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And that has the impact of postponing some announcements," said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co (JPM.N). M&A volumes dropped 44% to $282.7 billion in the U.S. and 70% to $81.87 billion in Europe. Reuters Graphics"Having a well-functioning financing market is a critical ingredient for M&A. Global M&A volumes in Q1 2023LACK OF CONFIDENCEThe depressed market valuations also presented an opportunity for prominent activist investors to launch new proxy fights, with dealmakers anticipating a boost to M&A volumes from activist campaigns in the coming quarters. "Inflationary pressures aren't subsiding as fast as people expected; there's still a lot of geopolitical tensions, and in a lot of ways, the disruption in the financing market is intensifying," Langston said.

March 30 (Reuters) - Citigroup Inc (C.N) on Thursday it has hired Andy Sieg to lead its global wealth arm from Bank of America Corp (BAC.N), where he led the Merrill Wealth management unit. Two years ago, Citigroup unified its various wealth businesses into a single wealth management organization, which was led by Jim O'Donnell and included the Citi Private Bank and Citi Personal Wealth Management. At its investor day last year, Fraser signaled the bank's intention to become a global leader in wealth management. Sieg's departure led to the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement. Sieg joined Merrill Lynch in 1992 and had served as Merrill president since 2017.

☆ Credit Suisse withdraws certain proposals to AGM following UBS merger
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Credit Suisse Group AG (CSGN.S) said on Wednesday it has withdrawn certain proposals to the 2023 annual general meeting following the lender's recent merger with UBS Group AG (UBSG.S). The withdrawn proposals includes the discharge of the board of directors and executive board for the financial year 2022. It also withdrew a proposal for a one-time deferred share-based transformation award for the executive board, the lender said in a statement. UBS this month agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. Reporting by Anirudh Saligrama in Bengaluru;Our Standards: The Thomson Reuters Trust Principles.

☆ The Banker Tasked With Saving Swiss Banking
▼ + stars: | 2023-03-29 | by ( Eliot Brown | ) www.wsj.com time to read: 1 min

During Sergio Ermotti ’s last stint as chief executive officer at UBS Group AG , the bank slashed thousands of jobs, sharpened its focus and became the dominant Swiss financial institution, while rival Credit Suisse Group AG remained strategically scattered and scandal-prone. Now the plain-spoken, immaculately dressed former derivatives trader is about to be in charge of both.

☆ A Rapid-Finance World Must Ready for a Slow-Motion Banking Crisis
▼ + stars: | 2023-03-29 | by ( Greg Ip | ) www.wsj.com time to read: 1 min

In recent decades financial crises have tended to be fast-moving and violent. They usually revolve around a handful of companies or countries, and often climax over a weekend, before Asian markets open. That template is grounds for hope that the worst of the current turmoil may have passed with the collapse of Silicon Valley Bank and Signature Bank and the forced merger of Credit Suisse with UBS Group AG this month, as well as the federal backstops implemented in response to these events.

☆ Sergio Ermotti returns as UBS CEO to steer Credit Suisse takeover
▼ + stars: | 2023-03-29 | by ( John Revill | ) www.reuters.com time to read: +5 min

[1/5] Sergio Ermotti, newly rehired CEO of UBS Group AG attends a news conference in Zurich, Switzerland March 29, 2023. "Sergio has already reduced risk and made the investment bank serve its clients and not its investment bankers as Credit Suisse did. Reuters GraphicsErmotti had earlier described the task of integrating UBS and Credit Suisse as "urgent and challenging". The Dutch executive was a notable absentee from the announcement of UBS's takeover of Credit Suisse on March 19. The next day, Hamers looked bleary eyed as he described the end of Credit Suisse as a "sad day" that nobody wanted.

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Ermotti may need to persuade Switzerland's authorities that UBS should keep "the piece de resistance," Credit Suisse's domestic bank, said Porta's Wittmann. During the financial crash of 2008 it was UBS, not Credit Suisse, that took the lion's share of support from the state. One of Ermotti's biggest challenges may be to prevent Credit Suisse's problems contaminating UBS, which will involve hacking back its investment bank and its unwieldy derivatives. Disentangling Credit Suisse's finances, however, is only a part of the problem. "There are clearly parts of Credit Suisse that have had a bad culture.

