Credit Suisse Is In Crisis. What Went Wrong?

Latest News

2023-03-29

UBS Names Sergio Ermotti as New CEO and President

2023-03-23

Spin-Off of Credit Suisse Swiss Unit Not on Table, SNB’s Jordan Says

2023-03-22

UBS Set for Talks With Michael Klein to Terminate Credit Suisse Investment Bank Deal

User Discussion

starfishhk85

2023-03-22

You have taken the cherry from the tree, good luck putting it back ...

UBS Set for Talks With Michael Klein to Terminate Credit Suisse Investment Bank Deal

Vincentan59

2023-03-22

Not Bad🫣🫣🫣🫣

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blut

2023-03-21

The panic had subsided. Yellen had confirmed Fed will guarantee deposits to prevent bank run. Time to do bargain hunting. If not sure just long indices. If wevgread carrfully wr csn trcovet l pur kissrs.

YJ Lee

2023-03-21

UBS Aims to Boost Its Dealmaker Ranks, Not Spin Out First Boston

Soe77

2023-03-21

Force sale without share holders vote, gov become robbers... if china is the one that do the force sale... think might be criticized like...

Credit Suisse Shareholder Says Override of Vote "Unprecedented"

Hippo88

2023-03-21

Emergency Powers not so easy to override

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JJVoon

2023-03-20

Bye bye

A $2.5 Billion Credit Suisse Junior Bond Escaped Wipeout

Fiona888

2023-03-20

Yes

Switzerland Puts up 260 Billion Francs for Credit Suisse Rescue, Documents Show

Hippo88

2023-03-20

Painful

Credit Suisse Deal Hands Saudi National Bank $1 Billion Investment Loss

FilMel050321

2023-03-20

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YMCheah

2023-03-20

ouch

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Shirley Soh

2023-03-20

How Scandal and Mistrust Ended Credit Suisse’s 166-Year History

来人

2023-03-20

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Vincentan59

2023-03-20

🙈🙈🙈👽👽👽

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JediGingerNinja

2023-03-20

Thats Deep

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ocean_wave

2023-03-20

[Gosh]

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DailyTrader7

2023-03-20

Bad for bond holders

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kkennn

2023-03-20

The One Big Winner and Many Losers of UBS’s Credit Suisse Rescue

ZEROHERO

2023-03-20

Another One Bites The Dust: Credit Suisse

After a long negotiation over the weekend, financial markets were poised for relief on Monday after UBS Group AG (SIX:UBSG) agreed to buy Credit Suisse (SIX:CSGN) Group AG in a rescue orchestrated by the state, while major central banks announced a co-ordinated move to shore up liquidity in the financial system. - UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday. - The terms of the deal will see Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold. - The Swiss National Bank also pledged a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4

Another One Bites The Dust: Credit Suisse

Yslo

2023-03-20

Bank's collapse waves will be occured one by One ... sit thigh and fasten your seat belts

