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...
TRENDS Poll: 36% believe GCC banks threatened by US, Europe banking crisis
Due to the GCC's strong linkages with the global banking system, concerns have risen that the banks in the region will face the same struggles.
US authorities probe Goldman Sachs over Silicon Valley Bank collapse
Goldman has been criticized over its multiple roles with SVB, in which it was both advising the California bank and purchasing distressed debt in a deal that ultimately played a central role in SVB's collapse. SVB was seized by federal banking regulators on March 10 following a run on deposits...
US Federal Reserve’s rate hike risky and ill-timed
"It appears that the central bank is willing to sacrifice parts of the economy and tighten its grip on households and businesses to combat inflation. However, this strategy risks doing more harm than good. It is crucial now that they refrain from further rate hikes to salvage their own credibility,"...
Investors set to boost allocations to gold, miners
Rallying of gold prices and growing concern about a potential global banking crisis are seen as key reasons for the increased allocations, says a latest global report.
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...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...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...
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...
US closes SVB in biggest collapse since 2008
The move sends sent global banking shares sputtering, as markets fretted over possible contagion from America's biggest banking failure since the 2008 financial crisis.