☆ Ermotti returns to UBS to steer Credit Suisse takeover
▼ + stars: | 2023-03-29 | by ( John Revill | ) www.reuters.com time to read: +3 min

He takes charge weeks after UBS bought rival Swiss bank Credit Suisse in a shotgun merger engineered by Swiss authorities to stem turmoil after Credit Suisse ran aground. "Sergio has already reduced risk and made the investment bank serve its clients and not its investment bankers as Credit Suisse did. HAMERS HANDS OVER REINSErmotti said he was looking forward to integrating UBS and Credit Suisse. He was a notable absentee from the announcement of UBS's takeover of Credit Suisse on March 19. The next day, Hamers looked bleary eyed as he described the end of Credit Suisse as a "sad day" that nobody wanted.

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☆ UBS rehires Ermotti as CEO to steer Credit Suisse takeover
▼ + stars: | 2023-03-29 | by ( John Revill | ) www.reuters.com time to read: +3 min

ZURICH, March 29 (Reuters) - UBS Group AG (UBSG.S) has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse (CSGN.S) - a surprise move that seeks to take advantage of his experience in rebuilding the bank after the global financial crisis. He takes charge weeks after UBS bought rival Swiss bank Credit Suisse in a shotgun merger engineered by Swiss authorities to stem turmoil after Credit Suisse ran aground. The next day, Hamers looked bleary eyed as he described the end of Credit Suisse as a "sad day" that nobody wanted. "The board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition," UBS added. Ermotti said he was looking forward to integrating UBS and Credit Suisse.

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☆ Asian stocks rally as bank jitters calm, Alibaba lifts mood
▼ + stars: | 2023-03-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Alibaba's Hong Kong shares (9988.HK) shot up 15%, while the company's U.S.-listed shares closed 14.3% higher. The news lifted investor confidence in the wider Chinese tech sector, with shares of Alibaba's e-commerce rival JD.com Inc (9618.HK) 7% higher, and gaming giant Tencent Holdings Ltd (0700.HK) jumping 5%. "Alibaba's split may pave the way for other Chinese tech giants to do similar," CMC Markets analyst Tina Teng said. "This helps break down the monopolistic power of these conglomerates, which complies with the Chinese government's regulatory overhaul over antitrust issues." Futures indicated European stocks were set to open higher, with Eurostoxx 50 futures up 0.41%, German DAX futures up 0.38% and FTSE futures up 0.08%.

☆ UBS Brings Back Sergio Ermotti as CEO
▼ + stars: | 2023-03-29 | by ( Serena Ng | ) www.wsj.com time to read: 1 min

Sergio Ermotti in Switzerland last year. UBS Group AG said its former leader Sergio Ermotti will return as chief executive, as the Swiss banking giant moves into a new era with its takeover of Credit Suisse Group AG. Mr. Ermotti, who previously ran UBS for nine years, will start on April 5 after the bank’s annual general meeting, it said.

☆ UBS names Sergio Ermotti as new CEO and president
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: 1 min

March 29 (Reuters) - UBS Group AG (UBSG.S) named Sergio Ermotti as its next chief executive officer and president on Wednesday, the bank said in a statement. Ermotti, the current chairman of Swiss Re (SRENH.S), is returning to the bank where he was CEO from 2011 to 2020 after its takeover of Credit Suisse (CSGN.S). He will replace current UBS CEO Ralph Hamers from April 5, UBS said. Reporting by Akriti Sharma in Bengaluru; Editing by Clarence Fernandez and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse whistleblowers say Swiss bank has been helping wealthy Americans dodge U.S. taxes for years
▼ + stars: | 2023-03-29 | by ( Eamon Javers | ) www.cnbc.com time to read: +14 min

In this article CSCSG.N-CH Follow your favorite stocks CREATE FREE ACCOUNTA sign of Credit Suisse bank is seen at their headquarters in Zurich on March 20, 2023. "To date, no Credit Suisse employees involved in the scheme have faced any consequences from the United States government for their participation." "It's not a question of whether Swiss banks continue to do this, it's a question of which Swiss banks still do this." In a statement to CNBC, a Credit Suisse spokeswoman said it does not tolerate tax evasion. "DOJ must correct its lax oversight of Credit Suisse and hold Credit Suisse accountable for any violations of its plea agreement," he said.