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Stree","content":"<html><head></head><body><p>UBS is set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse&#39;s investment bank, the Financial Times reported on Tuesday.</p><p>UBS on Sunday agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.</p><p>Klein, a veteran dealmaker, was merging his eponymous advisory boutique into Credit Suisse&#39;s investment banking operations to create CS First Boston as a standalone business which he would have led from New York.</p><p>UBS has now assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible, according to the FT report, which cited people with direct knowledge of the matter.</p><p>&#34;We assume he (Klein) is cherry picking. The deal was done when the selling bank had a gun held to its head and we are no longer in that position,&#34; a person close to UBS said, according to the report.</p><p>UBS and Credit Suisse declined to comment, while Klein could not be immediately reached for comment.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UBS Set for Talks With Michael Klein to Terminate Credit Suisse Investment Bank Deal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUBS Set for Talks With Michael Klein to Terminate Credit Suisse Investment Bank Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-03-22 07:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>UBS is set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse&#39;s investment bank, the Financial Times reported on Tuesday.</p><p>UBS on Sunday agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.</p><p>Klein, a veteran dealmaker, was merging his eponymous advisory boutique into Credit Suisse&#39;s investment banking operations to create CS First Boston as a standalone business which he would have led from New York.</p><p>UBS has now assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible, according to the FT report, which cited people with direct knowledge of the matter.</p><p>&#34;We assume he (Klein) is cherry picking. The deal was done when the selling bank had a gun held to its head and we are no longer in that position,&#34; a person close to UBS said, according to the report.</p><p>UBS and Credit Suisse declined to comment, while Klein could not be immediately reached for comment.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"USB":"美国合众银行"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2321567750","content_text":"UBS is set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse's investment bank, the Financial Times reported on Tuesday.UBS on Sunday agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.Klein, a veteran dealmaker, was merging his eponymous advisory boutique into Credit Suisse's investment banking operations to create CS First Boston as a standalone business which he would have led from New York.UBS has now assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible, according to the FT report, which cited people with direct knowledge of the matter.\"We assume he (Klein) is cherry picking. The deal was done when the selling bank had a gun held to its head and we are no longer in that position,\" a person close to UBS said, according to the report.UBS and Credit Suisse declined to comment, while Klein could not be immediately reached for comment.","news_type":1},"isVote":1,"tweetType":1,"viewCount":332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943644290,"gmtCreate":1679443940210,"gmtModify":1679443943707,"author":{"id":"4098866635611070","authorId":"4098866635611070","name":"Vincentan59","avatar":"https://community-static.tradeup.com/news/a5c91735e742c607283b7643b505c8e4","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4098866635611070","authorIdStr":"4098866635611070"},"themes":[],"htmlText":"Not Bad🫣🫣🫣🫣","listText":"Not Bad🫣🫣🫣🫣","text":"Not Bad🫣🫣🫣🫣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943644290","repostId":"1196545809","repostType":2,"isVote":1,"tweetType":1,"viewCount":610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943661740,"gmtCreate":1679410437481,"gmtModify":1679411463525,"author":{"id":"3578973207665480","authorId":"3578973207665480","name":"blut","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578973207665480","authorIdStr":"3578973207665480"},"themes":[],"htmlText":"The panic had subsided. Yellen had confirmed Fed will guarantee deposits to prevent bank run. Time to do&nbsp;bargain hunting. If not sure just long&nbsp; indices. If wevgread carrfully wr csn trcovet l pur kissrs.&nbsp;","listText":"The panic had subsided. Yellen had confirmed Fed will guarantee deposits to prevent bank run. Time to do&nbsp;bargain hunting. If not sure just long&nbsp; indices. If wevgread carrfully wr csn trcovet l pur kissrs.&nbsp;","text":"The panic had subsided. Yellen had confirmed Fed will guarantee deposits to prevent bank run. Time to do bargain hunting. If not sure just long indices. If wevgread carrfully wr csn trcovet l pur kissrs.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943661740","isVote":1,"tweetType":1,"viewCount":625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943663476,"gmtCreate":1679409978796,"gmtModify":1679409982577,"author":{"id":"4108816210230400","authorId":"4108816210230400","name":"YJ Lee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4108816210230400","authorIdStr":"4108816210230400"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943663476","repostId":"1196545809","repostType":2,"repost":{"id":"1196545809","pubTimestamp":1679408675,"share":"https://ttm.financial/m/news/1196545809?lang=&edition=fundamental","pubTime":"2023-03-21 22:24","market":"us","language":"en","title":"UBS Aims to Boost Its Dealmaker Ranks, Not Spin Out First Boston","url":"https://stock-news.laohu8.com/highlight/detail?id=1196545809","media":"Bloomberg","summary":"Executives are said to have little interest in carveout planStill, some Credit Suisse bankers hold o","content":"<html><head></head><body><ul><li>Executives are said to have little interest in carveout plan</li><li>Still, some Credit Suisse bankers hold out hope for a deal</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/368ba8a816890096332550f8a7cf7254\" tg-width=\"1000\" tg-height=\"664\" width=\"100%\" height=\"auto\"/><span>The UBS building in Zurich, Switzerland. Photographer: Adrian Moser/Bloomberg</span></p><p>UBS Group AG wants to cherry pick top dealmakers from Credit Suisse Group AG’s investment bank instead of supporting Michael Klein’s plan to build a new independent firm, according to people familiar with the discussions.</p><p>UBS executives have told their Credit Suisse counterparts that they prefer selectively bolstering their own investment bank while dumping the riskier operations, the people said, asking for anonymity because the review has just begun and no final decisions have been made. In initial talks, the acquiring bank indicated little interest in continuing the planned effort for a CS First Boston carveout that would create a new competitor, the people said.</p><p>All this means Klein’s dream of leading a new investment bank under the revived CS First Boston brand looks increasingly unlikely. Still, some Credit Suisse staff are holding out hope that Klein and banking chief David Miller can line up an alternative plan, the people said. Some executives have reached out to potential suitors for the investment bank including Japan’s Mizuho Financial Group Inc. to generate interest that they could then pitch to UBS, the people said.</p><p>Spokespeople for UBS, Mizuho and Klein declined to comment. Credit Suisse representatives didn’t return calls seeking comment.</p><p>Credit Suisse’s nascent First Boston plan was thrown into turmoil by the Swiss bank’s crisis of confidence and emergency takeover. The effort had captured the attention of Wall Street as a spinout unprecedented in modern finance and a rare business model that featured a boutique-like advisory practice with the need for a bigger balance sheet to support its leveraged finance unit. Klein had promised a partnership-like structure that recalled an earlier era and gave star dealmakers a share in the upside.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b5333fa5265db18c286311b4a3dc021\" tg-width=\"1000\" tg-height=\"667\" width=\"100%\" height=\"auto\"/><span>Colm Kelleher, center, during a news conference in Bern on March 19.Photographer: Pascal Mora/Bloomberg</span></p><p>UBS Chairman Colm Kelleher’s comments at a Sunday press conference that UBS planned to shrink the combined investment bank sparked some hope among Credit Suisse staff that its rival might be open to the spinoff idea, particularly since it included a riskier leveraged finance business. But Kelleher’s comments may have been more aimed at his Swiss rival’s trading operations. And as discussions between business leaders kicked off Monday, those hopes started to fade, the people said.</p><p>UBS is particularly interested in advisory bankers in the US and those working on prominent industries such as technology, as well as some regional teams, some of the people said, which would fit the firm’s existing focus on capital-light advisory work.</p><p>UBS executives also indicated little interest in completing a deal to buy Klein’s boutique, the people said. The longtime dealmaker, who pushed for a spin-out as a Credit Suisse board member and then was named CEO-designate of the business, recently agreed to sell The Klein Group to the bank in a $210 million deal which is yet to close.</p><p>And any attempt to salvage the plan would face significant hurdles. Saudi Arabia had been weighing an investment in CS First Boston, but just lost more than $1 billion in a matter of months on its stake in Credit Suisse that Klein helped arrange. And moves to legally and operationally separate the business had only just started.</p><p>To be sure, Klein has pulled off various feats in his storied, multi-decade career. The rainmaker played a key role in the record breaking listing of Saudi Aramco, the world’s biggest oil company, and oversaw several mega-deals during his time at Citigroup Inc.</p><p>Credit Suisse said last year it had a $500 million commitment from a potential backer in CS First Boston, but has never named the investor. Chief Executive Officer Ulrich Koerner said as recently as last week that the firm was looking at a potential initial public offering for the business in 2025 and that it had several parties that were interested in becoming investors.</p><p>The spinoff had been a centerpiece of the troubled Swiss lender’s restructuring and an attempt to protect and grow its best-performing investment banking businesses, such as advising on mergers and acquisitions.</p><p>Credit Suisse said in its annual report last week that senior leaders of the First Boston investment banking spinoff would own as much as a fifth of that business if it proceeded with plans for an initial public offering. Employees would be awarded restricted share units in CS First Boston, which would vest three years after the offering and be subject to a further holding requirement.</p><p>Between 50 and 100 existing CS First Boston managing directors would be up for partnership in the boutique’s new organizational structure, which will be similar to that of banks like Goldman Sachs Group Inc., executives said at a recent off-site meeting, according to people who attended the presentations.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UBS Aims to Boost Its Dealmaker Ranks, Not Spin Out First Boston</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUBS Aims to Boost Its Dealmaker Ranks, Not Spin Out First Boston\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-21 22:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-21/ubs-aims-to-boost-its-dealmaker-ranks-not-spin-out-first-boston?srnd=premium><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Executives are said to have little interest in carveout planStill, some Credit Suisse bankers hold out hope for a dealThe UBS building in Zurich, Switzerland. Photographer: Adrian Moser/BloombergUBS ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-21/ubs-aims-to-boost-its-dealmaker-ranks-not-spin-out-first-boston?srnd=premium\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2023-03-21/ubs-aims-to-boost-its-dealmaker-ranks-not-spin-out-first-boston?srnd=premium","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196545809","content_text":"Executives are said to have little interest in carveout planStill, some Credit Suisse bankers hold out hope for a dealThe UBS building in Zurich, Switzerland. Photographer: Adrian Moser/BloombergUBS Group AG wants to cherry pick top dealmakers from Credit Suisse Group AG’s investment bank instead of supporting Michael Klein’s plan to build a new independent firm, according to people familiar with the discussions.UBS executives have told their Credit Suisse counterparts that they prefer selectively bolstering their own investment bank while dumping the riskier operations, the people said, asking for anonymity because the review has just begun and no final decisions have been made. In initial talks, the acquiring bank indicated little interest in continuing the planned effort for a CS First Boston carveout that would create a new competitor, the people said.All this means Klein’s dream of leading a new investment bank under the revived CS First Boston brand looks increasingly unlikely. Still, some Credit Suisse staff are holding out hope that Klein and banking chief David Miller can line up an alternative plan, the people said. Some executives have reached out to potential suitors for the investment bank including Japan’s Mizuho Financial Group Inc. to generate interest that they could then pitch to UBS, the people said.Spokespeople for UBS, Mizuho and Klein declined to comment. Credit Suisse representatives didn’t return calls seeking comment.Credit Suisse’s nascent First Boston plan was thrown into turmoil by the Swiss bank’s crisis of confidence and emergency takeover. The effort had captured the