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☆ Credit Suisse intervention avoided 'financial crisis,' Swiss National Bank chairman says
▼ + stars: | 2023-11-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Thomas Jordan, president of the Swiss National Bank (SNB), speaks during the bank's annual general meeting in Bern, Switzerland, on Friday, April 28, 2023. Swiss National Bank Chairman Thomas Jordan on Wednesday said the central bank's interventions during the fall of Credit Suisse were "crucial" to avoid a "financial crisis" worldwide. As part of this, SNB injected 168 billion Swiss francs ($185 billion) in emergency liquidity. This bought time for the central bank, alongside regulator FINMA and the Swiss authorities, to broker Credit Suisse's emergency sale to domestic rival UBS in March for a discounted price of just 3 billion Swiss francs. UBS in August announced that it had ended Credit Suisse's government and central bank protections after completion of the takeover, including an emergency liquidity assistance plus (ELA+) loan of 50 billion Swiss francs obtained from the SNB.

Persons: Thomas Jordan, SNB, Jordan Organizations: Swiss National Bank, Wednesday, Credit Suisse, Swiss, UBS, Reuters, August Locations: Bern, Switzerland

Alibaba's Taobao and Tmall Group did not respond to a request for comment. This year's Singles Day event is also the first since Alibaba Group split into six business units. This view is supported by recent polls on social media where the majority of respondents said Singles Day was no longer necessary. Meara He, a 21-year-old student from Wenzhou, says she often shops using Douyin live-streams and this year, "doesn't care" about Singles Day as much. "In the past I would wait for Double 11 (Singles Day) and do some shopping, but this time I just plan to buy products that I need," she said.

Persons: Alibaba, Pinduoduo, Josh Gardner, Alibaba's, Ashley Dudarenok, AlixPartners, Douyin, Melody Zhao, Casey, Sophie Yu, Brenda Goh Organizations: PDD Holdings, Kungfu, Tmall, Administration, Market, ByteDance, Alibaba, Suisse, Industry, Hua Gui Food Group, Casey Hall, Thomson Locations: SHANGHAI, HK, China, Wenzhou, Shanghai, Beijing

☆ ECB's Enria says reforming some banks is 'disappointingly slow'
▼ + stars: | 2023-10-30 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 30 (Reuters) - The European Central Bank has made "disappointingly slow" progress in tackling core issues at some banks it supervises, while too little integration in the sector remains a "dangerous fault line," ECB top banking supervisor Andrea Enria said on Monday. "But a failure to tackle weaknesses that have been identified could lead to existential threats for banks, as we saw at Credit Suisse and some US regional banks in the Spring of 2023," he added. More cross-border consolidation among banks would put the sector on a stronger footing, but there is a lack of support for this from EU states, he said. But if the system breaks down again, repairing it could prove to be very difficult and expensive." Reporting by Huw Jones; Editing by Chris Reese and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrea Enria, Enria, Huw Jones, Chris Reese, Hugh Lawson Organizations: European Central Bank, ECB, Credit Suisse, Silicon Valley Bank, Federal Reserve, Basel Committee, London School of Economics, Thomson Locations: Silicon, Basel

☆ SNB vice-chairman says further rate hikes may be needed
▼ + stars: | 2023-10-28 | by ( ) www.reuters.com time to read: +2 min

The building of the Swiss National Bank is seen in Zurich, September 22, 2022. SNB last month held its policy interest rate unchanged at 1.75%, noting that inflation - at 1.6% in August and within the central bank's target range of 0-2% - had eased. The vast majority of economists polled by Reuters last month, however, said that the SNB was done with interest rate hikes. He also said that AT1 bonds, which were written off as part of UBS' (UBSG.S) takeover of Credit Suisse, should have been loss-making at an earlier stage. "Despite ongoing losses, Credit Suisse did not suspend interest payments on these instruments," Schlegel said.

