A Year After Credit Suisse’s Fall, UBS’s Path Is Lined With Temptation
1 year ago

A Year After Credit Suisse’s Fall, UBS’s Path Is Lined With Temptation

Live Mint  

Those who win the lottery often spend the money unwisely. UBS ended up paying $3.6 billion in stock for a bank with an estimated tangible book value of $33 billion—even after write-downs, expected litigation costs and accounting adjustments. On average in the three years before its demise, its investment bank still accounted for about 40% of total revenue, surpassing the more reliable wealth and asset management business. View Full Image Graphic: WSJ The memory of all this is why UBS now walks a tightrope in its postdeal strategy: It wants to use Credit Suisse’s operations to become the sixth largest investment bank in the U.S. The point of expanding it is to establish a larger footprint in the U.S. that lowers costs and helps bring family offices onboard, thus keeping the spotlight on wealth management, UBS Chief Executive Officer Sergio Ermotti said at an investment conference last week.

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UBS Offers Limits on Investment Bank to Ease Swiss Concern
1 week, 1 day ago

UBS Offers Limits on Investment Bank to Ease Swiss Concern

Live Mint  

-- UBS Group AG executives have suggested that a permanent limit on the size of its investment bank be written into Swiss law to alleviate government concerns about a potential future rescue, a person familiar with the matter said. The government, which helped broker UBS’s emergency purchase of Credit Suisse two years ago, is now worried that the enlarged bank’s …

HSBC Focuses on ‘Jewel of the Crown’ After Investment-Bank Cuts
2 weeks, 1 day ago

HSBC Focuses on ‘Jewel of the Crown’ After Investment-Bank Cuts

Live Mint  

-- HSBC Holdings Plc’s US operation is zeroing in on what it sees as key investment-banking units after getting out of mergers and acquisitions and equity capital markets in the region. “We can support clients in financing — that’ll be debt capital markets and leveraged finance — and the global transaction banking,” a business where clients are supported with payments …

HSBC investors back CEO’s investment banking retrenchment
1 month, 2 weeks ago

HSBC investors back CEO’s investment banking retrenchment

Live Mint  

* Planned cuts and fears of more dent morale, sources say * Annual savings estimates range between $1.5 bln and $3.8 bln * US tariffs cast shadow over global trade prospects By Sinead Cruise, Lawrence White and Selena Li LONDON/HONG KONG, Feb 17 - Investors in HSBC are backing management attempts to shutter parts of its investment bank, even as …

Private bankers ride the swell in the ranks of the wealthy
2 months, 1 week ago

Private bankers ride the swell in the ranks of the wealthy

Live Mint  

There never has been a better time than now to manage the wealth of the rich, as the parabolic rally in equities in the post-pandemic era swelled the ranks and bank balances of the extreme rich in both metros and tier-II cities. The number of private bankers in the wealth management industry has almost doubled in the past two-three years, …

UBS Returns to Profit as Wealth, Investment Bank Drive Beat
10 months, 3 weeks ago

UBS Returns to Profit as Wealth, Investment Bank Drive Beat

Hindustan Times  

UBS Group AG returned to profit after two loss-making quarters, with both wealth management and the investment bank adding to sustained progress in the integration of Credit Suisse after its emergency rescue last year. UBS Returns to Profit as Wealth, Investment Bank Drive Beat The Zurich-based bank said net income in the first quarter was $1.8 billion, compared with analysts …

UBS Returns to Profit as Wealth, Investment Bank Drive Beat
10 months, 3 weeks ago

UBS Returns to Profit as Wealth, Investment Bank Drive Beat

Hindustan Times  

UBS Group AG returned to profit after two loss-making quarters, with both wealth management and the investment bank adding to sustained progress in the integration of Credit Suisse after its emergency rescue last year. UBS Returns to Profit as Wealth, Investment Bank Drive Beat {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} The Zurich-based bank said net income in the first quarter was $1.8 …

Wealth management is a risky gold rush for banks
1 year ago

Wealth management is a risky gold rush for banks

Live Mint  

Today’s markets love nothing more than a growth narrative and, with wealth management, banks finally have one. Even Barclays, which in February ruled out a full pivot away from investment banking, aims to strengthen its small Private Bank & Wealth Management arm. Post-2008 regulations require banks to hold more capital, which is a bigger problem for investment banking than for …

Barclays Doesn’t Want to Be Cool
1 year, 1 month ago

Barclays Doesn’t Want to Be Cool

Live Mint  

Few themes have been as unpopular among investors in recent years as European investment banking and the U.K. Barclays wants to double down on both. Barclays’s stock trades at around 0.4 times tangible book value—a low valuation matched even by downtrodden Deutsche Bank. But Chief Executive Officer C. S. Venkatakrishnan still wants his investment bank to remain large enough to …

UBS completes takeover of Credit Suisse in deal meant to stem global financial turmoil
1 year, 9 months ago

UBS completes takeover of Credit Suisse in deal meant to stem global financial turmoil

Associated Press  

BERLIN — UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country’s two largest banks in a bid to safeguard Switzerland’s reputation as a global financial center and choke off market turmoil. A statement from the bank said that “UBS …

UBS is wealth management behemoth after Credit Suisse takeover
1 year, 9 months ago

UBS is wealth management behemoth after Credit Suisse takeover

Al Jazeera  

As a result of biggest banking deal since 2008 crisis, UBS will oversee $5 trillion in assets, giving it the lead position in key markets. UBS on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management. Announcing …

UBS Chairman’s top-secret prep paid off in Credit Suisse moment
1 year, 11 months ago