attention of Wall Street as a spinout unprecedented in modern finance and a rare business model that featured a boutique-like advisory practice with the need for a bigger balance sheet to support its leveraged finance unit. Klein had promised a partnership-like structure that recalled an earlier era and gave star dealmakers a share in the upside.Colm Kelleher, center, during a news conference in Bern on March 19.Photographer: Pascal Mora/BloombergUBS Chairman Colm Kelleher’s comments at a Sunday press conference that UBS planned to shrink the combined investment bank sparked some hope among Credit Suisse staff that its rival might be open to the spinoff idea, particularly since it included a riskier leveraged finance business. But Kelleher’s comments may have been more aimed at his Swiss rival’s trading operations. And as discussions between business leaders kicked off Monday, those hopes started to fade, the people said.UBS is particularly interested in advisory bankers in the US and those working on prominent industries such as technology, as well as some regional teams, some of the people said, which would fit the firm’s existing focus on capital-light advisory work.UBS executives also indicated little interest in completing a deal to buy Klein’s boutique, the people said. The longtime dealmaker, who pushed for a spin-out as a Credit Suisse board member and then was named CEO-designate of the business, recently agreed to sell The Klein Group to the bank in a $210 million deal which is yet to close.And any attempt to salvage the plan would face significant hurdles. Saudi Arabia had been weighing an investment in CS First Boston, but just lost more than $1 billion in a matter of months on its stake in Credit Suisse that Klein helped arrange. And moves to legally and operationally separate the business had only just started.To be sure, Klein has pulled off various feats in his storied, multi-decade career. The rainmaker played a key role in the record breaking listing of Saudi Aramco, the world’s biggest oil company, and oversaw several mega-deals during his time at Citigroup Inc.Credit Suisse said last year it had a $500 million commitment from a potential backer in CS First Boston, but has never named the investor. Chief Executive Officer Ulrich Koerner said as recently as last week that the firm was looking at a potential initial public offering for the business in 2025 and that it had several parties that were interested in becoming investors.The spinoff had been a centerpiece of the troubled Swiss lender’s restructuring and an attempt to protect and grow its best-performing investment banking businesses, such as advising on mergers and acquisitions.Credit Suisse said in its annual report last week that senior leaders of the First Boston investment banking spinoff would own as much as a fifth of that business if it proceeded with plans for an initial public offering. Employees would be awarded restricted share units in CS First Boston, which would vest three years after the offering and be subject to a further holding requirement.Between 50 and 100 existing CS First Boston managing directors would be up for partnership in the boutique’s new organizational structure, which will be similar to that of banks like Goldman Sachs Group Inc., executives said at a recent off-site meeting, according to people who attended the presentations.","news_type":1},"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943616754,"gmtCreate":1679405355778,"gmtModify":1679406847798,"author":{"id":"4092299591527610","authorId":"4092299591527610","name":"Soe77","avatar":"https://static.tigerbbs.com/0c4bc3a12eb7f3a8247114e51c54b4ff","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4092299591527610","authorIdStr":"4092299591527610"},"themes":[],"htmlText":"Force sale without share holders vote, gov become robbers... if china is the one&nbsp;that do the force sale... think might be criticized like...","listText":"Force sale without share holders vote, gov become robbers... if china is the one&nbsp;that do the force sale... think might be criticized like...","text":"Force sale without share holders vote, gov become robbers... if china is the one that do the force sale... think might be criticized like...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9943616754","repostId":"1189382548","repostType":2,"repost":{"id":"1189382548","pubTimestamp":1679402889,"share":"https://ttm.financial/m/news/1189382548?lang=&edition=fundamental","pubTime":"2023-03-21 20:48","market":"us","language":"en","title":"Credit Suisse Shareholder Says Override of Vote \"Unprecedented\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1189382548","media":"Bloomberg","summary":"Ethos calling for a possible split and listing of Swiss unitGovernment used emergency laws to block ","content":"<html><head></head><body><ul><li>Ethos calling for a possible split and listing of Swiss unit</li><li>Government used emergency laws to block shareholder vote</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/634e7292a6639ec19bd855b591e73c7e\" tg-width=\"1000\" tg-height=\"564\" width=\"100%\" height=\"auto\"/><span>The UK headquarters of Credit Suisse Group in Canary Wharf financial district in London. Photographer: Jason Alden/Bloomberg</span></p><p>One of Credit Suisse Group AG’s biggest shareholder groups says the rushed merger of its bank with UBS Group AG over the weekend is an unprecedented breach of shareholder rights that may scare off institutional investors.</p><p>Ethos Foundation, which acts as a proxy adviser for pension funds and other members holding between 3% and 5% of the bank’s stock and $400 billion in assets, said on Monday that it’s weighing the possibility of legal action over the sale. Options through the courts are currently limited however.</p><p>“This situation is a big failure of corporate governance and may send a poor image of Switzerland for international institutional investors in terms of good governance,” Vincent Kaufmann, Ethos’ chief executive officer, said in a telephone interview.</p><p>Ethos said it’s asking the Swiss authorities and UBS to explore a possible separation and listing of Credit Suisse’s Swiss unit following the merger, citing concerns about market competition and job cuts. The shareholder group, whose members insure 1.9 million people, is a frequent critic on pay, governance and other issues at companies in which it invests.</p><p>Kaufmann joins legal commentators who stressed that the manner in which the sale was rushed through has tarnished the country’s reputation as a place where the rule of law is guaranteed for investors. Swiss Finance Minister Karin Keller-Sutter said the government-brokered deal it put together was necessary to prevent a complete implosion of Credit Suisse, which could have forced the government to take the politically unpopular step of bailing the bank out.</p><p>In announcing the sale of Credit Suisse to its Zurich rival on Sunday evening, the government cited emergency laws that allow it to issue temporary ordinances to counter “threats of serious disruption to public order or internal or external security.” In this case, that included overriding merger laws on shareholder votes.</p><p>But Kaufmann took issue with the minister’s interpretation of the transaction as a commercial deal.</p><p>“I don’t agree with Ms. Keller-Sutter saying it’s not a public intervention but a commercial one,” Kaufmann said. “If you change the law and you remove shareholders’ voting power on such a key issue, then you clearly have a state intervention. It’s unprecedented and an expropriation of shareholder rights.”</p><p>Kaufmann said however, that currently room for legal actions are very limited.  “The Swiss are very protective of the management of companies,” he said, adding that it is very “difficult to go after former management for mismanagement.”</p><p>“We would need to prove that the bank’s management withheld some information from us, and that they didn’t act in the best interest of shareholders,” he said.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Credit Suisse Shareholder Says Override of Vote \"Unprecedented\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCredit Suisse Shareholder Says Override of Vote \"Unprecedented\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-21 20:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-21/credit-suisse-shareholder-says-override-of-vote-unprecedented?srnd=premium><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Ethos calling for a possible split and listing of Swiss unitGovernment used emergency laws to block shareholder voteThe UK headquarters of Credit Suisse Group in Canary Wharf financial district in ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-21/credit-suisse-shareholder-says-override-of-vote-unprecedented?srnd=premium\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2023-03-21/credit-suisse-shareholder-says-override-of-vote-unprecedented?srnd=premium","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189382548","content_text":"Ethos calling for a possible split and listing of Swiss unitGovernment used emergency laws to block shareholder voteThe UK headquarters of Credit Suisse Group in Canary Wharf financial district in London. Photographer: Jason Alden/BloombergOne of Credit Suisse Group AG’s biggest shareholder groups says the rushed merger of its bank with UBS Group AG over the weekend is an unprecedented breach of shareholder rights that may scare off institutional investors.Ethos Foundation, which acts as a proxy adviser for pension funds and other members holding between 3% and 5% of the bank’s stock and $400 billion in assets, said on Monday that it’s weighing the possibility of legal action over the sale. Options through the courts are currently limited however.“This situation is a big failure of corporate governance and may send a poor image of Switzerland for international institutional investors in terms of good governance,” Vincent Kaufmann, Ethos’ chief executive officer, said in a telephone interview.Ethos said it’s asking the Swiss authorities and UBS to explore a possible separation and listing of Credit Suisse’s Swiss unit following the merger, citing concerns about market competition and job cuts. The shareholder group, whose members insure 1.9 million people, is a frequent critic on pay, governance and other issues at companies in which it invests.Kaufmann joins legal commentators who stressed that the manner in which the sale was rushed through has tarnished the country’s reputation as a place where the rule of law is guaranteed for investors. Swiss Finance Minister Karin Keller-Sutter said the government-brokered deal it put together was necessary to prevent a complete implosion of Credit Suisse, which could have forced the government to take the politically unpopular step of bailing the bank out.In announcing the sale of Credit Suisse to its Zurich rival on Sunday evening, the government cited emergency laws that allow it to issue temporary ordinances to counter “threats of serious disruption to public order or internal or external security.” In this case, that included overriding merger laws on shareholder votes.But Kaufmann took issue with the minister’s interpretation of the transaction as a commercial deal.“I don’t agree with Ms. Keller-Sutter saying it’s not a public intervention but a commercial one,” Kaufmann said. “If you change the law and you remove shareholders’ voting power on such a key issue, then you clearly have a state intervention. It’s unprecedented and an expropriation of shareholder rights.”Kaufmann said however, that currently room for legal actions are very limited.  “The Swiss are very protective of the management of companies,” he said, adding that it is very “difficult to go after former management for mismanagement.”“We would need to prove that the bank’s management withheld some information from us, and that they didn’t act in the best interest of shareholders,” he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":717,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943618129,"gmtCreate":1679404934662,"gmtModify":1679404980320,"author":{"id":"3581592232676688","authorId":"3581592232676688","name":"Hippo88","avatar":"https://static.tigerbbs.com/a43eabdde1f739ca3b75e3dbfb7f3531","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581592232676688","authorIdStr":"3581592232676688"},"themes":[],"htmlText":"Emergency Powers not so easy to override&nbsp;","listText":"Emergency Powers not so easy to override&nbsp;","text":"Emergency Powers not so easy to override","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943618129","repostId":"1189382548","repostType":2,"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943891307,"gmtCreate":1679324283809,"gmtModify":1679324287893,"author":{"id":"3586730288631925","authorId":"3586730288631925","name":"JJVoon","avatar":"https://community-static.tradeup.com/news/8f8eb2ba1849c40448a335c7aa667044","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586730288631925","authorIdStr":"3586730288631925"},"themes":[],"htmlText":"Bye bye","listText":"Bye bye","text":"Bye bye","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943891307","repostId":"1139678253","repostType":2,"repost":{"id":"1139678253","pubTimestamp":1679323606,"share":"https://ttm.financial/m/news/1139678253?lang=&edition=fundamental","pubTime":"2023-03-20 22:46","market":"us","language":"en","title":"A $2.5 Billion Credit Suisse Junior Bond Escaped Wipeout","url":"https://stock-news.laohu8.com/highlight/detail?id=1139678253","media":"Bloomberg","summary":"The Tier 2 CoCo won’t be written down, people familar sayIndications on the bond, due in August, ros","content":"<html><head></head><body><ul><li>The Tier 2 CoCo won’t be written down, people familar say</li><li>Indications on the bond, due in August, rose on Monday morning</li></ul><p>One junior bond issued by a Credit Suisse entity a decade ago has emerged unscathed from a wipeout of the lender’s riskiest notes as part of UBS Group AG’s takeover.