Persons: Arnd, Martin Schlegel, SNB, Schlegel, Gabrielle Tétrault, Farber, Emelia Sithole Organizations: Swiss National Bank, REUTERS, Rights, Reuters, Swiss, Credit Suisse, UBS, Thomson Locations: Zurich, Swiss, Switzerland

☆ The World Is Becoming More African
▼ + stars: | 2023-10-28 | by ( Declan Walsh | Hannah Reyes Morales | ) www.nytimes.com time to read: +37 min

Old World Young Africa As the world grays, Africa blooms with youth. The World Is Becoming More African Part one of a series on how the youth boom is changing the continent, and beyond. But while a handful of African countries are poised to ride the demographic wave, others risk being swamped by it. In the West, racists and right-wing nationalists stoke fears of African population growth to justify hatred, or even violence. The age gap between geriatric leaders and restless youth is “a major source of tension” in many African countries, said Simon Mulongo, a former African Union diplomat from Uganda.

Persons: Lauren Leatherby, ”, Jean, Patrick Niambé, Hilton, Edward Paice, “, Keziah Keya, Keya, Paul R, Ehrlich, stoke, Lauren Leatherby “, Carlos Lopes, Burna, Weeks, “ It’s, Laolu Senbanjo, Tems, Toulaye Sy, Pritzker, Abdulrazak Gurnah, “ Africa’s, ” Long, exotica, Mulendema, Hannah O’Leary, “ We’re, Sipho Dlamini, Dlamini, Moawad, Optimists, Mo Ibrahim, Aubrey Hruby, birthrates, India’s, China’s, Akinwumi Adesina, States —, William Ruto, Paul Biya of, Biya, Wole Soyinka, Paul Kagame of, Nourdine, Nigeriens, Awade, Ali Bongo Ondimba, Simon Mulongo, Nuha Abdelgadir, Abdelgadir, gesturing, “ We’ve, ” Weeks, Abdelgadir’s, Modu Ali, Young, Saidu, Habiba Mohammed, Ms, Ha, Joon Chang, Nobody, Chang, Ibrahim, Touré Organizations: Young, United Nations, Southern, Northern, Western Asia Northern, United, Ivory Coast, African Union, Group, European Union ., Suisse, Africa Research Institute, Nigeria Mozambique Kenya “, Russia Canada Germany United, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Ethiopia Dem, Russia Germany, China Egypt India Nigeria D.R.C, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Dem, Bank, Nations, International, Bryn Mawr College, Angola, Angola Ivory Coast, Angola Ivory Coast Cameroon Dem, Africa Middle Africa Southern, Economic Commission, New, Citi, Spotify, Cannes Film, Burkina Faso, UNESCO, Disney, Amazon Prime, Netflix, “, Apple, Cape Town, Microsoft, Google, Infrastructure, McKinsey & Company, Pew Research Center, African Development Bank, Greek Coast Guard, Saudi, Africa Climate, Young Voters, Freedom House, University of Denver, United Arab, Japan Cuba Vatican City, Netherlands South Korea Belgium U.A.E, Islamic, Global, Center for Girls Education, School of Oriental, Studies Locations: grays, Africa, India, China, United States, Southern Asia, Asia, America, Caribbean, Northern America, Western Asia, Western Asia Northern America, Europe, London, New York, West Africa, Ivory, Abidjan, Russia, Turkey, Gulf, Nairobi, Nigeria Mozambique Kenya, Italy, Japan, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Ethiopia, Congo Indonesia Brazil Australia South Africa Argentina, Russia Germany U.S, China Egypt India Nigeria, Brazil South Africa Australia, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria, Nigeria, Africa’s, Young, South Africa, Somalia, Mozambique, Mali, Gabon, Niger, Mozambique Nigeria Kenya, Kenya, Pennsylvania, Angola Ivory, Angola Ivory Coast Cameroon, Congo Algeria Egypt, Ghana Kenya Madagascar Mozambique Niger Nigeria, Tanzania Uganda South Africa, Northern Africa Eastern Africa, Africa Middle Africa, Africa Middle Africa Southern Africa, Guinea, Bissau, African, Qatar, Nigerian, Brooklyn, Target, French, Senegalese, Paris, Milan, Venice, Burkina, Tanzania, Saharan Africa, Nigeria Kenya Senegal In Lagos, Dakar, Zambia, South Korea, Sotheby’s, Lagos, Zimbabwe, Watford, Cape, Mombasa, Zanzibar, Cairo, Morocco, East Africa, Nigeria Mozambique Morocco, Sudanese, North Africa, East Asia, Thailand, Rwanda, Ivory Coast, States, Namibia, Kenyan, Paul Biya of Cameroon, Paul Kagame of Rwanda, United Arab Emirates, United States France Turkey, Germany, Russia India, Brazil, Japan Cuba, Japan Cuba Vatican City Spain Italy Saudi Arabia Qatar, Netherlands South Korea Belgium, Iran Canada, Niger’s, Niamey, Senegal Kenya Kenya, X’s, Tunisia, Egypt, Libya, Senegal, Uganda, Khartoum, Sudan, Ethiopia, Al Qaeda, Islamic State, Chad, Burkina Faso, Nigeria Nigeria Morocco, hijabs, Zaria, American, Korea, South, England

