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...Within weeks, a US regional banking crisis spurred a panic that ultimately contributed to Credit Suisse’s weekend takeover by UBS....
...UBS agreed to rescue Credit Suisse last March in a deal orchestrated by Switzerland’s finance ministry, financial regulator and central bank....
...A month later, UBS informed staff in Credit Suisse’s London office at One Cabot Square that employees would begin to move into UBS’s main office near Liverpool Street and that all transfers would be completed...
...The firm also invested in UK-based motorsport team Aston Martin F1 at a £1bn valuation late last year, and has an indirect shareholding in Liverpool FC and a small stake in Italian side Atalanta....
...UBS....
...But here’s the catch: Interest rates have climbed quite a lot in the past couple of years, and it’s not just one company that’s feeling stress in the leveraged loan market....
...The lender intends to repurchase $1bn of shares in 2024, but that would only begin after it completes the merger of the Credit Suisse and UBS parent companies, which is expected to take place in the second...
...Meanwhile, activist investor Ackman, a 20-year client of the bank, invited Federer to a tennis match on the roof of his company, Pershing Square, before telling UBS staff that the takeover of Credit Suisse...
...standalone origination platform,” said the companies in a statement....
...In a statement on Thursday, the UBS board said the pay award was in recognition of Ermotti’s “excellent performance in a defining year in UBS’s history and strong progress in delivering on integration priorities...
...At the time, Credit Suisse said a change to the contract would lead to a $600mn loss for the bank. But on Wednesday, UBS confirmed it would be a $900mn loss....
...Investor trust will continue to be tested....
...The acquisition of Sticks’n’Sushi marks the end of a 10-year ownership by Danish asset manager Maj Invest, which oversaw the growth of the company from a family business to an international brand....
...That lower ROTE may be due to less income productivity and lower leverage relative to peers, thinks Jason Napier at UBS....
...The 54-year-old — who rejected a job at Goldman Sachs at the age of 20 to work with Mother Teresa in India — left UBS at the end of the year and is serving a period of gardening leave, according to people...
...Explaining the verdict, the presiding judge Annette Zander said that the defendant and the late banker had been a “good team” which functioned based on mutual trust and required little need for co-ordination...
...The average trust was trading at a discount to NAV of almost 17 per cent in October....
...These positions include a £70mn stake in Baillie Gifford’s US Growth Trust, an $88mn stake in JPMorgan’s European Discovery Trust and a £62mn stake in the BlackRock Smaller Companies Trust, according to...
...Nonetheless, shouldn’t investors be more careful before putting in $35bn of orders for a new AT1 from a Swiss bank? First of all, you shouldn’t trust that number....
...trusts, versus obtaining equivalent exposure within a unit trust or an exchange traded fund....
...UBS said it planned to raise assets in its crucial wealth management business to more than $5tn by 2028 and complete the legal merger of both holding companies by the end of June....
...She has spent the past year heading a sustainable finance division at UBS following its rescue of rival Swiss bank Credit Suisse....
...Morgan Stanley, UBS and Bank of America have some of the biggest gender pay gaps in Australia, according to a government survey, more than twice as high as the average of 19 per cent....
...investors’ appetite for the high-growth companies the trust made its name backing....
...Companies....
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