</p><p>The $2.5 billion note due later this year is a rare Tier 2 contingent convertible bond, with some features similar to the 16 billion Swiss francs ($17.2 billion) of risky bonds that the lender is writing down. However, due to quirks when Swiss banks adopted post-financial crisis capital instruments, the note is counted as Tier 2 capital instead — a higher-ranking type of debt that typically only takes a hit if a lender is no longer viable.</p><p>The Tier 2 bond will not be written down, two people who spoke with the lender told Bloomberg, declining to be identified because the discussions were private.</p><p>The bond will “presumably remain an obligation of the enlarged UBS, alongside CS’s senior bonds,” said Simon Adamson, head of global financials research at CreditSights. The bond has “an unusual structure,” and characteristics in common with both plain vanilla Tier 2 and with AT1 bonds, he wrote in a note.</p><p>Spokespeople at Credit Suisse, UBS and Swiss financial regulator FINMA didn’t respond to requests for comment from Bloomberg on the bond.</p><p>UBS chief executive officer Ralph Hamers said “we’ll have to come back to you” when asked by an analyst on a Sunday night investor call about whether the Tier 2 bond would be written down or not.</p><p>For now, it seems as if traders are confident that the bond won’t be included in any writedown. It is currently indicated at around 75 cents on the dollar, up from about 50 at the start of trading in London. Meanwhile, AT1 bonds are quoted at around 2 cents on the euro, according to CBBT pricing compiled by Bloomberg.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A $2.5 Billion Credit Suisse Junior Bond Escaped Wipeout</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA $2.5 Billion Credit Suisse Junior Bond Escaped Wipeout\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-20 22:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-20/a-2-5-billion-credit-suisse-junior-bond-is-unscathed-in-wipeout><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Tier 2 CoCo won’t be written down, people familar sayIndications on the bond, due in August, rose on Monday morningOne junior bond issued by a Credit Suisse entity a decade ago has emerged ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-20/a-2-5-billion-credit-suisse-junior-bond-is-unscathed-in-wipeout\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2023-03-20/a-2-5-billion-credit-suisse-junior-bond-is-unscathed-in-wipeout","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139678253","content_text":"The Tier 2 CoCo won’t be written down, people familar sayIndications on the bond, due in August, rose on Monday morningOne junior bond issued by a Credit Suisse entity a decade ago has emerged unscathed from a wipeout of the lender’s riskiest notes as part of UBS Group AG’s takeover.The $2.5 billion note due later this year is a rare Tier 2 contingent convertible bond, with some features similar to the 16 billion Swiss francs ($17.2 billion) of risky bonds that the lender is writing down. However, due to quirks when Swiss banks adopted post-financial crisis capital instruments, the note is counted as Tier 2 capital instead — a higher-ranking type of debt that typically only takes a hit if a lender is no longer viable.The Tier 2 bond will not be written down, two people who spoke with the lender told Bloomberg, declining to be identified because the discussions were private.The bond will “presumably remain an obligation of the enlarged UBS, alongside CS’s senior bonds,” said Simon Adamson, head of global financials research at CreditSights. The bond has “an unusual structure,” and characteristics in common with both plain vanilla Tier 2 and with AT1 bonds, he wrote in a note.Spokespeople at Credit Suisse, UBS and Swiss financial regulator FINMA didn’t respond to requests for comment from Bloomberg on the bond.UBS chief executive officer Ralph Hamers said “we’ll have to come back to you” when asked by an analyst on a Sunday night investor call about whether the Tier 2 bond would be written down or not.For now, it seems as if traders are confident that the bond won’t be included in any writedown. It is currently indicated at around 75 cents on the dollar, up from about 50 at the start of trading in London. Meanwhile, AT1 bonds are quoted at around 2 cents on the euro, according to CBBT pricing compiled by Bloomberg.","news_type":1},"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943147795,"gmtCreate":1679315207617,"gmtModify":1679315211060,"author":{"id":"3581675432544786","authorId":"3581675432544786","name":"Fiona888","avatar":"https://static.tigerbbs.com/42688ec73bb74970876cdb05131f23f7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581675432544786","authorIdStr":"3581675432544786"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943147795","repostId":"1128586891","repostType":2,"repost":{"id":"1128586891","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1679314779,"share":"https://ttm.financial/m/news/1128586891?lang=&edition=fundamental","pubTime":"2023-03-20 20:19","market":"us","language":"en","title":"Switzerland Puts up 260 Billion Francs for Credit Suisse Rescue, Documents Show","url":"https://stock-news.laohu8.com/highlight/detail?id=1128586891","media":"Reuters","summary":"ZURICH, March 20 (Reuters) - Credit Suisse and UBS could benefit from more than 260 billion Swiss fr","content":"<html><head></head><body><p>ZURICH, March 20 (Reuters) - Credit Suisse and UBS could benefit from more than 260 billion Swiss francs ($280 billion) in state and central bank support, a third of the country&#39;s gross domestic product, as part of their merger to buffer Switzerland against global financial turmoil, documents outlining the terms of the deal show.</p><p>Swiss authoritiesannounced on Sundaythat UBS had agreed to buy rival Swiss bank Credit Suisse in a shotgun merger aimed at avoiding more market-shaking turmoil in global banking.</p><p>UBS said it will pay $3.2 billion for the 167-year-old flagship while the government said UBS would also take on the first $5.4 billion in losses from unwinding derivatives and other risky assets.</p><p>The deal, however, involves a large amount of public support, with three tranches of liquidity and loans, as well as a pledge from the Swiss government to absorb up to 9 billion francs in potential losses from the takeover.</p><p>The total of 259 billion francs of support is equivalent to a third of Switzerland&#39;s entire economic output, which stood at 771 billion francs last year.</p><p>&#34;The government&#39;s going to have to say to voters why they are putting citizens&#39; money, taxpayer money at risk to bail out a bank that was predominantly servicing the ultra wealthy, doing some pretty extraordinary things with its investment bank and paying people crazy amounts of money relative to what the man in the street gets paid,&#34; one former global bank CEO, who did not wish to be identified, told Reuters.</p><p>Support for the bank comes in three ways.</p><p>Credit Suisse had already been drawing on the Swiss National Bank’s (SNB) emergency liquidity assistance scheme.</p><p>Credit Suisse said last Wednesday it would take 50 billion francs from the scheme, which provides funding secured against collateral such as mortgages and securities. As long as the bank has more collateral, it can draw down further such funding.</p><p>Central bank data on Monday indicated that Credit Suisse was likely already accessing the fund.</p><p>On top of this, the Swiss National Bank offered the combined bank an emergency liquidity loan of up to 100 billion Swiss francs. That loan is protected in the event of a default.</p><p>The third tranche of support allows Credit Suisse to draw on a further 100 billion francs of funding via a public liquidity backstop, which is explicitly guaranteed by the Swiss government.</p><p>The SNB declined to comment about whether Credit Suisse or UBS had made use of the money on offer.</p><p>Credit Suisse has been the biggest name ensnared in global market turmoil unleashed by the recent collapse of U.S. lenders Silicon Valley Bank and Signature Bank.</p><p>UBS and Credit Suisse were both in a group of the 30 global systemically important banks watched closely by regulators. A failure by Credit Suisse failure would ripple throughout the entire financial system, the Swiss government said late on Sunday.</p><p>&#34;The bankruptcy of Credit Suisse would have had a huge collateral damage - on the Swiss financial market also, risk of contagion for UBS and other banks, and also internationally,&#34; Swiss Finance Minister Karin Keller-Sutter told a press conference.</p><p>($1 = 0.9278 Swiss francs)</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Switzerland Puts up 260 Billion Francs for Credit Suisse Rescue, Documents Show</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSwitzerland Puts up 260 Billion Francs for Credit Suisse Rescue, Documents Show\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-03-20 20:19</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>ZURICH, March 20 (Reuters) - Credit Suisse and UBS could benefit from more than 260 billion Swiss francs ($280 billion) in state and central bank support, a third of the country&#39;s gross domestic product, as part of their merger to buffer Switzerland against global financial turmoil, documents outlining the terms of the deal show.</p><p>Swiss authoritiesannounced on Sundaythat UBS had agreed to buy rival Swiss bank Credit Suisse in a shotgun merger aimed at avoiding more market-shaking turmoil in global banking.</p><p>UBS said it will pay $3.2 billion for the 167-year-old flagship while the government said UBS would also take on the first $5.4 billion in losses from unwinding derivatives and other risky assets.</p><p>The deal, however, involves a large amount of public support, with three tranches of liquidity and loans, as well as a pledge from the Swiss government to absorb up to 9 billion francs in potential losses from the takeover.</p><p>The total of 259 billion francs of support is equivalent to a third of Switzerland&#39;s entire economic output, which stood at 771 billion francs last year.</p><p>&#34;The government&#39;s going to have to say to voters why they are putting citizens&#39; money, taxpayer money at risk to bail out a bank that was predominantly servicing the ultra wealthy, doing some pretty extraordinary things with its investment bank and paying people crazy amounts of money relative to what the man in the street gets paid,&#34; one former global bank CEO, who did not wish to be identified, told Reuters.</p><p>Support for the bank comes in three ways.</p><p>Credit Suisse had already been drawing on the Swiss National Bank’s (SNB) emergency liquidity assistance scheme.</p><p>Credit Suisse said last Wednesday it would take 50 billion francs from the scheme, which provides funding secured against collateral such as mortgages and securities. As long as the bank has more collateral, it can draw down further such funding.</p><p>Central bank data on Monday indicated that Credit Suisse was likely already accessing the fund.</p><p>On top of this, the Swiss National Bank offered the combined bank an emergency liquidity loan of up to 100 billion Swiss francs. That loan is protected in the event of a default.</p><p>The third tranche of support allows Credit Suisse to draw on a further 100 billion francs of funding via a public liquidity backstop, which is explicitly guaranteed by the Swiss government.</p><p>The SNB declined to comment about whether Credit Suisse or UBS had made use of the money on offer.</p><p>Credit Suisse has been the biggest name ensnared in global market turmoil unleashed by the recent collapse of U.S. lenders Silicon Valley Bank and Signature Bank.</p><p>UBS and Credit Suisse were both in a group of the 30 global systemically important banks watched closely by regulators. A failure by Credit Suisse failure would ripple throughout the entire financial system, the Swiss government said late on Sunday.</p><p>&#34;The bankruptcy of Credit Suisse would have had a huge collateral damage - on the Swiss financial market also, risk of contagion for UBS and other banks, and also internationally,&#34; Swiss Finance Minister Karin Keller-Sutter told a press conference.</p><p>($1 = 0.9278 Swiss francs)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128586891","content_text":"ZURICH, March 20 (Reuters) - Credit Suisse and UBS could benefit from more than 260 billion Swiss francs ($280 billion) in state and central bank support, a third of the country's gross domestic product, as part of their merger to buffer Switzerland against global financial turmoil, documents outlining the terms of the deal show.Swiss authoritiesannounced on Sundaythat UBS had agreed to buy rival Swiss bank Credit Suisse in a shotgun merger aimed at avoiding more market-shaking turmoil in global banking.UBS said it will pay $3.2 billion for the 167-year-old flagship while the government said UBS would also take on the first $5.4 billion in losses from unwinding derivatives and other risky assets.The deal, however, involves a large amount of public support, with three tranches of liquidity and loans, as well as a pledge from the Swiss government to absorb up to 9 billion francs in potential losses from the takeover.The total of 259 billion francs of support is equivalent to a third of Switzerland's entire economic output, which stood at 771 billion francs last year.