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...The bank’s state-ordered takeover by UBS last year has led to at least $9bn of legal claims, largely related to the decision by Swiss regulator Finma to write down billions of dollars of Credit Suisse debt...
...To get the merger approved, Capital One is making a case that there is little overlap between the two banks’ credit card businesses....
...UBS’s takeover of Credit Suisse — which was agreed in March, but completed in June — is the most significant bank merger since the global financial crisis....
...Martin Gruenberg spoke to the Financial Times as his agency issued a paper detailing how it would handle the collapse of a global systemically important bank (G-SIB) such as Credit Suisse....
...Put another way, banks have been able to claw back just over half of the $20bn that shifted in favour of private credit firms in 2023. So, have we reached peak private credit?...
...UBS has made Sergio Ermotti Europe’s best-paid bank boss less than a year after he returned to the lender, saying the Swiss executive had successfully steered the integration of rival Credit Suisse....
...Barclays has agreed to sell approximately $1.1bn worth of credit card debt to private equity firm Blackstone, as the British bank steps up efforts to move assets off its balance sheet in advance of more...
...The original Credit Suisse deal with Apollo led to the alternative investment manager taking on one of the Swiss bank’s most profitable divisions, but one that required a lot of capital....
...Banks strike back at private credit A dearth of large buyouts to kick off 2024 has clouded hopes of a deal rebound. But it’s not all bad news for private equity....
...More US credit card accounts were past due on their payments to the largest banks at the end of 2023 than at any time since 2012, according to data from the Federal Reserve Bank of Philadelphia....
...Even if households often put the cost of living above jobs in their hierarchy of economic concerns, why is Biden not getting much credit for it either?...
...Traditional bank lending, however, retains advantages. Deposits remain the lowest cost of funds possible. Banks have enormous depth of relationships and debt underwriting experience....
...The FT notes all of the slow-burning lawsuits related to Credit Suisse (“Finma seeks to prevent release of Credit Suisse AT1 debt files”, Report, April 5)....
...“There has been rapid growth in the volume of the bank’s digital transactions, including transactions pertaining to credit cards, which is building further load on the IT systems.”A Kotak Mahindra spokesperson...
...Private credit and leveraged lending markets remain vulnerable to “sharp revaluations” despite some recent improvements in market conditions, the Bank of England warned on Wednesday....
...Less than a year after UBS’s rescue of Credit Suisse, just a handful of Credit Suisse senior managers remain at the enlarged Swiss bank, including former chief executive Ulrich Körner....
...and contributed to the downfall of Credit Suisse....
...The bank is specifically focusing on private credit as one of its major engines of growth....
...UK nonprime borrowing accounted for about 4 per cent of the consumer credit market in 2013....
...The 133-year-old Swiss bank had interviewed Credit Suisse’s then hotshot head of wealth management, Iqbal Khan, for the role, but ended up settling on the relatively unknown insider Rickenbacher....
...They touted certainty of execution, speed and tailoring to each borrower’s needs, in contrast to the discombobulated banks. These were the makings of private credit’s “golden moment” in 2023....
...And, you know, part of the back-story, right, is that these are loans made by non-banks. But what changed a lot in 2022 and 2023 is that private credit kind of took some turf from the banks, right?...
...Co-op Bank, which has 2.5mn customers, is backed by US-based investors including Bain Capital Credit and JC Flowers....
...Jeremy Hunt took credit for the OBR’s forecast that inflation would fall below the Bank of England’s 2 per cent target within two months....
...The global banking regulator has held high-level meetings with bank executives, investors and credit rating agencies in recent weeks to assess the suitability of a form of debt that was controversially wiped...
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