[1/3] Tom Barrack, CEO of Colony Capital, speaks at the Republican National Convention in Cleveland, Ohio, U.S. July 21, 2016. Here are five criminal cases where the defendant testified:Theranos founder Elizabeth HolmesThe Theranos founder took the stand at her criminal trial in 2021, testifying over several days that she did not intend to defraud investors in the now defunct blood-testing startup. Middendorf, who was head of a department at KPMG, testified at the trial in Manhattan that when he learned another employee had obtained the information, he reported it to his boss. Ex-HSBC executive Mark JohnsonThe former HSBC executive was convicted in 2017 of defrauding a bank client in a $3.5 billion currency trade. Reporting by Jody Godoy in New York; Editing by Noeleen Walder and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Barrack, Jim Young, Sam Bankman, Fried, Elizabeth Holmes, Holmes, Donald Trump, David Middendorf, Middendorf, Mark Johnson, Johnson, Jean Boustani, Boustani, Jody Godoy, Noeleen Walder, Daniel Wallis Organizations: Colony Capital, Republican National Convention, REUTERS, United, United Arab Emirates, U.S, KPMG, Supreme, HSBC, Prosecutors, Credit Suisse, Thomson Locations: Cleveland , Ohio, U.S, San Jose , California, Brooklyn, United Arab, UAE, Manhattan, British, Lebanese, Mozambican, Mozambique, New York

☆ UBS to cut Credit Suisse investment bank staff in Spanish overhaul
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Some 147 jobs from among the 350 people employed by Credit Suisse in Spain will be cut, UBS (UBSG.S) said on Wednesday, with the large majority going from its investment bank. The remainder of the Credit Suisse investment bank staff in Spain will move over to UBS in the coming months, it added. A small number of jobs will also go in the wealth management business, UBS said, although it did not give a full breakdown. UBS said it remained committed to wealth management, investment banking and asset management in Spain.

Persons: Denis Balibouse, John Revill, Jason Neely, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Rights, Thomson Locations: Zurich Switzerland, Spain, Swiss, we're

☆ Mozambique's Nyusi to blame over 'tuna bond' scandal, shipbuilder's owner says
▼ + stars: | 2023-10-25 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

Mozambique President Filipe Jacinto Nyusi addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsLONDON, Oct 25 (Reuters) - Mozambican President Filipe Nyusi was ultimately responsible for the failure of the projects at the centre of the "tuna bond" scandal, the owner of Emirati-Lebanese shipbuilder Privinvest told London's High Court on Wednesday. "When President Nyusi replaced former President Guebuza a power struggle ensued between them," Safa said. "President Nyusi made deliberate decisions to undermine the projects and as a result the republic failed to take the necessary steps to monetize the projects as intended." The trial began in earnest last week after a delay caused by Mozambique's 11th-hour settlement with Credit Suisse's new owner, UBS (UBSG.S).

