• UBS to reward shareholders

    Losses from costs of absorbing Credit Suisse narrow.
  • UBS posts bigger loss

    Last year, the bank took over its Swiss rival Credit Suisse.
  • Credit Suisse expects Q3 loss

    The bank said the loss could be as much as $2.2 billion.
  • Disparity remains as Saudis, Emiratis see wealth gains

    The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region experiencing an increase in their wealth.
  • Saudis, Emiratis gain wealth, but disparity remains

    In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent of adults in the UAE, according to Global Wealth Report 2023.
  • Global wealth set to rise by 38% over the next five years: study

    Zurich, Switzerland – The latest Global Wealth Report predicts global wealth to reach $629 trillion by 2027, despite 2022 being the first year of wealth decline since 2008, the fourteenth edition of the Global Wealth Report jointly launched on Tuesday by Credit Suisse and UBS revealed. According to the report’s...
  • Top Middle East bankers leave Credit Suisse for HSBC

    Dubai, UAE -  Credit Suisse Qatar CEO Aladdin Hangari is joining HSBC. Patrick D’Amico, a Zürich based Credit Suisse Managing Director and Strategic Client Partner, as well as several other senior team members will be joining HSBC with him.  D’Amico and his colleagues are a leading Middle East banking team...
  • US Federal Reserve calls for better supervision of banks

    US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following a string of high-profile failures earlier this year. "We need to strengthen both regulation and supervision," Powell told a banking conference in Madrid, referring to the turmoil that hit the...
  • UBS to cut more than half its workforce after Credit Suisse rescue

    Credit Suisse had a staff of around 45,000 before it nearly collapsed on investor fears about its solvency, which prompted a massive bailout orchestrated by the Swiss government. UBS chief executive Sergio Ermotti had warned earlier this month that the coming months were likely to be "bumpy", saying the merger...
  • UBS set to complete its takeover of Credit Suisse today

    The coming months are likely to be "bumpy", warned UBS chief Sergio Ermotti on Friday, adding the integration will come with "waves" of difficult decisions, particularly regarding employment. The country's leading bank UBS was forced into a marriage to prevent its rival from going under, but it hasn't waited for...
  • Swiss Parliament to examine UBS’ Credit Suisse takeover

    Switzerland's parliament will probe the government-orchestrated takeover of the stricken Credit Suisse bank by larger rival UBS. A parliamentary commission of inquiry will be established to shed light on how the Swiss authorities rapidly stitched together the merger of the wealthy Alpine country's two biggest banks over a weekend in...
  • Credit Suisse fails NYSE listing criteria

    Under NYSE rules, shares must trade for at least $1 for 30 consecutive days.
  • Switzerland: UBS merger with Credit Suisse raises job fears

    Keeping the Swiss banking division as an independent unit appeals to many in Switzerland -- particularly as it could prevent mass layoffs in the important banking sector. Together, the two banks employ 120,000 people worldwide, including 37,000 in Switzerland.
  • Credit Suisse CEO to join executive board after takeover: UBS

    Koerner will be the only executive from Credit Suisse to remain on board after the bank is absorbed by UBS. The Swiss government strongarmed UBS into buying its rival for $3.25 billion after the collapse of three US lenders in March raised concerns about Credit Suisse's own financial health following...
  • ECB looks to hike interest rate again but analysts divided on how much

    The Frankfurt-based institution has already lifted rates 3.5 percentage points since July last year to tame energy and food costs that surged after Russia invaded Ukraine. But there is debate about whether the ECB will opt for a 50-basis point hike -- as it did at its previous three meetings...
  • Swiss central bank says tough rules needed for sector

    BERN, SWITZERLAND - Switzerland's central bank said Friday that the country's banking regulations needed toughening up after the implosion of Credit Suisse, while the sector also needed to ensure proper competition for services. "Banking regulation and supervision will have to be reviewed in light of recent events," Swiss National Bank chairman...
  • UBS hopes to complete Credit Suisse takeover before July

    Analysts polled by the Swiss financial newswire AWP expected UBS's first quarter net profit to tick in at around $1.7 billion, down from $2.1 billion a year ago. Though it managed to rack up a $1.0 billion net profit for the first three months of 2023, UBS said it had...
  • Investors hope for answers in UBS, Credit Suisse quarterly results

