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...out when Credit Suisse collapsed last year....
...UBS agreed to rescue Credit Suisse last March in a deal orchestrated by Switzerland’s finance ministry, financial regulator and central bank....
...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...
...Three years later the bank collapsed....
...Credit Suisse sold the majority of its securitised products unit to Apollo in November 2022, just a few months before the Swiss bank was rescued by its rival UBS in March 2023....
...UBS began removing Credit Suisse’s brand in New York in August, replacing signs at the collapsed bank’s US headquarters....
...UBS has sold the Credit Suisse corporate jet that the collapsed bank’s then-chair, António Horta-Osório, used when breaching Covid lockdown rules to attend high-profile sporting events....
...However, the Swiss seem to be missing the point of what happens after serving up such an awful meal as the highly criticised Credit Suisse rescue and what is the massive effort then required to restore bank...
...The Credit Suisse experience was one reason why “we do want to remind investors that [bank] debt is at risk and we do have a resolution process”, Gruenberg added....
...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....
...Ermotti’s award comes as the bank’s bonus pool shrank 14 per cent compared with the combined pool at UBS and Credit Suisse in 2022....
...UBS has set out plans for deeper cost cuts as the mammoth integration of rival Credit Suisse helped drive the Swiss bank to a second straight quarterly loss....
...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....
...The bank had paused its capital returns when it agreed to buy Credit Suisse last March....
...an “implicit state guarantee” after it took over Credit Suisse....
...The Swiss bank announced a new share repurchase programme on Tuesday, having suspended its previous plan a year ago following its rescue of former rival Credit Suisse....
...Last year, EU and UK banks and regulators felt quietly smug when the region’s institutions emerged unscathed from the market turmoil and client nervousness that brought down Switzerland’s Credit Suisse and...
...This scepticism proved warranted in the past year when Credit Suisse was forcibly absorbed by local rival UBS and US regional banks plunged into freefall....
...Asked if Deutsche Bank was the new Credit Suisse, he told reporters there was “no reason to be concerned about it”....
...Thomas Hirschi, head of Finma’s crisis unit and banks division, said the regulator spotted problems at Credit Suisse early and “used its full range of tools” to try to stabilise the bank....
...This came after Ma, once China’s richest person, made a speech in Shanghai accusing China’s state-owned banks of having a conservative “pawnshop” mentality that was stopping smaller companies and individuals...
...“[Ant’s] corporate governance is [now] more balanced and optimised,” said Dong Ximiao, a senior researcher at Merchants Union Consumer Finance....
...Switzerland’s financial regulator has called for stronger powers to oversee banks following the collapse of Credit Suisse this year....
...Credit Suisse’s takeover by UBS last March marked the first demise of a globally systemic lender since the financial crisis....
...“If we want to push for better financing for the defence industry, then we certainly have to [complete] the capital markets [union].”...
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