Persons: Filipe Jacinto Nyusi, Eduardo Munoz, Filipe Nyusi, Privinvest, Iskandar Safa, Safa, videolink, Armando Guebuza's, Nyusi, Guebuza, Mozambique's, Sam Tobin, Rod Nickel Organizations: General Assembly, REUTERS, London's, Credit Suisse, party's, UBS, International Monetary Fund, Thomson Locations: Mozambique, New York City, U.S, Mozambican, Privinvest, Nyusi, Paris

☆ Morgan Stanley Names Ted Pick, a Bank Veteran, Its Next C.E.O.
▼ + stars: | 2023-10-25 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

Pick, 54, joined Morgan Stanley in 1990 and rose through the ranks in its investment banking and trading businesses, most recently serving as a co-president overseeing those units. In an interview, he said he hadn’t found out that he would be named chief executive until around 4:30 p.m. Wednesday, when the bank’s board of directors called him into a meeting and welcomed him with a standing ovation. He stands to inherit a very different bank from the one Mr. Gorman took over after the 2008 financial crisis. The power struggle was captured in “Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley,” by the journalist Patricia Beard. With a strong technology banking practice, Morgan Stanley played a central role last year in Mr. Musk’s takeover of Twitter, now known as X.

Persons: Pick, Morgan Stanley, hadn’t, Gorman, Morgan Stanley’s, John J, Mack, Philip J, Purcell, ”, Patricia Beard, Smith Barney, Morgan Organizations: Credit Suisse, Elon, Twitter

☆ A recession will hit next year, hammering stock prices and home values, Wall Street veteran predicts
▼ + stars: | 2023-10-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The Wall Street veteran expects stocks and house prices to fall once unemployment and mortgage defaults rise. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementA recession will strike the US economy next year, pummeling stocks and house prices, a Wall Street veteran has warned. So, I predict that's going to happen not until sometime, at best, mid next year." 'Sell everything, you're going bankrupt.'

Persons: Harley Bassman, Bassman, Steve Eisman, —, Rosenberg, Merrill Lunch, it's, I've, Steve Carrell, Mark Baum Organizations: Wall Street, Service, Management, Credit Suisse, Merrill

☆ UBS overhauls board of domestic business after Credit Suisse takeover
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Oct 20 (Reuters) - UBS (UBSG.S) on Friday said it will overhaul the board of its domestic Swiss business after its takeover of Credit Suisse, including a new chairman to oversee both operations. The lender said Roger von Mentlen will become chairman of the boards of directors of UBS Switzerland and of Credit Suisse Switzerland. He will replace Markus Ronner, who was chairman of UBS Switzerland since 2022, and Peter Derendinger, who served as chairman of the board of directors of Credit Suisse (Schweiz) AG since March 2019. He has been a member of the board of directors of UBS Switzerland AG since 2020.

Persons: Denis Balibouse, Roger von Mentlen, Markus Ronner, Peter Derendinger, Von Mentlen, Sergio Ermotti, Roger, John Revill, Friederike Heine, Gerry Doyle Organizations: Credit Suisse, UBS, REUTERS, Rights, Swiss, UBS Switzerland, Credit Suisse Switzerland, AG, Credit, UBS Switzerland AG, ”, Thomson Locations: Zurich Switzerland, UBS Switzerland, Schweiz, Swiss, Switzerland

☆ Elon Musk warned of Cybertruck headaches, consumers' debt woes, and a 'stormy' economic backdrop on Tesla's earnings call. Here are his 14 best quotes.
▼ + stars: | 2023-10-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Elon Musk tackled a wide range of topics during Tesla's third-quarter earnings call on Wednesday. The world's richest man and CEO of the electric-vehicle maker underscored the difficulties of scaling Cybertruck production, touted Tesla's Optimus humanoid robot over Boston Dynamics' mechanical dogs, and trumpeted his cost-cutting efforts, according to a transcript provided by AlphaSense/Sentieo. Tesla's Optimus robot appearing to do yoga. (Musk was describing Tesla's focus on cutting the cost of car parts by even a few cents.) Tesla is "not going to sink," says Elon Musk.