    Credit Suisse pushed forward its result release to come out the day before those of UBS, as Switzerland's largest bank prepares to swallow its long-time main domestic rival. The results, which will be presented in a statement without the usual accompanying press conference and analyst discussion, will be closely studied...
  • Swiss president to defend UBS takeover of Credit Suisse in parliament

    During this week's session, lawmakers will have to endorse the guarantees, but the vote is only symbolic, said Samuel Bendahan, a National Council member and an economics professor at the University of Lausanne's business school. Parliament cannot cancel the government's decision taken under emergency law, and "the money has already...
  • Credit Suisse takeover prevented Swiss economy collapse: minister

    Swiss Finance Minister said that the government had acted in the country's best interests in swiftly arranging the takeover of Switzerland's second-biggest bank by its larger domestic rival UBS. Amid fears of a global banking crisis last month, investor confidence in Credit Suisse collapsed on March 15, with the government...
  • Switzerland to probe what led to Credit Suisse collapse

    The economy committee of the National Council, the lower house of parliament, asked the government for an analysis of the determining factors behind the decline of Credit Suisse.
  • Credit Suisse merger the right choice despite risks: UBS

    Shareholders of both banks had no say in the mega-merger, which was engineered by the Swiss government, the central bank and the financial regulators FINMA. The UBS annual general meeting comes the day after Credit Suisse held its stormy final AGM.
  • UBS shareholders grill bosses over Credit Suisse mega-merger

    The annual general meeting of UBS is being held in the St. Jakobshalle indoor arena, famously the stomping ground of Swiss tennis great Roger Federer - Credit Suisse's top brand ambassador. The meeting will see Dutch chief executive Ralph Hamers bow out. Once the AGM is over, Sergio Ermotti returns...
  • Credit Suisse chiefs apologize to shocked shareholders

    ZURICH, SWITZERLAND - Credit Suisse chairman Axel Lehmann said Tuesday he was "truly sorry" that the beleaguered bank could not be saved as he faced angry and tearful shareholders whose money has gone up in smoke. Credit Suisse's chiefs fronted up at the bank's annual general meeting, 16 days after its...
  • Swiss federal prosecutors probe UBS takeover of Credit Suisse

    Geneva, Switzerland--Swiss federal prosecutors said Sunday that they had opened an inquiry into the UBS takeover of its embattled banking rival Credit Suisse, following pressure from federal authorities and media leaks. In an email to AFP, prosecutors said they issued orders to investigate after "taking stock of the situation with all...
  • UBS-Credit Suisse merger could see 36,000 job cuts globally

    Geneva, Switzerland -- The merger between banks Credit Suisse and UBS could see up to 36,000 jobs being cut across the world, the SonntagsZeitung weekly reported on Sunday. The takeover by UBS of Credit Suisse was hastily arranged by the Swiss government on March 19 to prevent a global financial...
  • Credit Suisse hid $700m in undeclared accounts: US Senate

    The Senate report "describes legacy issues, some from a decade ago," which the bank has sought to address by implementing extensive enhancements "to root out individuals who seek to conceal assets from tax authorities," it said.
  • Markets get affected as financial turmoil resurfaces

    Crude oil has been challenged by the continued loss of risk appetite. The banking crisis has particularly impacted the energy sector, with WTI and Brent crude oil down by over 10 percent and natural gas down nearly 20 percent. The market's focus on financial stability may offset underlying strength in...
  • Saudi National Bank chair resigns after Credit Suisse buyout

    Saeed Mohammed Al Ghamdi, who had been serving as CEO, will replace AlKhudairy as chair, Monday's statement said. Talal Ahmed Al Khereiji has been appointed acting CEO, it said.
  • Credit Suisse demise puts question mark over lucrative sponsorship deals

    The Swiss national football team, the country's top football division, tennis great Roger Federer, golf star Sergio Garcia and Zurich's new stadium were all sponsored by the bank, which is being taken over by Swiss rival UBS. The deal was hastily arranged on Sunday after Credit Suisse's share price plunged.
  • Global financial woes may hit Europe, warns ECB chief Lagarde

    The ECB president insisted, however, that if the most recent forecasts were confirmed, "we will still have ground to cover to make sure that inflation pressures are stamped out".
  • European banking sector is resilient, says ECB

