Swiss parliament starts Credit Suisse takeover probe

Switzerland’s parliament has launched an inquiry into the government-orchestrated takeover of Credit Suisse by UBS.

UBS to cut 35,000 jobs after Credit Suisse rescue: report

UBS is set to cut 35,000 jobs at Credit Suisse as part of its emergency takeover, following the collapse and bailout of the latter.

UBS set for ‘bumpy’ integration of Credit Suisse

UBS is set to finalize its acquisition of Credit Suisse, but the integration process is expected to be challenging. UBS Chief Sergio Ermotti warned of difficult decisions and job losses, while concerns about the size and political implications of the megabank have been raised. Talent retention and potential spin-offs of business units are among the key challenges. The merger is seen as necessary to prevent a financial crisis, with the Swiss government and central bank providing support and guarantees. The full impact of the merger will become clearer after the release of second-quarter financial results.

UBS says to complete Credit Suisse takeover on 12 June

Swiss banking giant UBS is set to finalize its acquisition of troubled domestic rival Credit Suisse by 12 June, according to both banks. The completion date is slightly later than previously anticipated. UBS agreed to purchase Credit Suisse for three billion Swiss francs (US$3.25 billion) under government pressure to prevent its collapse. Upon completion, Credit Suisse shares and American Depositary Shares will be delisted, creating a superbank overseeing US$5 trillion of invested assets, according to UBS CEO Sergio Ermotti.

Singapore court orders Credit Suisse to pay Georgian ex-PM US$926 million

A Singapore court has ordered Credit Suisse to pay former Georgian prime minister Bidzina Ivanishvili US$926 million for failing to protect his assets, adding to the bank’s troubles. The court ruled in Ivanishvili’s favor, holding Credit Suisse responsible for fraudulent mismanagement that resulted in the billionaire’s investment losses. Credit Suisse intends to appeal the decision, calling it legally problematic. The bank’s relationship manager, Patrice Lescaudron, was previously convicted of fraud and forgery in Switzerland.

UBS merger with Credit Suisse raises job fears at home

The merger between UBS and Credit Suisse has raised concerns about job security and competition in Switzerland’s banking sector. The fate of Credit Suisse’s domestic retail banking division remains uncertain, with options including integration into UBS, a sale, or a share offering. Some investors favor a spin-off to protect jobs and avoid concentration of risks in a single bank. Analysts suggest that carving out the front office of Credit Suisse Switzerland could create value and alleviate concerns about the size of the merged entity.

UBS says Credit Suisse CEO to join board in mega merger

Credit Suisse CEO Ulrich Koerner will join UBS’s executive board as the Swiss banking giant absorbs its fallen rival. The move comes after the Swiss government pressured UBS to acquire Credit Suisse due to concerns over its financial health following recent scandals. Koerner, a former UBS executive, will ensure operational continuity and client focus while supporting the integration process. The merger is expected to be completed in the next few weeks, with UBS emphasizing a phased approach to integration.

Swiss regulator aims to draw lessons from Credit Suisse debacle

Switzerland’s banking regulator, FINMA, said it would learn from the Credit Suisse crisis as it released its annual assessment of emergency contingencies. Credit Suisse’s collapse amid market panic led to Swiss authorities orchestrating an emergency rescue that involved pressuring UBS into a US$3.25bn takeover of its closest domestic rival. Head of FINMA, Urban Angehrn, said that “important lessons” can be learned from the Credit Suisse crisis for future crisis preparations.

UBS posts US$1.0 bn Q1 net profit, Credit Suisse takeover completion set for Q2

UBS expects to complete the takeover of Credit Suisse in Q2, as it reports a net profit of $1bn for Q1, down from US$2.1bn last year. Credit Suisse reported US$70bn being withdrawn in Q1, potentially its final results ahead of the merger. Analysts had expected UBS’s Q1 net profit to be around US$1.7bn.

Over US$68 bn withdrawn from Credit Suisse ahead of UBS takeover

Credit Suisse saw YS$68 billion in withdrawals in Q1 2023, likely its final results before its merger with UBS. The bank’s net profit surged to CHF12.4 billion, up from a significant loss a year earlier after holders of high-risk debt were wiped out. The bank suffered scandals and became the weakest link after three US regional banks collapsed in March 2023. Swiss authorities organised an emergency rescue, pressuring UBS to agree to a US$3.25bn mega merger on the evening of 19 March.