Persons: Elon Musk, Musk, —, Elon, Oz, Marie Antoinette, Tesla's, that's, Tesla, they've, You've Organizations: Service, Boston Dynamics, AlphaSense, General Motors, Chrysler, Getty, Silicon Valley Bank, Suisse — geez Locations: Silicon

☆ Singapore to inspect Credit Suisse, others in money-laundering scandal - Bloomberg
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Officials from Singapore's financial regulator will review documents and interview personnel from Credit Suisse and other banks within weeks, Bloomberg reported, citing people familiar with the situation. The MAS and Credit Suisse did not immediately respond to a request for comment. Singapore police in August arrested 10 foreigners as the Asian financial hub investigates one of its biggest cases of suspected money laundering, with assets worth S$2.8 billion ($2 billion) seized. Reporting by Chandni Shah in Bengaluru; editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Chandni Shah, Robert Birsel Organizations: Credit Suisse, UBS, REUTERS, Monetary Authority of Singapore, Bloomberg, MAS, Singapore, Thomson Locations: Zurich Switzerland, Bengaluru

☆ Banks’ wealth-management heyday may have passed
▼ + stars: | 2023-10-18 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

For wealth managers, that will make revenue growth much harder to come by, shifting the focus to controlling expenses. LOSING ITS SPARKLEIn Wall Street parlance, wealth management is a capital-light business. Little wonder Morgan Stanley boss James Gorman focused on wealth management after taking charge in 2010. The good news for UBS and Morgan Stanley is that they are better placed than most to handle these pressures. The bank’s wealth-management business generated a 35% ROTE, while the division that houses investment banking and trading managed just 8%.

Persons: UBS –, Morgan Stanley’s, Morgan Stanley, James Gorman, Sergio Ermotti, Goldman Sachs, Italy’s, Iqbal Khan, Morgan Stanley’s Andy Saperstein, Peter Thal Larsen, Sharon Lam, Oliver Taslic Organizations: Reuters, Wealth, UBS, Credit Suisse, HSBC, HK, Lloyds Banking Group, Revenue, Treasury, Big, Thomson Locations: Swiss, United States, Americas, Switzerland, Britain’s St, James’s

☆ Mozambique seeks $3 billion from Privinvest in 'tuna bonds' scandal
▼ + stars: | 2023-10-17 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

Traditional fishing boats sail as Mozambique's tuna fleet sits in dock beneath Maputo's skyline, in this picture taken August 15, 2015. REUTERS/Grant Lee Neuenburg/File Photo Acquire Licensing RightsLONDON, Oct 17 (Reuters) - Mozambique is seeking more than $3 billion in damages from Emirati-Lebanese shipbuilder Privinvest over the decade-old "tuna bond" scandal, London's High Court heard on Tuesday. The case centres on deals struck by state-owned companies with Privinvest for loans and bonds from banks including Credit Suisse in 2013 and 2014 for fishing boats and maritime security. Mozambique alleged Privinvest paid bribes on an "industrial scale", involving the "grand corruption" of officials including Mozambique's former Finance Minister Manuel Chang, court filings showed. Chang was extradited to the U.S., where in July he pleaded not guilty to fraud and money laundering charges related to the tuna bonds scandal.

Persons: Grant Lee Neuenburg, Privinvest, Jonathan Adkin, Iskandar Safa, Safa, Manuel Chang, Chang, Adkin, Sam Tobin, Kirstin Ridley, Cynthia Osterman Organizations: REUTERS, Privinvest, UBS, Credit Suisse, International Monetary Fund, Thomson Locations: Maputo's, Mozambique, Safa, U.S, London's

☆ Priced for earnings recession, European equities could weather storm
▼ + stars: | 2023-10-17 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

After a long period of scepticism towards European equities, some investors and analysts are finding cause for optimism. European companies are expected to enter their first earnings recession - two consecutive quarters of falling earnings - since 2020. But European stocks are better priced for a recession than their U.S. counterparts, said Matthew McLennan, co-head of First Eagle’s Global Value team. First Eagle's McLennan said the weaker euro in part supported the outlook for European equities. "There's some possibility that European equities, by both their valuation and their currency valuation, could do better than U.S. equities over a period of time".