\"The government's going to have to say to voters why they are putting citizens' money, taxpayer money at risk to bail out a bank that was predominantly servicing the ultra wealthy, doing some pretty extraordinary things with its investment bank and paying people crazy amounts of money relative to what the man in the street gets paid,\" one former global bank CEO, who did not wish to be identified, told Reuters.Support for the bank comes in three ways.Credit Suisse had already been drawing on the Swiss National Bank’s (SNB) emergency liquidity assistance scheme.Credit Suisse said last Wednesday it would take 50 billion francs from the scheme, which provides funding secured against collateral such as mortgages and securities. As long as the bank has more collateral, it can draw down further such funding.Central bank data on Monday indicated that Credit Suisse was likely already accessing the fund.On top of this, the Swiss National Bank offered the combined bank an emergency liquidity loan of up to 100 billion Swiss francs. That loan is protected in the event of a default.The third tranche of support allows Credit Suisse to draw on a further 100 billion francs of funding via a public liquidity backstop, which is explicitly guaranteed by the Swiss government.The SNB declined to comment about whether Credit Suisse or UBS had made use of the money on offer.Credit Suisse has been the biggest name ensnared in global market turmoil unleashed by the recent collapse of U.S. lenders Silicon Valley Bank and Signature Bank.UBS and Credit Suisse were both in a group of the 30 global systemically important banks watched closely by regulators. A failure by Credit Suisse failure would ripple throughout the entire financial system, the Swiss government said late on Sunday.\"The bankruptcy of Credit Suisse would have had a huge collateral damage - on the Swiss financial market also, risk of contagion for UBS and other banks, and also internationally,\" Swiss Finance Minister Karin Keller-Sutter told a press conference.($1 = 0.9278 Swiss francs)","news_type":1},"isVote":1,"tweetType":1,"viewCount":337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943142956,"gmtCreate":1679312571975,"gmtModify":1679312609585,"author":{"id":"3581592232676688","authorId":"3581592232676688","name":"Hippo88","avatar":"https://static.tigerbbs.com/a43eabdde1f739ca3b75e3dbfb7f3531","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581592232676688","authorIdStr":"3581592232676688"},"themes":[],"htmlText":"Painful&nbsp;","listText":"Painful&nbsp;","text":"Painful","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943142956","repostId":"1191170127","repostType":4,"repost":{"id":"1191170127","pubTimestamp":1679311229,"share":"https://ttm.financial/m/news/1191170127?lang=&edition=fundamental","pubTime":"2023-03-20 19:20","market":"us","language":"en","title":"Credit Suisse Deal Hands Saudi National Bank $1 Billion Investment Loss","url":"https://stock-news.laohu8.com/highlight/detail?id=1191170127","media":"Bloomberg","summary":"Saudi National Bank’s investment plummeted by about $1 billionQatar Investment Authority, Olayan Gro","content":"<html><head></head><body><ul><li>Saudi National Bank’s investment plummeted by about $1 billion</li><li>Qatar Investment Authority, Olayan Group are also top holders</li></ul><p>Credit Suisse Group AG’s Middle Eastern shareholders, which together own about a fifth of the Swiss bank, are among some of the biggest losers in the turmoil that culminated with UBS Group AG agreeing to acquire the troubled lender at a steep discount.</p><p>Saudi National Bank, the Swiss lender’s top shareholder, has seen the value of its investment plummet by about $1 billion in a matter of months. Credit Suisse’s long-term backer, the Qatar Investment Authority, has seen the value of its 6.8% holding crash after upping its stake as recently as January.</p><p>The 9.9% stake held by Saudi Arabia’s largest lender is now valued at about 304 million francs ($329 million) following the UBS offer, according to Bloomberg calculations. Saudi National Bank, which is 37% owned by the Public Investment Fund, invested 1.4 billion francs in Credit Suisse late last year. Shares in the Saudi lender have slumped by about a third over that period — wiping more than $25 billion off its market value.</p><p>Deep-pocketed Middle Eastern investors have been backing European banks such as Credit Suisse for many years, with varying degrees of success. Citigroup Inc. and Barclays Plc both tapped Abu Dhabi-based funds during the 2008 financial crisis, which both ended in acrimonious court cases.</p><p>“Gulf Cooperation Council investors, including sovereign wealth funds, have had a distinctly checkered record investing in banks overseas,” said Tarek Fadlallah, head of Nomura Holdings Inc.’s asset management arm in the Middle East.</p><h2>Difficult Times</h2><p>Although Middle Eastern investors have pared back their stakes in difficult times, they’ve also stuck by Credit Suisse. The QIA made its investment during the last financial crisis and had in the past owned its AT1 bonds that have now been written to zero — though it’s unclear if the fund still held that debt.</p><p>The Qatar fund’s participation in Credit Suisse’s approximately $2 billion convertible notes issuance in April 2021 helped shore up its balance sheet after the Archegos Capital Management LP blow up. In January, the QIA became Credit Suisse’s second-largest shareholder when it boosted its stake to 6.87% from about 5.6%.</p><p>That month, the bank’s longtime largest shareholder Harris Associates, which once held a stake of about 10%, reported a holding of below 3%. Credit Suisse also counts Saudi conglomerate Olayan Group among one of its biggest shareholders with a 3.27% stake.</p><p>As last week’s crisis came to a head, it’s unclear if the Swiss government consulted with major backers before the UBS deal was unveiled following hasty weekend discussions.</p><p>Marc Nassim, partner and managing director of Dubai-based Awad Capital, described UBS’s agreement as a “take it or leave it deal” for shareholders.</p><p>“There is always a government somewhere willing to intervene to protect their national interest and wipe out all shareholders,” he said. “So the ultimate counterparts of bank shareholders are the governments, be it in the US, Europe or other geographies.”</p><h2>‘Absolutely Not’</h2><p>The historic, government-brokered deal was quickly pulled together to contain a crisis of confidence that was spreading across global financial markets and to halt a massive rout in its stock and bonds.</p><p>The slump intensified when Saudi National Bank Chairman Ammar Al Khudairy told Bloomberg TV “absolutely not” when asked whether the lender would be open to further investments in Credit Suisse if there was another call for additional liquidity. That helped spark a slump in the Swiss bank’s shares.</p><p>In a statement on Monday, Saudi National Bank said changes in the valuation of its investment in Credit Suisse “have no impact” on growth plans and its 2023 guidance. The bank’s total assets exceed 945 billion riyals ($251 billion), it added.</p><p>Following the UBS transaction, the risk of an additional capital call from Credit Suisse — and Saudi National Bank obliging – has reduced significantly, Citigroup analyst Rahul Bajaj wrote in a note. “While this doesn’t rule out Saudi National Bank pursuing other transactions, we would hope that given the experience with Credit Suisse, there would be greater caution,” he said.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Credit Suisse Deal Hands Saudi National Bank $1 Billion Investment Loss</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCredit Suisse Deal Hands Saudi National Bank $1 Billion Investment Loss\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-20 19:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-20/credit-suisse-deal-hands-top-holder-1-billion-investment-loss><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Saudi National Bank’s investment plummeted by about $1 billionQatar Investment Authority, Olayan Group are also top holdersCredit Suisse Group AG’s Middle Eastern shareholders, which together own ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-20/credit-suisse-deal-hands-top-holder-1-billion-investment-loss\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2023-03-20/credit-suisse-deal-hands-top-holder-1-billion-investment-loss","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191170127","content_text":"Saudi National Bank’s investment plummeted by about $1 billionQatar Investment Authority, Olayan Group are also top holdersCredit Suisse Group AG’s Middle Eastern shareholders, which together own about a fifth of the Swiss bank, are among some of the biggest losers in the turmoil that culminated with UBS Group AG agreeing to acquire the troubled lender at a steep discount.Saudi National Bank, the Swiss lender’s top shareholder, has seen the value of its investment plummet by about $1 billion in a matter of months. Credit Suisse’s long-term backer, the Qatar Investment Authority, has seen the value of its 6.8% holding crash after upping its stake as recently as January.The 9.9% stake held by Saudi Arabia’s largest lender is now valued at about 304 million francs ($329 million) following the UBS offer, according to Bloomberg calculations. Saudi National Bank, which is 37% owned by the Public Investment Fund, invested 1.4 billion francs in Credit Suisse late last year. Shares in the Saudi lender have slumped by about a third over that period — wiping more than $25 billion off its market value.Deep-pocketed Middle Eastern investors have been backing European banks such as Credit Suisse for many years, with varying degrees of success. Citigroup Inc. and Barclays Plc both tapped Abu Dhabi-based funds during the 2008 financial crisis, which both ended in acrimonious court cases.“Gulf Cooperation Council investors, including sovereign wealth funds, have had a distinctly checkered record investing in banks overseas,” said Tarek Fadlallah, head of Nomura Holdings Inc.’s asset management arm in the Middle East.Difficult TimesAlthough Middle Eastern investors have pared back their stakes in difficult times, they’ve also stuck by Credit Suisse. The QIA made its investment during the last financial crisis and had in the past owned its AT1 bonds that have now been written to zero — though it’s unclear if the fund still held that debt.The Qatar fund’s participation in Credit Suisse’s approximately $2 billion convertible notes issuance in April 2021 helped shore up its balance sheet after the Archegos Capital Management LP blow up. In January, the QIA became Credit Suisse’s second-largest shareholder when it boosted its stake to 6.87% from about 5.6%.That month, the bank’s longtime largest shareholder Harris Associates, which once held a stake of about 10%, reported a holding of below 3%. Credit Suisse also counts Saudi conglomerate Olayan Group among one of its biggest shareholders with a 3.27% stake.As last week’s crisis came to a head, it’s unclear if the Swiss government consulted with major backers before the UBS deal was unveiled following hasty weekend discussions.Marc Nassim, partner and managing director of Dubai-based Awad Capital, described UBS’s agreement as a “take it or leave it deal” for shareholders.“There is always a government somewhere willing to intervene to protect their national interest and wipe out all shareholders,” he said. “So the ultimate counterparts of bank shareholders are the governments, be it in the US, Europe or other geographies.”‘Absolutely Not’The historic, government-brokered deal was quickly pulled together to contain a crisis of confidence that was spreading across global financial markets and to halt a massive rout in its stock and bonds.The slump intensified when Saudi National Bank Chairman Ammar Al Khudairy told Bloomberg TV “absolutely not” when asked whether the lender would be open to further investments in Credit Suisse if there was another call for additional liquidity. That helped spark a slump in the Swiss bank’s shares.In a statement on Monday, Saudi National Bank said changes in the valuation of its investment in Credit Suisse “have no impact” on growth plans and its 2023 guidance. The bank’s total assets exceed 945 billion riyals ($251 billion), it added.Following the UBS transaction, the risk of an additional capital call from Credit Suisse — and Saudi National Bank obliging – has reduced significantly, Citigroup analyst Rahul Bajaj wrote in a note. “While this doesn’t rule out Saudi National Bank pursuing other transactions, we would hope that given the experience with Credit Suisse, there would be greater caution,” he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943146801,"gmtCreate":1679311992404,"gmtModify":1679311995904,"author":{"id":"3577968104930020","authorId":"3577968104930020","name":"FilMel050321","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577968104930020","authorIdStr":"3577968104930020"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943146801","repostId":"1191170127","repostType":4,"isVote":1,"tweetType":1,"viewCount":139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943146984,"gmtCreate":1679311903149,"gmtModify":1679311906949,"author":{"id":"4093412032856690","authorId":"4093412032856690","name":"YMCheah","avatar":"https://community-static.tradeup.com/news/8c6bc88c9b9cd996e3220b4fce094f37","crmLevel":3,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4093412032856690","authorIdStr":"4093412032856690"},"themes":[],"htmlText":"ouch","listText":"ouch","text":"ouch","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943146984","repostId":"1191170127","repostType":4,"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943155196,"gmtCreate":1679305034016,"gmtModify":1679305037069,"author":{"id":"4100664503126340","authorId":"4100664503126340","name":"Shirley Soh","avatar":"https://community-static.tradeup.com/news/784ec5f33096066f43c22d219e548bac","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4100664503126340","authorIdStr":"4100664503126340"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943155196","repostId":"1116622076","repostType":4,"repost":{"id":"1116622076","pubTimestamp":1679294640,"share":"https://ttm.financial/m/news/1116622076?lang=&edition=fundamental","pubTime":"2023-03-20 14:44","market":"us","language":"en","title":"How Scandal and Mistrust Ended Credit Suisse’s 166-Year History","url":"https://stock-news.laohu8.com/highlight/detail?id=1116622076","media":"Bloomberg","summary":"Credit Suisse Group AG, once one of the stalwarts of the global financial system, is no more.After t","content":"<html><head></head><body><p>Credit Suisse Group AG, once one of the stalwarts of the global financial system, is no more.