☆ Saudi Chairman of Credit Suisse’s Largest Investor Resigns
▼ + stars: | 2023-03-27 | by ( Summer Said | Dave Sebastian | ) www.wsj.com time to read: 1 min

DUBAI—The chairman of Credit Suisse Group AG’s largest shareholder has resigned less than two weeks after his comments set off a panic with the European lender’s shareholders that eventually led the Swiss government to engineer a takeover by rival UBS Group AG. Ammar al-Khudairy, the chairman of Saudi National Bank, is leaving for personal reasons and will be succeeded by Chief Executive Saeed Mohammed al-Ghamdi , the bank said on Monday. It didn’t say whether the resignation was tied to Mr. Khudairy’s comments on SNB’s investment in Credit Suisse.

Regulators shuttered Silicon Valley Bank (SVB) and Signature Bank, the second and third largest closures in the nation's history. Authorities then took unprecedented action to backstop the collapsed companies' deposits and introduced new measures to shore up confidence. The ups and downs may have helped banks' trading desks as choppy markets fueled client activity. While billions of dollars of those deposits landed at the biggest banks, some analysts said the influx was unlikely to provide a major boost to their earnings. Investors are becoming increasingly focused on the rising cost of funding for banks, which could weigh on earnings, analysts at Piper Sandler wrote in a note last week.

☆ Factbox: The biggest financial crises of the last four decades
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +4 min

Fears of banking contagion remain, and investors are worried that global economies will suffer if the effects of higher interest rates torpedo more lenders. Michael Milken had helped popularize the financial instrument, with many using it as a way of funding leveraged buyouts. The country ended up getting external financial support from the International Monetary Fund and a $50 billion bailout from the United States. GLOBAL FINANCIAL CRISIS OF 2008The biggest financial crisis since the Great Depression was rooted in risky loans to shaky borrowers, which started to lose value after central banks raised interest rates in the period leading up to the crisis. EUROPEAN DEBT CRISISSpurred by the 2008 financial crisis, surging debt at some of the major European economies led to a loss of confidence in the region's businesses.

☆ The Swiss claim the U.S. banking crisis ultimately toppled Credit Suisse. But are they right?
▼ + stars: | 2023-03-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Pascal Mora | Bloomberg | Getty Imageswatch nowHowever, the downward spiral of Credit Suisse's share price and mounting asset outflows were underway long before the collapse of Silicon Valley Bank earlier this month. Swiss regulator FINMA has come under fire for allowing the situation to deteriorate as the bank spent years mired in losses and scandal. Mark Yallop, chairman of the U.K.'s Financial Markets Standards Board and former U.K. CEO at UBS, told CNBC on Tuesday that he agreed with the broad assessment that Credit Suisse's downfall was "idiosyncratic." "It's unfortunate that the problems with some of the smaller U.S. banks in the last two or three weeks happened at the same time as this issue with Credit Suisse but the two are completely different and very largely unrelated," he said. By contrast, the Swiss banking and regulatory system has come under fire.

☆ ECB to reassure EU leaders on bank stability, call for EU deposit insurance
▼ + stars: | 2023-03-24 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

"She will ask the leaders to complete their Banking Union and go forward on the Capital Markets Union." EU DEPOSIT INSURANCE NEEDED TO COMPLETE BANKING UNIONEU leaders are likely to get a similar message on banks from the chairman of euro zone finance ministers Paschal Donohoe. "Completing the Banking Union" is EU code for introducing a European Deposit Insurance Scheme (EDIS), the last missing element from the project launched in 2012. The Banking Union is already two-thirds complete. The Capital Markets Union was launched in 2015 to facilitate access to private capital by EU companies, which now mainly depend on bank loans for any financing.