Persons: Jefferies, Mohit Kumar, LSEG, Matthew McLennan, Goldman Sachs, Oliver Collin, Europe's, Collin, LVMH, Ayesha Akbar, Eagle's McLennan, Joice Alves, Mark Potter Organizations: Silicon Valley Bank, Credit Suisse, Deutsche Bank, U.S, drugmaker Novo Nordisk, Fidelity, Thomson Locations: Frankfurt, Silicon, Germany, U.S

☆ Insider Today: Big banks' cloudy forecast
▼ + stars: | 2023-10-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

AdvertisementAdvertisementIn today's big story, we're looking at why strong earnings results from some big banks weren't necessarily the big win markets were hoping for. The big storyTrouble brewingAdvertisementAdvertisementOn the surface, earnings season got off to a great start. And that could spell trouble for the broader market hoping for a banner earnings season to help it finish the year on a positive. AdvertisementAdvertisement"This may be the most dangerous time the world has seen in decades," he said in a press release announcing the bank's earnings. One market veteran predicts stocks will rally for the final stretch of the year due to a strong earnings season.

Persons: Elon Musk, Steve Jobs, Wells, Jamie Dimon, Dimon, Julian Restrepo, Emmalyse Brownstein, Mark Mason, JPMorgan's, Teresa Heitsenrether, Goldman Sachs, Jane Fraser, Fraser, Michael Siluk, there's, Walter Isaacson, Justin Sullivan, Tim Mosenfelder, Elon, Tyler Le, Noah Webster, He's, Naomi Osaka, Angela Lansbury, Sue Bird, Oscar Wilde, Bryce Harper, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Tech, JPMorgan, Citigroup, AP, Citi, Barclays, Suisse, New York Department of Labor, Getty, Wedbush Securities, Microsoft Outlook, Microsoft, Consumers, PETA, Dairy Summit Locations: Ukraine, Israel, Chicago, New York City, San Diego, London, New York

☆ Wall Street hiring is up, but it's not what you think. Here's what's really going on.
▼ + stars: | 2023-10-13 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +4 min

Third-quarter earnings season kicked off on Wall Street with JPMorgan and Citigroup reporting that headcount is up. In announcing third-quarter earnings, JPMorgan said headcount was up 7% over this time last year to 308,669. And the geopolitical conflict in the Middle East raises concerns about whether dealmaking — and therefore investment banking hiring — will come back next year. The investment bank, which was recently bought by Swiss rival UBS, said it currently has more than 2,000 staffers in that location. At Citi, investment banking fees were down 18% over last year, although underwriting fees have improved as companies look to sell more debt and stock.

Persons: headcount, Mark Mason, Mason, dealmaking, —, Jane Fraser, Goldman Sachs, Jamie Dimon, Fraser, I'm Organizations: JPMorgan, Citigroup, Citi, Credit Suisse, New York Department of Labor, Madison, Swiss, UBS, Financial Times, Barclays Locations: New York City

☆ More work to do in tackling non-bank risks, says FSB's Knot
▼ + stars: | 2023-10-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Klaas Knot, chair of the Financial Stability Board, arrives for the G20 leaders' summit in Nusa Dua, Bali, Indonesia, November 15, 2022. "Why did we not see these pockets of hidden leverage? That, I think, is still the main target of our work in the NBFI space going forward," Knot said. "In general the massive change in the interest rate environment, so far so good, there has not been any systemic rippling of negative effects into the financial sector," Knot told the Institute of International Finance annual meeting. Meanwhile, AI could have tangible benefits and present some risks to the financial system, he said.

Persons: Klaas, Willy Kurniawan, Klaas Knot, Huw Jones, Alex Richardson, Alexander Smith, Jane Merriman Organizations: Board, REUTERS, UBS Group, Silicon Valley Bank, UBS, Swiss, Credit Suisse, European Central Bank, policymaker, Institute of International Finance, Bank of England, Authority, ECB, Thomson Locations: Nusa Dua, Bali, Indonesia, Silicon, Dutch

☆ Global watchdog reveals tensions at heart of Credit Suisse debacle
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

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

[1/4] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. The IMF adjusted this year's stress test to probe the impact of its baseline economic scenario of higher interest rates for longer, as well as the possibility of consumers yanking deposits. "Under the baseline, it's about 5% of banks that are relatively weak in terms of their capital. And in severe stress, that number goes up to 30% or sometimes higher," Adrian said. The IMF did not identify the banks that could be in trouble if those economic circumstances arose, but they included both small and large lenders.