</p><p>After tense talks over the weekend, UBS Group AG agreed to buy Credit Suisse in an all-share deal for about $3.25 billion, less than the market value of troubled US lender First Republic Bank. The government-brokered sale marks the Swiss bank’s final fall from grace, succumbing to a crisis of confidence that threatened to spread to global financial markets.</p><p>For 166 years, Credit Suisse helped position Switzerland as a linchpin of international finance and went toe-to-toe with Wall Street titans before a steady drumbeat of scandals, legal issues and management upheaval undermined investor confidence. While the decay was years in the making, the end came quickly.</p><p>In the aftermath of the collapse of Silicon Valley Bank last weekend, long-suffering Credit Suisse quickly became a focal point of concern. After top shareholder Saudi National Bank told Bloomberg Television on Wednesday that it would “absolutely not” invest more in the lender, a rout was on.</p><p>A $54 billion financing backstop from the Swiss central bank — sealed in the dead of night on Thursday to calm jitters — failed to become the lifeline Credit Suisse had hoped. With the country’s banking sector at risk, Swiss authorities stepped in to push UBS to become a reluctant white knight.</p><p>The Swiss government “regrets that CS wasn’t able to master its own difficulties — that would have been the best solution,” Finance Minister Karin Keller-Sutter said at a press conference in Bern on Sunday. “Unfortunately, the loss of confidence from the markets and customers was no longer able to be halted.”</p><p>Designated as one of the world’s 30 systemically important banks, Credit Suisse is the biggest casualty of the financial turmoil triggered by central banks as they tighten monetary policy to rein in inflation. While concerns about further contagion are sure to persist, the sale to UBS avoids a disorderly collapse.</p><p>Before the global financial crisis — which Credit Suisse survived without a bailout, unlike many of its peers — the Swiss lender had more than $1 trillion in assets, but after years of decay, they’ve dwindled to about $580 billion, roughly half of UBS’s.</p><p>“Let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue,” said UBS Chairman Colm Kelleher, who will remain in the role after the transaction.</p><p>For Switzerland, the blow could be significant. Home to 243 banking groups and 24 branches of foreign banks, the country’s stability and wealth is largely reliant on the finance industry. The combined assets of UBS and Credit Suisse are roughly double the size of Switzerland’s gross domestic product, and Sunday newspapers from tabloids to broadsheets were filled with stories about the looming demise of a national icon.</p><p>Even as market anxiety intensified, Credit Suisse insiders acted as if they could still control the situation. Although the mood was somber, managers organized town hall meetings to quell employee fears and investment advisers fielded calls from clients to discuss liquidity concerns, according to people with knowledge of the discussions.</p><p>But in its hometown of Zurich, doubts and frustration were growing. Outside its headquarters on the stately Paradeplatz, someone scrawled: “The next bank to go bye bye?” That question was later replaced by expressions of anger and disgust as reality gradually set in.</p><p>Over its history, Credit Suisse financed Alpine railroads and Silicon Valley’s development. It tended the fortunes of Arab royals and Russian oligarchs and tilted at the giants of Wall Street. But it struggled to control risk and consistently make money.</p><p>In recent years, the bank suffered a revolving door of senior management, with each leadership change putting more pressure on performance. The stock has tumbled more than 95% from its pre-financial crisis peak, and the firm was valued at a mere 7.4 billion Swiss francs ($8 billion) at the close on Friday — less than a tenth of the value of Goldman Sachs Group Inc.</p><p>“In Zurich, we’ve had a ring-side seat to this spectacular fiasco in slow-motion,” said Matthew Ruesch, founder and managing partner of Broad Creek Capital, a family office. “We’ve watched the bank lurch from scandal to scandal for so long that it’s hard to recall all of them at this point.”</p><p><b>Burning Bed</b></p><p>The seeds of Credit Suisse’s rise and eventual downfall were sown in the summer of 1990 when then-Chief Executive Officer Rainer Gut saw a chance to take control of the Swiss bank’s US partner, First Boston, for a modest capital injection and backstopping bad loans.</p><p>First Boston had embraced high-yield debt markets during the 1980s and lent billions of dollars to fund risky buyout transactions. The once-lucrative industry had imploded, and one of the most problematic deals was a $457 million loan for the leveraged buyout of Ohio Mattress Co. The failed financing would go down in Wall Street infamy as “the burning bed.”</p><p>In the wake of the takeover, Credit Suisse embraced the same kinds of risky businesses — such as leveraged finance and mortgage-bond trading — that led to the burning bed deal. Subsequent leaders of the Swiss lender pushed through numerous overhauls, eventually dropping the once-proud First Boston name in 2006.</p><p>The takeover was part of an aggressive growth strategy, including acquisitions of Swiss rivals, and the complexity kept growing. After succeeding Gut as CEO, Lukas Muehlemann bought Winterthur Insurance Co. in 1997. The Swiss bank then acquired Donaldson, Lufkin &amp; Jenrette Inc. in 2000, but the deal for the New York-based investment bank turned out to be an expensive misstep, as several of DLJ’s top-producing bankers left for rivals in short order.</p><p>Winterthur was then sold in 2006 by then-CEO Oswald Gruebel, who ran the bank alongside John Mack for a brief stretch. Frequent management changes created strategic turmoil at the top, while adding pressure on the rank and file to generate returns.</p><p><b>Cut and Paste</b></p><p>In 2015, a fraud perpetrated by a private banker who had no clients and no banking experience before joining Credit Suisse was exposed. In the aftermath of the market turmoil of 2008, Patrice Lescaudron — a soft-spoken Frenchman — started surreptitiously dipping into a wealthy client’s account, using the money to try to win back losses for other customers.</p><p>The deceptions were shockingly simple. He cut out the signature from a document, pasted it on trade orders and photocopied them, according to Lescaudron’s own admission. There were red flags along the way, including verbal warnings and written cautions by supervisors in 2008, 2011 and twice in 2013 for breaching compliance policies. And yet Credit Suisse failed to stop him. He was convicted of fraud in 2018 and took his own life in 2020.</p><p>As long as money was flowing, the bank indulged Lescaudron’s bad behavior, according to an independent investigation commissioned by Finma, the Swiss banking regulator, though it stopped short of concluding that the bank knew of the fraud.</p><p><b>Boardroom Spying</b></p><p>In January 2019, a long-festering feud between then-CEO Tidjane Thiam and Iqbal Khan, who ran wealth management and had his sights set on one day leading Credit Suisse, broke out into the open at a dinner in a wealthy suburb on Lake Zurich.</p><p>What started over a disparaging remark by Khan about Thiam’s garden evolved into a lurid corporate scandal, shattering the company’s reputation for discretion and exposing a culture in which personal vanities outweighed ethical and legal boundaries.</p><p>A few weeks after the dinner party, Khan was passed over for promotion and then quit in July. When he later accepted a job at UBS, the move caused concern in Credit Suisse’s top ranks that he might poach key personnel. A private security firm was hired to monitor his activities, but was discovered by Khan in an incident that led to a physical altercation.</p><p>Although the bank rushed to dismiss the embarrassing incident, it was soon revealed that it wasn’t unique. Thiam was forced out in February 2020, with then-Chairman Urs Rohner blaming “a deterioration in terms of trust, reputation and credibility among all our stakeholders.”</p><p>As part of an investigation prompted by the Khan episode, the Swiss banking regulator in October 2021 uncovered five additional cases of surveillance from 2016 to 2019. The toxic atmosphere at the top contributed to damaging operational missteps.</p><p><b>Trading Debacles</b></p><p>In March 2021, Credit Suisse’s trading desk was informed that its biggest client wouldn’t be able to pay the more than $2 billion it owed the next day. Archegos Capital Management, the New York-based investment firm that managed billionaire Bill Hwang’s personal fortune, had spent the previous two days settling up with other lenders after out-sized bets went bad, and there wasn’t enough left for Credit Suisse.</p><p>The news set off a blame game internally, with executives in New York, London and Zurich turning on one another instead of focusing on damage control. Rivals were quicker to sell off Archegos’s collateral, and it took nearly two weeks for Credit Suisse to come up with an initial tally of its exposure: $4.7 billion. It would eventually grow to $5.5 billion, obliterating more than a year’s profit and tipping the bank into the existential tailspin that led to last week’s crisis of confidence.</p><p>Executives were already under fire for failing to protect the bank and wealthy clients from the collapse of a $10 billion suite of funds it ran with now-disgraced financier Lex Greensill. The twin episodes shocked the finance world — but, in hindsight, they were decades in the making.</p><p>The bank’s complexity, culture and controls were to blame for the massive Archegos loss, according to an independent report into the collapse by law firm Paul, Weiss, Rifkind, Wharton &amp; Garrison. Credit Suisse had a “lackadaisical attitude towards risk” and “failed at multiple junctures to take decisive and urgent action,” the report concluded.</p><p>The bank responded with a series of measures to fix the shortcomings and vowed to use the incident as a “turning point for its overall approach to risk management.”</p><p>But time ran out.</p><p><b>Final Plan</b></p><p>In October last year, the new leadership duo of Chairman Axel Lehmann and Chief Executive Officer Ulrich Koerner — who took charge last year after the fallout from the trading debacles — pitched a return to Credit Suisse’s Swiss roots as the best way forward.</p><p>They culled jobs and raised $4 billion in fresh capital. Most importantly, they planned to carve out the investment banking operations and eventually spin off the revived First Boston unit to end a three-decade effort to compete on Wall Street.</p><p>“The new Credit Suisse will definitely be profitable from 2024 onwards,” Koerner said after presenting the restructuring plan. “We do not want to over promise and under deliver, we want to do it the other way around.”</p><p>But the world wasn’t standing still. The end of cheap money was over, the global economy was in turmoil, and investor confidence was scarce — a combination that proved too much for a bank that never really learned its lesson from the global financial crisis.</p><p>“The banking sector isn’t like any other sector,” said John Plassard, investment specialist at Geneva-based Mirabaud. “Once trust is lost, you can’t just rebuild it.”</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Scandal and Mistrust Ended Credit Suisse’s 166-Year History</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Scandal and Mistrust Ended Credit Suisse’s 166-Year History\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-20 14:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/scandal-mistrust-ended-credit-suisse-210000006.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Credit Suisse Group AG, once one of the stalwarts of the global financial system, is no more.After tense talks over the weekend, UBS Group AG agreed to buy Credit Suisse in an all-share deal for about...</p>\n\n<a href=\"https://finance.yahoo.com/news/scandal-mistrust-ended-credit-suisse-210000006.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/scandal-mistrust-ended-credit-suisse-210000006.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116622076","content_text":"Credit Suisse Group AG, once one of the stalwarts of the global financial system, is no more.After tense talks over the weekend, UBS Group AG agreed to buy Credit Suisse in an all-share deal for about $3.25 billion, less than the market value of troubled US lender First Republic Bank. The government-brokered sale marks the Swiss bank’s final fall from grace, succumbing to a crisis of confidence that threatened to spread to global financial markets.For 166 years, Credit Suisse helped position Switzerland as a linchpin of international finance and went toe-to-toe with Wall Street titans before a steady drumbeat of scandals, legal issues and management upheaval undermined investor confidence. While the decay was years in the making, the end came quickly.In the aftermath of the collapse of Silicon Valley Bank last weekend, long-suffering Credit Suisse quickly became a focal point of concern. After top shareholder Saudi National Bank told Bloomberg Television on Wednesday that it would “absolutely not” invest more in the lender, a rout was on.A $54 billion financing backstop from the Swiss central bank — sealed in the dead of night on Thursday to calm jitters — failed to become the lifeline Credit Suisse had hoped. With the country’s banking sector at risk, Swiss authorities stepped in to push UBS to become a reluctant white knight.The Swiss government “regrets that CS wasn’t able to master its own difficulties — that would have been the best solution,” Finance Minister Karin Keller-Sutter said at a press conference in Bern on Sunday. “Unfortunately, the loss of confidence from the markets and customers was no longer able to be halted.”Designated as one of the world’s 30 systemically important banks, Credit Suisse is the biggest casualty of the financial turmoil triggered by central banks as they tighten monetary policy to rein in inflation. While concerns about further contagion are sure to persist, the sale to UBS avoids a disorderly collapse.Before the global financial crisis — which Credit Suisse survived without a bailout, unlike many of its peers — the Swiss lender had more than $1 trillion in assets, but after years of decay, they’ve dwindled to about $580 billion, roughly half of UBS’s.