☆ StanChart CEO says AT1 bond wipeout has profound impact
▼ + stars: | 2023-03-24 | by ( Selena Li | ) www.reuters.com time to read: +2 min

HONG KONG, March 24 (Reuters) - Standard Chartered (STAN.L) Chief Executive Bill Winters said on Friday Credit Suisse AG's (CSGN.S) $17 billion Additional Tier 1 bonds wipeout had "profound" implications for global bank regulations. Winters told a financial forum in Hong Kong the U.S. Federal Reserve move to guarantee non-insured deposits was a "moral hazard". "I think it had very profound implications for the regulation of banks, and for the way that banks manage themselves," Winters said. The bank had 147% LCR before the bank failures and this was "substantially higher now", Winters said, without disclosing the current level. Reporting by Selena Li in Hong Kong; additional reporting by Scott Murdoch in Sydney; Editing by Christian Schmollinger and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse, UBS among banks facing US's Russia-sanctions probe -Bloomberg News
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Credit Suisse AG (CSGN.S) and UBS group AG (UBSG.S) are under scrutiny in a U.S. Department of Justice (DOJ) probe into whether financial professionals helped Russian oligarchs evade sanctions, Bloomberg News reported on Thursday. The DOJ also sent subpoenas to employees of some major U.S. banks, the Bloomberg report said, adding the Swiss banks were included in a wave of subpoenas sent before Credit Suisse's takeover by UBS. The DOJ inquiries are to identify which bank employees dealt with sanctioned clients and how those clients were vetted over past years, Bloomberg reported. Credit Suisse declined to comment while UBS and the Justice Department did not immediately respond to Reuters' emailed requests for comment. Reporting by Akanksha Khushi in Bengaluru; editing by Jonathan Oatis, Lincoln Feast and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Executives at UBS Group AG, which until recently competed with rival Credit Suisse Group AG to win business from Asia’s biggest companies and richest people, must now tackle the thorny question of how to combine the two banks in the region. That is just one conundrum facing senior executives at the banking giant following its acquisition of Credit Suisse for $3.25 billion, an emergency deal orchestrated by the Swiss government. But it is a critical one for a bank that has long seen Asia as a key growth market, particularly for wealth management—where banks offer services to the ultrarich.

☆ Investors cut bearish bets on most Asian FX as policy rate bets shift
▼ + stars: | 2023-03-23 | by ( Savyata Mishra | ) www.reuters.com time to read: +3 min

The currency firmed on Thursday, following dovish comments from the U.S. Federal Reserve that reined in expectations for more interest rate hikes and lifted sentiment for other Asian currencies. The dollar index slipped to near seven-week lows following the Fed's latest policy statement that no longer says that "ongoing increases" in rates will likely be appropriate. Bearish bets on Singapore's dollar eased to their lowest since Nov. 18, 2021. Short bets on the Indonesian rupiah and the Indian rupee rose slightly from a fortnight ago, while sentiment toward South Korea's won improved. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

March 22 (Reuters) - Citigroup Inc (C.N) CEO Jane Fraser on Wednesday expressed confidence in U.S. banks after a series of closures rattled investors and fueled turmoil in global financial markets. "The banking system is pretty sound," and large and regional banks are well-capitalized, Fraser told the Economic Club of Washington D.C. on Wednesday. "This is not a credit crisis. In the past two weeks, two U.S. banks collapsed, Credit Suisse Group AG (CSGN.S) was taken over by Swiss rival UBS Group AG (UBSG.S) and America's biggest banks agreed to deposit $30 billion in another ailing firm, First Republic Bank (FRC.N). Reporting by Lananh Nguyen and Saeed Azhar; Editing by Sandra Maler and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

But combining Credit Suisse into UBS could take much longer, potentially months, because the deal needs approval from regulators in tens of countries, the people said, seeking anonymity given the sensitivity of the matter. Spokespeople for UBS and Credit Suisse declined to comment. The longer the deal takes to close, the harder it will be for Credit Suisse to hold on to its business as the uncertainty erodes confidence in the lender. Bank of America's electronic stocks desk had halted trading with a desk at Credit Suisse that uses computer-led strategies, an email seen by Reuters on Monday said. Bloomberg News reported on Thursday that Wall Street banks and European firms are lifting hiring freezes to lure staff from Credit Suisse.

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