Persons: Yuri Gripas, Tobias Adrian, Adrian, There's, Pete Schroeder, Michelle Price, Paul Simao Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, IMF, Valley Bank, Switzerland's Credit Suisse Group, Monetary, Capital Markets Department, Palestinian, World Bank, U.S, Thomson Locations: Washington , U.S, California, Israel, Gaza, Marrakech, Morocco, Italy, Federal, U.S

☆ Metro Bank: Shares in UK bank just plunged over 30%
▼ + stars: | 2023-10-05 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Shares in UK lender Metro Bank sank as much as 31% Thursday following a report that it was urgently seeking to raise funds to shore up its finances. Metro Bank opened in 2010 as the first challenger to Britain’s major main street banks — including Lloyds (LYG), Barclays (BCS) and HSBC (HSBC) — in more than 100 years. Metro Bank’s assurances did little to support its share price, which pared some of its earlier losses but was down by 31% again by late afternoon in London. The bank’s shares are down almost 66% since mid-September when UK regulators refused its request to change the way it calculates capital requirements on its residential mortgages book. A Metro Bank branch in the UK city of Sheffield, seen in April Mike Egerton/APThe ratings agency noted that Metro Bank had to refinance a £350 million ($425 million) bond by October 2024.

Persons: “, Fitch, ” Fitch, Mike Egerton, Chris Beauchamp, isn’t, ”, — Hanna Ziady Organizations: London CNN —, Metro Bank, Financial Times, Lloyds, Barclays, BCS, HSBC, —, Metro, Bank, UK Financial, Prudential Regulation Authority, Bank of England, IG, CNN, Financial, Metro Bank . CNN, Prudential, Banking Supervision, Valley Bank, Signature Bank, First Republic Bank, Credit Suisse — Locations: ”, London, Sheffield, United States, United Kingdom, Basel

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The analyst said higher deposit rates were potentially being used to limit outflows at Credit Suisse and had been weighing on the bank's ability to bolster revenue. Credit Suisse reported net asset outflows of 39 billion francs in the second quarter. However, UBS said the outflows had slowed down and reversed in June, with Credit Suisse reporting net deposit inflows of $18 billion in the second quarter. UBS's Chief Executive Sergio Ermotti has said he aims to get back the Credit Suisse assets.

Persons: Denis Balibouse, Kian Abouhossein, Abouhossein, Sergio Ermotti, Ermotti, Noele Illien, Stefania Spezzati, Oliver Hirt, Elisa Martinuzzi, Mark Potter Organizations: Credit Suisse, UBS, REUTERS, Rights, Suisse, JPMorgan, UBS's, Thomson Locations: Zurich Switzerland, Raiffeisen, Switzerland

☆ Credit Suisse, Mozambique reach out-of-court 'tuna bond' settlement
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +1 min

The logo of Credit Suisse is seen outside its office building in Hong Kong, China, August 8, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsZURICH, Oct 1 (Reuters) - Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the $1.5 billion-plus "tuna bond" scandal, the Swiss bank's new owner UBS (UBSG.S) said on Sunday, drawing a line under a damaging dispute it inherited. "The parties have mutually released each other from any liabilities and claims relating to the transactions," UBS said. The tuna bond case dates back to three deals between state-owned Mozambican companies and shipbuilder Privinvest - funded in part by loans and bonds from Credit Suisse and backed by undisclosed Mozambican government guarantees. UBS, which rescued scandal-scarred Credit Suisse amid turmoil in the global banking sector earlier this year, has a financial buffer of as much as $10 billion for litigation, JPMorgan analysts estimated in a note to clients on Wednesday.

Persons: Tyrone Siu, corruptly, Noele Illien, Kirsten Donovan Organizations: Credit Suisse, REUTERS, Rights, UBS, Privinvest, JPMorgan, Thomson Locations: Hong Kong, China, Mozambique, Swiss, London, Mozambican

☆ Americans support strikes — until they affect their daily lives
▼ + stars: | 2023-10-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

The public will continue to support them – that is until the strikes begin to affect Americans’ daily lives. CNN reached out to the Justice Department for comment but has not received a response. The US Labor Department releases August figures on job openings, quits, hires and layoffs. The US Labor Department reports the number of worker filings for jobless benefits in the week ended September 30. The US Labor Department releases September data on the state of the job market, including payroll gains, wage growth and the unemployment rate.

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