“Let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue,” said UBS Chairman Colm Kelleher, who will remain in the role after the transaction.For Switzerland, the blow could be significant. Home to 243 banking groups and 24 branches of foreign banks, the country’s stability and wealth is largely reliant on the finance industry. The combined assets of UBS and Credit Suisse are roughly double the size of Switzerland’s gross domestic product, and Sunday newspapers from tabloids to broadsheets were filled with stories about the looming demise of a national icon.Even as market anxiety intensified, Credit Suisse insiders acted as if they could still control the situation. Although the mood was somber, managers organized town hall meetings to quell employee fears and investment advisers fielded calls from clients to discuss liquidity concerns, according to people with knowledge of the discussions.But in its hometown of Zurich, doubts and frustration were growing. Outside its headquarters on the stately Paradeplatz, someone scrawled: “The next bank to go bye bye?” That question was later replaced by expressions of anger and disgust as reality gradually set in.Over its history, Credit Suisse financed Alpine railroads and Silicon Valley’s development. It tended the fortunes of Arab royals and Russian oligarchs and tilted at the giants of Wall Street. But it struggled to control risk and consistently make money.In recent years, the bank suffered a revolving door of senior management, with each leadership change putting more pressure on performance. The stock has tumbled more than 95% from its pre-financial crisis peak, and the firm was valued at a mere 7.4 billion Swiss francs ($8 billion) at the close on Friday — less than a tenth of the value of Goldman Sachs Group Inc.“In Zurich, we’ve had a ring-side seat to this spectacular fiasco in slow-motion,” said Matthew Ruesch, founder and managing partner of Broad Creek Capital, a family office. “We’ve watched the bank lurch from scandal to scandal for so long that it’s hard to recall all of them at this point.”Burning BedThe seeds of Credit Suisse’s rise and eventual downfall were sown in the summer of 1990 when then-Chief Executive Officer Rainer Gut saw a chance to take control of the Swiss bank’s US partner, First Boston, for a modest capital injection and backstopping bad loans.First Boston had embraced high-yield debt markets during the 1980s and lent billions of dollars to fund risky buyout transactions. The once-lucrative industry had imploded, and one of the most problematic deals was a $457 million loan for the leveraged buyout of Ohio Mattress Co. The failed financing would go down in Wall Street infamy as “the burning bed.”In the wake of the takeover, Credit Suisse embraced the same kinds of risky businesses — such as leveraged finance and mortgage-bond trading — that led to the burning bed deal. Subsequent leaders of the Swiss lender pushed through numerous overhauls, eventually dropping the once-proud First Boston name in 2006.The takeover was part of an aggressive growth strategy, including acquisitions of Swiss rivals, and the complexity kept growing. After succeeding Gut as CEO, Lukas Muehlemann bought Winterthur Insurance Co. in 1997. The Swiss bank then acquired Donaldson, Lufkin & Jenrette Inc. in 2000, but the deal for the New York-based investment bank turned out to be an expensive misstep, as several of DLJ’s top-producing bankers left for rivals in short order.Winterthur was then sold in 2006 by then-CEO Oswald Gruebel, who ran the bank alongside John Mack for a brief stretch. Frequent management changes created strategic turmoil at the top, while adding pressure on the rank and file to generate returns.Cut and PasteIn 2015, a fraud perpetrated by a private banker who had no clients and no banking experience before joining Credit Suisse was exposed. In the aftermath of the market turmoil of 2008, Patrice Lescaudron — a soft-spoken Frenchman — started surreptitiously dipping into a wealthy client’s account, using the money to try to win back losses for other customers.The deceptions were shockingly simple. He cut out the signature from a document, pasted it on trade orders and photocopied them, according to Lescaudron’s own admission. There were red flags along the way, including verbal warnings and written cautions by supervisors in 2008, 2011 and twice in 2013 for breaching compliance policies. And yet Credit Suisse failed to stop him. He was convicted of fraud in 2018 and took his own life in 2020.As long as money was flowing, the bank indulged Lescaudron’s bad behavior, according to an independent investigation commissioned by Finma, the Swiss banking regulator, though it stopped short of concluding that the bank knew of the fraud.Boardroom SpyingIn January 2019, a long-festering feud between then-CEO Tidjane Thiam and Iqbal Khan, who ran wealth management and had his sights set on one day leading Credit Suisse, broke out into the open at a dinner in a wealthy suburb on Lake Zurich.What started over a disparaging remark by Khan about Thiam’s garden evolved into a lurid corporate scandal, shattering the company’s reputation for discretion and exposing a culture in which personal vanities outweighed ethical and legal boundaries.A few weeks after the dinner party, Khan was passed over for promotion and then quit in July. When he later accepted a job at UBS, the move caused concern in Credit Suisse’s top ranks that he might poach key personnel. A private security firm was hired to monitor his activities, but was discovered by Khan in an incident that led to a physical altercation.Although the bank rushed to dismiss the embarrassing incident, it was soon revealed that it wasn’t unique. Thiam was forced out in February 2020, with then-Chairman Urs Rohner blaming “a deterioration in terms of trust, reputation and credibility among all our stakeholders.”As part of an investigation prompted by the Khan episode, the Swiss banking regulator in October 2021 uncovered five additional cases of surveillance from 2016 to 2019. The toxic atmosphere at the top contributed to damaging operational missteps.Trading DebaclesIn March 2021, Credit Suisse’s trading desk was informed that its biggest client wouldn’t be able to pay the more than $2 billion it owed the next day. Archegos Capital Management, the New York-based investment firm that managed billionaire Bill Hwang’s personal fortune, had spent the previous two days settling up with other lenders after out-sized bets went bad, and there wasn’t enough left for Credit Suisse.The news set off a blame game internally, with executives in New York, London and Zurich turning on one another instead of focusing on damage control. Rivals were quicker to sell off Archegos’s collateral, and it took nearly two weeks for Credit Suisse to come up with an initial tally of its exposure: $4.7 billion. It would eventually grow to $5.5 billion, obliterating more than a year’s profit and tipping the bank into the existential tailspin that led to last week’s crisis of confidence.Executives were already under fire for failing to protect the bank and wealthy clients from the collapse of a $10 billion suite of funds it ran with now-disgraced financier Lex Greensill. The twin episodes shocked the finance world — but, in hindsight, they were decades in the making.The bank’s complexity, culture and controls were to blame for the massive Archegos loss, according to an independent report into the collapse by law firm Paul, Weiss, Rifkind, Wharton & Garrison. Credit Suisse had a “lackadaisical attitude towards risk” and “failed at multiple junctures to take decisive and urgent action,” the report concluded.The bank responded with a series of measures to fix the shortcomings and vowed to use the incident as a “turning point for its overall approach to risk management.”But time ran out.Final PlanIn October last year, the new leadership duo of Chairman Axel Lehmann and Chief Executive Officer Ulrich Koerner — who took charge last year after the fallout from the trading debacles — pitched a return to Credit Suisse’s Swiss roots as the best way forward.They culled jobs and raised $4 billion in fresh capital. Most importantly, they planned to carve out the investment banking operations and eventually spin off the revived First Boston unit to end a three-decade effort to compete on Wall Street.“The new Credit Suisse will definitely be profitable from 2024 onwards,” Koerner said after presenting the restructuring plan. “We do not want to over promise and under deliver, we want to do it the other way around.”But the world wasn’t standing still. The end of cheap money was over, the global economy was in turmoil, and investor confidence was scarce — a combination that proved too much for a bank that never really learned its lesson from the global financial crisis.“The banking sector isn’t like any other sector,” said John Plassard, investment specialist at Geneva-based Mirabaud. “Once trust is lost, you can’t just rebuild it.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943125817,"gmtCreate":1679299964039,"gmtModify":1679299967594,"author":{"id":"3575544575320394","authorId":"3575544575320394","name":"来人","avatar":"https://static.tigerbbs.com/0af89587decbb8a1d3e1596adc29cb98","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575544575320394","authorIdStr":"3575544575320394"},"themes":[],"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943125817","repostId":"1116622076","repostType":4,"isVote":1,"tweetType":1,"viewCount":628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943126730,"gmtCreate":1679298132520,"gmtModify":1679298136584,"author":{"id":"4098866635611070","authorId":"4098866635611070","name":"Vincentan59","avatar":"https://community-static.tradeup.com/news/a5c91735e742c607283b7643b505c8e4","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4098866635611070","authorIdStr":"4098866635611070"},"themes":[],"htmlText":"🙈🙈🙈👽👽👽","listText":"🙈🙈🙈👽👽👽","text":"🙈🙈🙈👽👽👽","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943126730","repostId":"1116622076","repostType":4,"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943126587,"gmtCreate":1679298023749,"gmtModify":1679298028213,"author":{"id":"4126558027897282","authorId":"4126558027897282","name":"JediGingerNinja","avatar":"https://community-static.tradeup.com/news/9fec3f291b238bacf1a948fd098d3042","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4126558027897282","authorIdStr":"4126558027897282"},"themes":[],"htmlText":"Thats Deep","listText":"Thats Deep","text":"Thats Deep","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943126587","repostId":"1116622076","repostType":4,"isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943128520,"gmtCreate":1679296254761,"gmtModify":1679296258502,"author":{"id":"3578971018458145","authorId":"3578971018458145","name":"ocean_wave","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578971018458145","authorIdStr":"3578971018458145"},"themes":[],"htmlText":"[Gosh]&nbsp;","listText":"[Gosh]&nbsp;","text":"[Gosh]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943128520","repostId":"1116622076","repostType":4,"isVote":1,"tweetType":1,"viewCount":414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943187884,"gmtCreate":1679282633849,"gmtModify":1679282637070,"author":{"id":"4111842224562182","authorId":"4111842224562182","name":"DailyTrader7","avatar":"https://community-static.tradeup.com/news/221e86f826e5d51d2c15d2af518a6f07","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4111842224562182","authorIdStr":"4111842224562182"},"themes":[],"htmlText":"Bad for bond holders&nbsp;","listText":"Bad for bond holders&nbsp;","text":"Bad for bond holders","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943187884","repostId":"2320521639","repostType":2,"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943184845,"gmtCreate":1679282145987,"gmtModify":1679282149465,"author":{"id":"3558617926022722","authorId":"3558617926022722","name":"kkennn","avatar":"https://static.tigerbbs.com/cfb6967409b5a69e663a7006e885e221","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558617926022722","authorIdStr":"3558617926022722"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943184845","repostId":"2320521639","repostType":2,"repost":{"id":"2320521639","pubTimestamp":1679274130,"share":"https://ttm.financial/m/news/2320521639?lang=&edition=fundamental","pubTime":"2023-03-20 09:02","market":"us","language":"en","title":"The One Big Winner and Many Losers of UBS’s Credit Suisse Rescue","url":"https://stock-news.laohu8.com/highlight/detail?id=2320521639","media":"Bloomberg","summary":"UBS Group AG is emerging as a rare winner in Credit Suisse Group AG’s crisis after a historic, gover","content":"<html><head></head><body><p>UBS Group AG is emerging as a rare winner in Credit Suisse Group AG’s crisis after a historic, government-brokered deal that contains a raft of financial shock absorbers.</p><p>After a weekend of frantic talks to forge a solution before markets opened in Asia, the firm struck a deal to buy its smaller rival for about $3.3 billion in an share deal that includes extensive guarantees and liquidity provisions. Here are some of the big winners and losers to emerge from the deal.