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Credit Suisse's relationship with family office Archegos Capital is set to hit UBS following investigations by UK, Swiss and US regulators.
UBS Group AG faces hundreds of millions of dollars in penalties over Credit Suisse's mishandling of Archegos Capital, after UK, Swiss and U.S. regulators completed their investigations, Financial Times reported on Monday.
Credit Suisse Group AG may be due for a "massive downsizing" of its investment banking businesses after its takeover by UBS Group AG, Chief Executive Officer Sergio Ermotti said in an opinion piece published over the weekend. Jan-Patrick Barnert reports on Bloomberg Television.
Switzerland's parliament announced on Wednesday the 14 members of a special commission that will look into Credit Suisse's collapse and its subsequent rescue engineered by Swiss authorities.
The Oakmark International Fund released its first-quarter portfolio update, revealing that its top five trades included the closure of its positions in Credit Suisse Group AG ( XSWX:CSGN , Financial) and Koninklijke Phillips NV ( XAMS:PHIA , Financial) and a reduction to its holding of Adidas AG ( XTER:ADS , Financial). The fund also boosted its positions in Roche Holding AG ( XSWX:ROG , Financial) and Fresenius Medical Care AG & Co. KGaA ( XTER:FME , Financial).
UBS has axed a raft of senior Credit Suisse executives after the bank completed the takeover of its ailing rival. The Swiss lender said a number of Credit Suisse's most senior bosses will leave the combined company, while others will take on lesser roles, as UBS asserts its dominance following the tie-up.
Credit Suisse shares closed 1% higher at 0.81 Swiss francs ($0.89) on Monday, their last trading day after the stricken bank's takeover by Swiss rival UBS.
UBS Group AG (UBS) completes the acquisition of Credit Suisse in an all-share deal. The buyout is concluded after the signing of the Loss Protection Agreement with the Swiss government on Jun 9, 2023.
Mike Mayo, Managing Director at Wells Fargo discusses the state of banking as UBS completes its takeover of Credit Suisse About "Bloomberg Surveillance" Tom Keene, Jonathan Ferro & Lisa Abramowicz are live from New York each business day, bringing insight on global markets and the top business stories of the day. Get the Bloomberg Surveillance newsletter, delivered every weekday.
Beat Wittmann, chairman and co-founder at Porta Advisors, discusses the completion of the UBS takeover of Credit Suisse and what the enlarged bank faces next.