UBS Chairman’s top-secret prep paid off in Credit Suisse moment

Live Mint  

UBS Group AG pulled off one of the biggest bank deals ever in a matter of days. “While we did not initiate discussions, we believe that this transaction is financially attractive for UBS shareholders.” Kelleher and UBS’s board will face shareholders who were denied a vote on the deal at the firm’s annual meeting on Wednesday, a day after Credit …

UBS appoints former boss to lead ‘urgent and challenging’ Credit Suisse merger
2 years ago

UBS appoints former boss to lead ‘urgent and challenging’ Credit Suisse merger

The Independent  

Swiss bank UBS has reappointed its former boss to lead the takeover of Credit Suisse after it rescued the beleaguered rival lender. It is in the opinion of the board that for this massive integration exercise, Sergio would be the better pilot of this next voyage of UBS UBS chairman Colm Kelleher UBS rescued Credit Suisse in a 3.25 billion …

Ralph Hamers stepping down as CEO of Swiss bank UBS
2 years ago

Ralph Hamers stepping down as CEO of Swiss bank UBS

NL Times  

Ralph Hamers will step down as CEO of Swiss Bank UBS on April 5, after the bank has taken over the struggling Credit Suisse. “Integrating Credit Suisse is UBS’s single most important task, and I am confident that Sergio will successfully guide the bank through this next phase,” Hamers said. It has been a pleasure and privilege to lead this …

New chapter of capitalism emerges from the banking crisis
2 years ago

New chapter of capitalism emerges from the banking crisis

Deccan Chronicle  

There are few better places to consider the past few days of banking chaos than a small room hidden away in Edinburgh’s financial district — not far from where the godfather of free markets, Adam Smith, once lived. Old newspapers proclaim government bailouts of long ago while the shelves groan with tomes like “Where Are the Customers’ Yachts?” The library …

Credit Suisse-UBS deal offers hope, but bank doubts persist
2 years ago

Credit Suisse-UBS deal offers hope, but bank doubts persist

Associated Press  

LONDON — Credit Suisse shares plunged Monday after Swiss authorities cut a deal with its bigger rival UBS to acquire the troubled bank at a marked-down price. Swiss authorities urged UBS to take over its smaller rival after a central bank plan for Credit Suisse to borrow up to 50 billion francs last week failed to reassure investors and customers. …

Who are the winners and losers of UBS-Credit Suisse deal
2 years ago

Who are the winners and losers of UBS-Credit Suisse deal

Hindustan Times  

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. The Winner: Ralph Hamers 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 …

UBS agrees to buy Credit Suisse for more than $2 billion to end crisis: Report
2 years ago

UBS agrees to buy Credit Suisse for more than $2 billion to end crisis: Report

Hindustan Times  

UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that threatened to spread across global financial markets. The Swiss National Bank has agreed to offer a $100 billion liquidity line to UBS as part of the deal, according to the Financial Times, which reported the agreement first. …

UBS is buying Credit Suisse in bid to halt banking crisis
2 years ago

UBS is buying Credit Suisse in bid to halt banking crisis

CNN  

London CNN — Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month. “UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement Sunday. It said the rescue would …

UBS: World’s biggest wealth manager says it’s time to sell stocks
5 years, 7 months ago

UBS: World’s biggest wealth manager says it’s time to sell stocks

CNN  

London CNN Business — Happy Tuesday. For the first time since the eurozone crisis, the world’s biggest wealth manager is bearish on stocks. In a note to investors, UBS Wealth Management Chief Investment Officer Mark Haefele said that the group, which manages more than $2.4 trillion, has shifted to an “underweight” recommendation on equities. Here’s why: “The US-China trade dispute …

Morgan Stanley prefers large banks, downgrades Yes Bank, RBL
6 years, 5 months ago

Morgan Stanley prefers large banks, downgrades Yes Bank, RBL

Live Mint  

Mumbai: Higher rates and turmoil in the non-banking finance companies pack are set to improve large banks’ positioning, said Morgan Stanley adding that it preferred ICICI Bank Ltd., HDFC Bank Ltd., State Bank of India and Axis Bank Ltd. “These banks were doing well, but the liquidity advantage should fuel further acceleration in PPoP,” Morgan Stanley analysts said in a …

C.Suisse buys Morgan Stanley's European wealth arm
12 years ago

C.Suisse buys Morgan Stanley's European wealth arm

Firstpost  

ZURICH - Credit Suisse is buying Morgan Stanley’s wealth management arm in Europe, the Middle East and Africa, acquiring $13 billion in assets in a move to offset exposure to more volatile investment banking. The assets are tiny by the standards of Credit Suisse’s private banking operation, the world’s fifth-largest with nearly 800 billion Swiss francs under management. Credit Suisse …

Morgan Stanley eyes $100 mn from India wealth mgmt biz sale
12 years, 4 months ago

Morgan Stanley eyes $100 mn from India wealth mgmt biz sale

Firstpost  

Morgan Stanley is looking to raise up to $100 million from the sale of its wealth management business in India which focuses on high networth individuals and other wealthy clients. The global investment banking major has begun a process to explore the sale of its wealth management operations in India, a senior bank executive said. Wealth management business in India …

UBS board meets to consider fate of crisis-hit investment bank
13 years, 6 months ago

UBS board meets to consider fate of crisis-hit investment bank

Firstpost  

The crisis has left Gruebel facing not only strategic issues, such as whether the bank should stick to its safer core wealth management business, but also concern about his management team and lax risk supervision. Singapore: The board of UBS met on Friday amid the glamour of Singapore’s Grand Prix event to decide the future of its scandal-hit investment bank …

UBS and JPMorgan win City 'Oscars'
14 years, 9 months ago

UBS and JPMorgan win City 'Oscars'

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The top spots at the …

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