</p><p>The Winner: Ralph Hamers</p><p>UBS’s chief executive officer will see the bank’s wealth and asset management invested assets soar to about $5 trillion and got a special waiver to keep Credit Suisse’s profitable Swiss unit that many analysts said was worth more than triple what UBS paid for the whole firm.</p><p>Ralph Hamers, the former ING Groep NV executive, and his team will have plenty to work through as they consider which businesses and people to keep, alter or jettison. But he’ll have 56 billion francs of so-called badwill to help cover any writedowns, as well as 9 billion francs of guarantees from the Swiss government to take on certain losses. And the firm can access a huge liquidity line from the central bank.</p><p>While UBS will suspend its share buybacks for now, it said it’s still committed to a progressive dividend.</p><p>The (Many) Losers:</p><p>Credit Suisse’s Top Shareholders</p><p>Gulf investors old and new are hurting. Saudi National Bank’s investment was stunning in its brevity: the lender lost 1.1 billion francs less than 15 weeks from when it finished buying its stake in Credit Suisse’s latest capital raise. The firm thought it was buying at a bargain when it became the Swiss bank’s largest shareholder just a few months ago. Saudi National Bank’s chairman helped fuel the panic this week when he ruled out raising its stake in Credit Suisse.</p><p>The Qatar Investment Authority’s pain came over a much longer period, as it first invested in the last financial crisis, but it likely lost an even greater amount. In addition to being the bank’s second-biggest holder, it had owned in the past the firm’s AT1 bonds that were written to zero in the deal, though it’s unclear if QIA still held that debt. Shareholders won’t even get to vote on this deal after Switzerland changed its rules to rush the merger through.</p><p>Ulrich Koerner</p><p>Credit Suisse’s chief executive officer is expected to depart, having inherited a broken lender that he was unable to revive. Ulrich Koerner, who only took the top job last summer, had already mapped out a plan to cut back risk after a torrent of scandals and losses to focus more on wealth management. Bolder still was a plan to break out the bank’s best-performing investment banking businesses. But the firm was unable to recover from a crisis of confidence that caused billions of dollars to exit in October. In recent days, the pressure intensified until the Swiss government was forced to step in.</p><p>Michael Klein</p><p>The former Citigroup Inc. investment bank head’s grand plan to revive the First Boston brand and build it into a Wall Street advisory powerhouse now looks in ashes. Michael Klein, who had been tapped to lead the CSFB spinoff, was already in the process of selling his advisory boutique to Credit Suisse for a consideration of about $210 million when the bank’s fortunes suddenly unraveled in recent weeks. While UBS Chairman Colm Kelleher didn’t directly address CSFB at a press conference late Sunday, he did indicate that the firm was happy with its own investment bank and planned to cut back Credit Suisse’s substantially as well as pare back risk.</p><p>AT1 Bondholders</p><p>Bond investors are typically better protected from losses than shareholders, but not in this case. The Swiss regulator will impose losses on $17 billion of high-risk debt known as Additional Tier 1 bonds that make up part of a buffer of debt and equity intended to prevent taxpayers from having to shoulder the bill for a bank’s collapse. The total writedown marked the biggest loss yet for Europe’s $275 billion AT1 market. Shareholders, who typically are first to take a hit in a writedown scenario, got at least a small consideration.</p><p>Swiss regulators</p><p>Finma became the first regulator to watch a bank deemed systemically important have to be rescued since the financial crisis. The Swiss government had to step in an provide billions of francs in guarantees to UBS and the central bank was forced to provide extensive liquidity backstops to facilitate the rescue, putting taxpayers at risk 15 years after they bailed out UBS. Swiss Finance Minister Karin Keller-Sutter acknowledged it was the only way to stabilize international financial markets.</p></body></html>","source":"yahoofinance_sg","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The One Big Winner and Many Losers of UBS’s Credit Suisse Rescue</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe One Big Winner and Many Losers of UBS’s Credit Suisse Rescue\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-20 09:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/one-big-winner-many-losers-230133489.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>UBS Group AG is emerging as a rare winner in Credit Suisse Group AG’s crisis after a historic, government-brokered deal that contains a raft of financial shock absorbers.After a weekend of frantic ...</p>\n\n<a href=\"https://finance.yahoo.com/news/one-big-winner-many-losers-230133489.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UBS":"瑞银"},"source_url":"https://finance.yahoo.com/news/one-big-winner-many-losers-230133489.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2320521639","content_text":"UBS Group AG is emerging as a rare winner in Credit Suisse Group AG’s crisis after a historic, government-brokered deal that contains a raft of financial shock absorbers.After a weekend of frantic talks to forge a solution before markets opened in Asia, the firm struck a deal to buy its smaller rival for about $3.3 billion in an share deal that includes extensive guarantees and liquidity provisions. Here are some of the big winners and losers to emerge from the deal.The Winner: Ralph HamersUBS’s chief executive officer will see the bank’s wealth and asset management invested assets soar to about $5 trillion and got a special waiver to keep Credit Suisse’s profitable Swiss unit that many analysts said was worth more than triple what UBS paid for the whole firm.Ralph Hamers, the former ING Groep NV executive, and his team will have plenty to work through as they consider which businesses and people to keep, alter or jettison. But he’ll have 56 billion francs of so-called badwill to help cover any writedowns, as well as 9 billion francs of guarantees from the Swiss government to take on certain losses. And the firm can access a huge liquidity line from the central bank.While UBS will suspend its share buybacks for now, it said it’s still committed to a progressive dividend.The (Many) Losers:Credit Suisse’s Top ShareholdersGulf investors old and new are hurting. Saudi National Bank’s investment was stunning in its brevity: the lender lost 1.1 billion francs less than 15 weeks from when it finished buying its stake in Credit Suisse’s latest capital raise. The firm thought it was buying at a bargain when it became the Swiss bank’s largest shareholder just a few months ago. Saudi National Bank’s chairman helped fuel the panic this week when he ruled out raising its stake in Credit Suisse.The Qatar Investment Authority’s pain came over a much longer period, as it first invested in the last financial crisis, but it likely lost an even greater amount. In addition to being the bank’s second-biggest holder, it had owned in the past the firm’s AT1 bonds that were written to zero in the deal, though it’s unclear if QIA still held that debt. Shareholders won’t even get to vote on this deal after Switzerland changed its rules to rush the merger through.Ulrich KoernerCredit Suisse’s chief executive officer is expected to depart, having inherited a broken lender that he was unable to revive. Ulrich Koerner, who only took the top job last summer, had already mapped out a plan to cut back risk after a torrent of scandals and losses to focus more on wealth management. Bolder still was a plan to break out the bank’s best-performing investment banking businesses. But the firm was unable to recover from a crisis of confidence that caused billions of dollars to exit in October. In recent days, the pressure intensified until the Swiss government was forced to step in.Michael KleinThe former Citigroup Inc. investment bank head’s grand plan to revive the First Boston brand and build it into a Wall Street advisory powerhouse now looks in ashes. Michael Klein, who had been tapped to lead the CSFB spinoff, was already in the process of selling his advisory boutique to Credit Suisse for a consideration of about $210 million when the bank’s fortunes suddenly unraveled in recent weeks. While UBS Chairman Colm Kelleher didn’t directly address CSFB at a press conference late Sunday, he did indicate that the firm was happy with its own investment bank and planned to cut back Credit Suisse’s substantially as well as pare back risk.AT1 BondholdersBond investors are typically better protected from losses than shareholders, but not in this case. The Swiss regulator will impose losses on $17 billion of high-risk debt known as Additional Tier 1 bonds that make up part of a buffer of debt and equity intended to prevent taxpayers from having to shoulder the bill for a bank’s collapse. The total writedown marked the biggest loss yet for Europe’s $275 billion AT1 market. Shareholders, who typically are first to take a hit in a writedown scenario, got at least a small consideration.Swiss regulatorsFinma became the first regulator to watch a bank deemed systemically important have to be rescued since the financial crisis. The Swiss government had to step in an provide billions of francs in guarantees to UBS and the central bank was forced to provide extensive liquidity backstops to facilitate the rescue, putting taxpayers at risk 15 years after they bailed out UBS. Swiss Finance Minister Karin Keller-Sutter acknowledged it was the only way to stabilize international financial markets.","news_type":1},"isVote":1,"tweetType":1,"viewCount":221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943181998,"gmtCreate":1679277743015,"gmtModify":1679278720151,"author":{"id":"3566532164444643","authorId":"3566532164444643","name":"ZEROHERO","avatar":"https://static.tigerbbs.com/62813b6df1c4722e559d112fadd5486a","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3566532164444643","authorIdStr":"3566532164444643"},"themes":[],"title":"Another One Bites The Dust: Credit Suisse","htmlText":"After a long negotiation over the weekend, financial markets were poised for relief on Monday after UBS Group AG (SIX:UBSG) agreed to buy Credit Suisse (SIX:CSGN) Group AG in a rescue orchestrated by the state, while major central banks announced a co-ordinated move to shore up liquidity in the financial system. -&nbsp;UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday. -&nbsp;The terms of the deal will see Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold. -&nbsp;The Swiss National Bank also pledged a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4","listText":"After a long negotiation over the weekend, financial markets were poised for relief on Monday after UBS Group AG (SIX:UBSG) agreed to buy Credit Suisse (SIX:CSGN) Group AG in a rescue orchestrated by the state, while major central banks announced a co-ordinated move to shore up liquidity in the financial system. -&nbsp;UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday. -&nbsp;The terms of the deal will see Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold. -&nbsp;The Swiss National Bank also pledged a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4","text":"After a long negotiation over the weekend, financial markets were poised for relief on Monday after UBS Group AG (SIX:UBSG) agreed to buy Credit Suisse (SIX:CSGN) Group AG in a rescue orchestrated by the state, while major central banks announced a co-ordinated move to shore up liquidity in the financial system. - UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday. - The terms of the deal will see Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold. - The Swiss National Bank also pledged a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4","images":[{"img":"https://community-static.tradeup.com/news/f12469e04ebf98b6e80d9ddb1beb68f6","width":"800","height":"533"},{"img":"https://community-static.tradeup.com/news/e1c77625290bb495e9953156b713cd6f","width":"936","height":"298"},{"img":"https://community-static.tradeup.com/news/296a67404fb40890cec8705f43d5f5b3","width":"717","height":"403"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":199,"commentSize":107,"repostSize":4,"link":"https://ttm.financial/post/9943181998","isVote":1,"tweetType":1,"viewCount":2376,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000600","authorId":"9000000000000600","name":"EmilyMark","avatar":"https://static.tigerbbs.com/3e323dbbc6c94364b37b3a4181851cf0","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000600","authorIdStr":"9000000000000600"},"content":"how anyone thinks USB buying CS is bullish is beyond me. Omg a whole 2bn dollars, the economy is saved","text":"how anyone thinks USB buying CS is bullish is beyond me. Omg a whole 2bn dollars, the economy is saved","html":"how anyone thinks USB buying CS is bullish is beyond me. Omg a whole 2bn dollars, the economy is saved"}],"imageCount":6,"langContent":"EN","totalScore":0},{"id":9943183159,"gmtCreate":1679277180471,"gmtModify":1679277185339,"author":{"id":"3578819385598847","authorId":"3578819385598847","name":"Yslo","avatar":"https://static.itradeup.com/news/4d50233177a5ffeb2ed1cea18ac7fa8c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578819385598847","authorIdStr":"3578819385598847"},"themes":[],"htmlText":"Bank's collapse waves will be occured one by One ... sit thigh and fasten your seat belts&nbsp;","listText":"Bank's collapse waves will be occured one by One ... sit thigh and fasten your seat belts&nbsp;","text":"Bank's collapse waves will be occured one by One ... sit thigh and fasten your seat belts","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943183159","repostId":"2320521639","repostType":2,"isVote":1,"tweetType":1,"viewCount":393,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}]}