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Acquisition Of Credit Suisse By UBS
On 19 March 2023, Swiss investment bank UBS Group AG agreed to buy Credit Suisse for billion ( billion) in an all-stock deal brokered by the government of Switzerland and the Swiss Financial Market Supervisory Authority. The Swiss National Bank supported the deal by providing more than billion ( billion) in liquidity to UBS following its takeover of Credit Suisse's operations, while the Swiss government provided a guarantee to UBS to cover losses of up to billion ( billion) over the short term. Additionally, billion ( billion) of Additional Tier 1 bonds were written down to zero. Credit Suisse is a globally systemically important bank whose investment banking unit, First Boston, had been recently tarnished by a series of high-profile scandals. The banking crisis in the United States had caused fear among global investors and led to panic over other possibly troubled banks. Credit Suisse's share price plunged after the leading sharehold ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Suisse
Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial centers around the world and is one of the nine global " Bulge Bracket" banks providing services in investment banking, private banking, asset management, and shared services. It is known for strict bank–client confidentiality and banking secrecy. The Financial Stability Board considers it to be a global systemically important bank. Credit Suisse is also primary dealer and Forex counterparty of the Fed. Credit Suisse was founded in 1856 to fund the development of Switzerland's rail system. It issued loans that helped create Switzerland's electrical grid and the European rail system. In the 1900s, it began shifting to retail banking in response to the elevation of the middle class and competition from fellow Swiss banks UBS and Julius Bär. Credit Suisse partnered with First Boston in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Swiss Bank
Banking in Switzerland dates to the early eighteenth century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Banking is seen as emblematic of Switzerland, along with the Swiss Alps, Swiss chocolate, watchmaking and mountaineering. Switzerland has a long, kindred history of banking secrecy and client confidentiality reaching back to the early 1700s. Starting as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of the landmark federal law, the Federal Act on Banks and Savings Banks. These laws, which were used to protect assets of persons being persecuted by Nazi authorities, have also been used by people and institutions seeking to illegally evade taxes, hide assets, or generally commit financial crime. Controversial protection of foreign accounts and assets during World War II sparked a series of proposed financial regulations seeking t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greensill Capital
Greensill Capital was a financial services company based in the United Kingdom and Australia. It focused on the provision of supply chain financing and related services. The company was founded in 2011 by Lex Greensill. It filed for insolvency protection on 8 March 2021. History The firm was founded in 2011, with an initial focus on supply-chain finance. The company had since diversified its revenue streams, offering conventional banking services through a German subsidiary, Greensill Bank ( de), the offering of bonds based on debt it has purchased, and through funds managed with partner organisations including Credit Suisse. American private equity firm General Atlantic invested $250 million in Greensill in 2018. In 2018 Greensill was subject to extended media coverage and a call from British City grandee Lord Myners for formal investigation of the company's involvement in scandal at Anglo-Swiss asset manager GAM. In early 2019, Softbank invested $800 million in the comp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Archegos Capital
Archegos Capital Management was a limited partnership family office that managed the personal assets of Bill Hwang, at one time managing over $36 billion in assests. On April 27, 2022 Hwang was indicted and arrested on federal charges of fraud and racketeering. On March 26, 2021, Archegos defaulted on margin calls from several global investment banks, including Credit Suisse and Nomura Holdings, as well as Goldman Sachs and Morgan Stanley. The firm had large, concentrated positions in ViacomCBS, Baidu, Vipshop, Farfetch, and other companies, and the firm's use of total return swaps had helped to hide its high exposure from lending banks. Its derivative contracts "exposed the firm to severe losses when the trades went bad." The ''Wall Street Journal'' reported that Hwang lost $8billion in 10 days, while Bloomberg News reported that Hwang lost $20billion in 2 days. History Formerly of Tiger Asia Management, Hwang created the Archegos family office in 2013, which had $10 billion ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Axel Lehmann