    FRANKFURT, GERMANY -  The European financial system is "resilient" and has sufficient liquidity, the European Central Bank said Monday, as banking shares plunged following the announcement that UBS would take over troubled rival Credit Suisse. "The European banking sector is resilient, with robust levels of capital and liquidity," the ECB said...
  • Credit Suisse buyout: Saudi National Bank fears no impact

    The Saudi bank said its statement came "in light of the recent market announcement with regards to Credit Suisse", without directly mentioning the UBS buyout. Saudi National Bank spent 5.5 billion riyals ($1.5 billion) on a 9.88 percent share in Credit Suisse in November.
  • US Fed, other central banks move to boost global dollar liquidity

    The central banks will step up so-called swap line operations, which give non-US central banks greater access to dollars. "To improve the swap lines' effectiveness in providing US dollar funding, the central banks currently offering US dollar operations have agreed to increase the frequency of 7-day maturity operations from weekly...
  • UBS in talks to acquire embattled Credit Suisse: report

    The Swiss National Bank (SNB) and financial markets watchdog FINMA told their US and British counterparts their "plan A" to stop the crisis of confidence facing Credit Suisse was to merge it with UBS, the FT reported Friday, citing unnamed sources. The Swiss central bank "wants the lenders to agree...
  • Saudi finance minister, National Bank head downplay risks to bank sector

    "I think large banks are properly supervised and therefore the risk that some people see, I don't see," Finance Minister Mohammed al-Jadaan said, a day after Credit Suisse's shares closed 24% lower after Saudi National Bank, its main shareholder, said it would not raise its stake due to regulatory constraints.
  • Credit Suisse to borrow up to $53.7bn to shore up group after stocks dip

    In February 2021, Credit Suisse shares were worth 12.78 Swiss francs, but since then, the bank has endured a barrage of problems that have eaten away at its market value. Wednesday's plunge also came amid fears of contagion brought on by the failure of the US-based Silicon Valley Bank.
  • Stock markets sink on banking crisis fears, oil prices fall

    Global markets have been rattled by the collapse of tech sector lenders Silicon Valley Bank and Signature, which forced US authorities to intervene at the weekend to prevent contagion. After a rebound on Tuesday, equities fell again on Wednesday, with European indices tumbling by more than three percent.
  • Credit Suisse shares down

    The bank has lost 81% of its value since Greensill bankruptcy.
  • Credit Suisse delays yearly report

    Delay has had no effect on its annual financial statement.
  • Credit Suisse 2022 loss $7.9bn

    Since March 2021, bank's stock lost over 75% of value.
  • India’s Adani Enterprises shares rocket 25%

    The group owned by tycoon Gautam Adani lost around $120 billion in value after claims of accounting fraud were levelled by short-seller US investment group Hindenburg Research on January 24. The slide has raised concerns about the group's ability to raise fresh financing to pay down its debts. It cancelled...
  • Adani Enterprises shares suspended as price slumps again

    Adani himself has seen his fortune plummet by tens of billions of dollars, dumping him out of the real-times Forbes rich list top 10 and depriving him of his title as Asia's richest person. Adani late Wednesday cancelled a $2.5-billion stock sale meant to help reduce debt levels - long a...
  • Saudi Crown Prince considering $500m investment in Credit Suisse

    Credit Suisse itself has previously said it had $500 million committed from an unnamed investor, and its chairman said last week that it has other firm commitments, the daily reported on Sunday.
  • Credit Suisse launches radical overhaul to stabilize bank

    Switzerland's second-biggest bank launched a strategic review aimed at putting an end to a series of scandals that have shaken the institution, saying the results were intended to create "a simpler, more focused and more stable bank".
  • Credit Suisse to pay $234m fine

    Bank to pay fine on money laundering, tax fraud charges.
  • Credit Suisse sells 8.6% stake in Allfunds

    Bank raised US$325m from its stake sale of Spanish firm.
  • Credit Suisse to pay US$495m to settle legacy case

    It has agreed to pay $495 million as part of a deal reached with US prosecutors in a long-running dispute over mortgage-backed securities. The disputed dating back to the 2008 financial crisis will see the European lender make the "one-time payment" in order to resolve claims for compensation.
  • Gulf citizens wealthier as oil boom raises revenue

    Qatar ranks first in the Arab world and the Gulf region with an annual per capita share of around $183,000, followed by Kuwait and the UAE.
  • Credit Suisse ‘faces’ Q1 loss

    The Swiss banking giant said it has taken a hit from the Ukraine war, litigation.