisse. That caused it to miss margin calls, and banks to dump stocks that had backed the swaps and which they had bought as hedges. The case is U.S. v. Hwang et al, U.S. District Court, Southern District of New York, No.
Persons: Bill Hwang, Hwang, Damian Williams, Archegos, Goldman Sachs, Jefferies, Mitsubishi UFJ, Morgan Stanley, Nomura, Alvin Hellerstein, Hwang et, Jonathan Stempel, Daniel Wallis Organizations: YORK, Archegos Capital Management, UBS, Credit Suisse, Prosecutors, Bank of Montreal, Deutsche Bank, Mitsubishi, Court, Southern District of, Thomson Locations: Manhattan, Macquarie, Mizuho, U.S, Southern District, Southern District of New York, New York
[1/3] An exhibition marking the 100th anniversary of the signing of the Treaty of Lausanne that fixed the borders of modern Turkey at the end of World War I is seen at the Historical Museum in Lausanne, Switzerland, July 21, 2023. REUTERS/Denis BalibouseLAUSANNE, Switzerland, July 23 (Reuters) - The Treaty of Lausanne that formed modern Turkey is still cherished by some but remains a disappointment for others including Kurds and Armenians who hoped for autonomous regions and justice for Ottoman-era crimes. Turkey's President Tayyip Erdogan commemorated the anniversary in a statement last year, praising elements of it and saying that Turkey had meticulously monitored its implementation. You must show what this (treaty) means," Karnusian told Reuters, saying that it stood for the "origin of the denial of what happened" to the Armenians. "I think it (the treaty) has endured because everyone's equally unhappy about it," he said.
Persons: Denis Balibouse, Tayyip Erdogan, Koyuncu, Karnusian, Jonathan Conlin, everyone's, Emma Farge, Frances Kerry Organizations: Historical Museum, REUTERS, Reuters, Thomson Locations: Lausanne, Turkey, Switzerland, Swiss, Britain, France, Ottoman Empire
Household goods stocks were 1.95% lower, as insurance nudged 0.2% higher. The Stoxx gained 2.94% last week, according to Eikon data, its strongest week since March. Investors will be assessing gross domestic product figures from China, which came in at 6.3%, lower than economists expected. Luxury Swiss retailer Richemont fell 8.6% Monday morning after its sales figures showed a slowdown in U.S. demand, though a significant rebound in Asia. Asia-Pacific markets are lower, while U.S. stock futures are down slightly.
Persons: Morgan Stanley, Tesla Organizations: Federal Reserve, Investors, Novartis, Ocado, juggernauts Bank of America, Netflix, United Airlines, IBM, Luxury, Richemont Locations: United States, China, ASML, Europe, Asia, Pacific
CNN —Sandwiched between a Jiu-Jitsu video and the Threads announcement, Mark Zuckerberg’s Instagram profile recently featured a casual Independence Day snapshot of him and his family. This prompted social media comments accusing Zuckerberg of hypocrisy, given the constant outcry over his company Meta’s privacy practices. Mark Zuckerberg posted this picture with his family on Instagram on July 4, 2023. A decade ago, a research team and I interviewed more than 100 parents about their social media use. That’s the real privacy problem of social media, and it affects children and adults alike.
Persons: Priya C, Kumar, Mark Zuckerberg’s, Zuckerberg, Kumar Hayley Wildeson, There’s, Mark Zuckerberg, Ulla Autenrieth, they’ve Organizations: Pennsylvania State University, CNN, Twitter, Facebook Locations: emojis, childrearing, Instagram, Swiss
Swiss Re nominates new chairman after Ermotti goes to UBS
  + stars: | 2023-07-12 | by ( ) www.reuters.com   time to read: +1 min
FRANKFURT, July 12 (Reuters) - The insurer Swiss Re (SRENH.S) said on Wednesday that it planned to promote its deputy chairman Jacques de Vaucleroy to the role of permanent chairman of the board after his predecessor Sergio Ermotti resigned to lead UBS. The reshuffle is part of the continuing fallout from Swiss authorities' rescue of Credit Suisse in a shotgun merger with UBS and new management at the helm. De Vaucleroy, a Belgian previously with management roles at the French insurer AXA (AXAF.PA) and the Dutch bank ING (INGA.AS), has been acting as chairman since Ermotti left the chairmanship in April. Following the board's nomination, de Vaucleroy will stand for election as chairman in April at the company's annual general meeting. Reporting by Tom Sims and Oliver Hirt Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.
Persons: Jacques de Vaucleroy, Sergio Ermotti, De Vaucleroy, Ermotti, Vaucleroy, Tom Sims, Oliver Hirt, Miranda Murray Organizations: Swiss, UBS, Credit Suisse, AXA, ING, Swiss Re, Thomson Locations: FRANKFURT, Belgian, Dutch
VIENNA, July 9 (Reuters) - Saudi National Bank wanted to increase its stake in Credit Suisse to around 40% from 9.88%, but was prevented from doing so by Swiss regulator FINMA, Blick newspaper reported on Sunday. FINMA must give its approval for a foreign investor to take a stake of more than 10% in a major Swiss bank. Credit Suisse declined to comment. FINMA and Saudi National Bank (1180.SE) were not immediately available for comment. The deal converted Saudi National Bank's stake in Credit Suisse into just 0.5% of UBS.
Persons: FINMA, Blick, Francois Murphy, Rachna Uppal, Alexander Smith Organizations: Saudi National Bank, Credit, UBS, Credit Suisse, Swiss, Saudi National, Thomson Locations: VIENNA, Credit Suisse, Swiss, Saudi, Dubai
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
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