Axel P. Lehmann (born 1959) is the chairman of Credit Suisse since January 2022. Early life Lehmann was born in 1959, and is a Swiss citizen. He earned an MBA and a PhD from the University of St. Gallen. He is an adjunct professor at the university. Career Lehmann worked for 20 years in insurance, briefly at Swiss Life before joining Zurich Insurance Group, where he was chief risk officer from 2009 and 2015. He was a non-executive director of UBS from 2009 to 2015 before joining the bank full-time, and in 2016 he appointed its chief operating officer. He was president of UBS Switzerland from 2018 and 2021. In October 2021, Lehmann became a board member of Credit Suisse as head of its risk committee. In January 2022, Lehmann succeeded António Horta-Osório as chairman of Credit Suisse Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial cen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tidjane Thiam
Tidjane Thiam (; born 29 July 1962) is a French and Ivorian businessman, and the executive chairman of Freedom Acquisition Corp. He was the chief executive officer (CEO) of Swiss bank Credit Suisse from March 2015 to February 2020. He was the chief financial officer of British banking group Prudential from 2007 to 2009, and then its CEO until 2015. In 2019, Thiam became a member of the International Olympic Committee (IOC). Born into a prominent political family in the Ivory Coast, he holds dual Ivorian and French citizenship. He studied advanced mathematics and physics in France before joining the management consultants McKinsey & Company in 1986, where he worked until 1994. From 1994 to 1999 he worked in the Ivory Coast first as chief executive of the National Bureau for Technical Studies (BNETD). Following the 1999 Ivorian coup d'état, he resumed a private sector career and rejoined McKinsey in Paris from 2000 to 2002, then worked as a senior executive for Aviva before bei ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Basel III
Basel III is the third Basel Accord, a framework that sets international standards for bank capital adequacy, stress testing, and liquidity requirements. Augmenting and superseding parts of the Basel II standards, it was developed in response to the deficiencies in financial regulation revealed by the financial crisis of 2007–08. It is intended to strengthen bank capital requirements by increasing minimum capital requirements, holdings of high quality liquid assets, and decreasing bank leverage. Basel III was published by the Basel Committee on Banking Supervision in November 2010, and was scheduled to be introduced from 2013 until 2015; however, implementation was extended repeatedly to 1 January 2022 and then again until 1 January 2023, in the wake of the COVID-19 pandemic. The new standards that come into effect in January 2023, that is, the Fundamental Review of the Trading Book (FRTB) and the Basel 3.1: Finalising post-crisis reforms, are sometimes referred to as Basel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Toxic Asset
A toxic asset is a financial asset that has fallen in value significantly and for which there is no longer a functioning market. Such assets cannot be sold at a price satisfactory to the holder. Because assets are offset against liabilities and frequently leveraged, this decline in price may be quite dangerous to the holder. The term became common during the financial crisis of 2007–2008, in which they played a major role. When the market for toxic assets ceases to function, it is described as "frozen". Markets for some toxic assets froze in 2007, and the problem grew much worse in the second half of 2008. Several factors contributed to the freezing of toxic asset markets. The value of the assets were very sensitive to economic conditions, and increased uncertainty in these conditions made it difficult to estimate the value of the assets. Banks and other major financial institutions were unwilling to sell the assets at significantly reduced prices, since lower prices would force th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published six days a week by Dow Jones & Company, a division of News Corp. The newspaper is published in the broadsheet format and online. The ''Journal'' has been printed continuously since its inception on July 8, 1889, by Charles Dow, Edward Jones, and Charles Bergstresser. The ''Journal'' is regarded as a newspaper of record, particularly in terms of business and financial news. The newspaper has won 38 Pulitzer Prizes, the most recent in 2019. ''The Wall Street Journal'' is one of the largest newspapers in the United States by circulation, with a circulation of about 2.834million copies (including nearly 1,829,000 digital sales) compared with ''USA Today''s 1.7million. The ''Journal'' publishes the luxury news and lifestyle magazine ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goldman Sachs
Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, Hong Kong, Tokyo, Dallas and Salt Lake City, and additional offices in other international financial centers. Goldman Sachs is the second largest investment bank in the world by revenue and is ranked 57th on the Fortune 500 list of the largest United States corporations by total revenue. It is considered a systemically important financial institution by the Financial Stability Board. The company has been criticized for a lack of ethical standards, working with dictatorial regimes, close relationships with the U.S. federal government via a "revolving door" of former employees, and driving up prices of commodities through futures speculation. While the company has appeared on the 100 Best Companies to Work For list compiled by ''Fortune'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
