HSBC hires UBS's Gautam Anand for role serving India's rich diaspora
“Our strategy is grow Singapore as an international wealth hub as part of our ambition to be Asias leading wealth manager,” Tommy Leung, the banks head of private banking for South Asia, said in the memo. Anands appointment will support the banks ability to serve clients across markets, said Leung, who joined the bank earlier this year also from UBS. Key Points
Economic TimesUBS dragged into the red with Credit Suisse takeover
UBS Group (UBSG.S) posted a $785 million loss in the third quarter after expenses tied to the Swiss bank's takeover of Credit Suisse while signalling that its core wealth business is stabilising. Key Points
ReutersUBS says 'not aware' of DOJ probe into sanctions-related compliance failures
UBS (UBSG.S) on Saturday said it is "not aware" of a probe by the U.S. Department of Justice into alleged sanctions-related compliance failures, following a media report earlier this week. Key Points
ReutersUBS, Credit Suisse face wider US probe over Russia sanctions -Bloomberg News
UBS (UBSG.S) shares plunged on Wednesday after a report the U.S. Department of Justice has stepped up its scrutiny into suspected compliance failures that helped Russian clients evade sanctions. Key Points
ReutersUBS and China's ICBC to explore banking, wealth management ties
Swiss banking group UBS (UBSG.S) said on Tuesday it had signed a memorandum of understanding with the world's largest lender by assets, Industrial and Commercial Bank of China (ICBC) (601398.SS), , to explore collaborations in China and overseas markets. Key Points
Reuters
RBI allows UBS-acquired Credit Suisse to retain Indian banking license: Report
The Reserve Bank of India has allowed UBS to retain the banking license of Credit Suisse in India, as UBS plans to cut over half of Credit Suisse's workforce. UBS also has yet to decide on the future of the Swiss domestic business it acquired from Credit Suisse. Key Points
mintUBS sees agreement on Credit Suisse loss guarantee by June 7 - SEC filing
UBS expects to finalize its agreement with the Swiss government to cover up to 9 billion Swiss francs ($9.92 billion) in losses from its emergency takeover of Credit Suisse by June 7, the Swiss bank said in a regulatory filing published on Tuesday. Key Points
ReutersUBS expects to seal Credit Suisse takeover as early as June 12
UBS expects to complete its takeover of Credit Suisse "as early as June 12", which will create a giant Swiss bank with a balance sheet of $1.6 trillion following a government-backed rescue earlier this year. Key Points
ReutersUBS hires Barclays executives to beef up investment banking in U.S.
UBS Group said on Monday it had hired three executives from Barclays Plc in a big push to ramp up its U.S. investment banking presence. Key Points
ReutersUp to 36,000 jobs may go in UBS-Credit Suisse merger: Reports
The takeover by UBS of Credit Suisse was hastily arranged by the Swiss government on March 19 to prevent a global financial meltdown, following fears of contagion from the collapse of banks in the United States. UBS announced on Wednesday it would bring back former chief executive Sergio Ermotti to handle the huge risks involved in the Swiss banking giant's controversial absorption of its troubled rival Credit Suisse. Key Points
Economic Times
UBS-Credit Suisse merger puts thousands of India Jobs at risk: Report
UBS and Credit Suisse have thousands of employees working at their India-based technology centres, located across three cities. Many of these jobs will be impacted when UBS starts rationalising the roles, especially those working at Credit Suisse. Key Points
India TodayUBS-Credit Suisse merger: Role rationalisation may lead to job cuts at India-based tech centres
Both UBS and CS have about 7,000 people each across three Indian cities in their technology centres. After the merger, role rationalisation is likely to lead to many job losses in these areas as UBS will seek to retain only the best talent at Credit Suisse. Key Points
Economic TimesCredit Suisse’s 9,000 job cuts are foretaste of UBS takeover
UBS Chairman Colm Kelleher said its too soon to know a job-cut number, but UBS indicated it will be significant. The firm said in a statement on Sunday it plans to cut the combined companys annual cost base by more than $8 billion by 2027. Thats almost half of Credit Suisses expenses last year. Key Points
Economic TimesUBS upgrades offer, agrees to buy Credit Suisse for over $2 billion
There has been a mad scramble to rescue the 167-year-old bank before financial markets reopen on Monday. UBS was reportedly under much pressure from the Swiss govt to take over its big rival to bring the unfolding crisis under control. Key Points
Economic TimesUBS agrees with Swiss government on Credit Suisse loss guarantee
UBS has signed an agreement with the Swiss government to cover up to 9 billion Swiss francs ($10.00 billion) in losses from its emergency takeover of Credit Suisse, the country's largest bank and government said. Key Points
The Indian Express
Here's how Uday Kotak is reading Credit Suisse's discounted sale to UBS
Even as the global turmoil continues in financial markets, the macro factors are turning better for India. Current account deficit looks below 2.5% Fy 23, and going below 2% in Fy 24. Lower oil helps. If we walk our talk and navigate well, India can stand out in this turbulence, Kotak had Tweeted on Thursday. Key Points
Economic TimesIndia’s growth could rise to 6.25-6.75% by 2030 owing to supply chain shifts and reforms: UBS
“Growth could rise to 6.25-6.75% YoY by 2030 under an optimistic scenario and 6.75-7.25% YoY under a blue-sky scenario, leading to job creation,” Tanvi Gupta Jain, chief India economist, UBS, noted. It pointed out that Vietnam and India were key contenders, given their advantage in low-cost manufacturing, scale and infrastructure. Key Points
Economic TimesNew UBS CEO plays down concerns over size of Swiss bank combination
Sergio Ermotti, the incoming CEO of UBS, has stated that worries about the size of the new bank, combining UBS and Credit Suisse, are unfounded. Despite the merger creating a Swiss bank with $1.6tn in assets and over 120,000 employees, Ermotti believes that they “wont be at the top of the classification for international banks in terms of size”. Key Points
Economic TimesCredit Suisse’s 9000 job cuts just a beginning, UBS Chairman hints towards ‘significant job cuts’
UBS Chairman Colm Kelleher said it’s too soon to know a job-cut number, but UBS indicated it will be significant. The firm said in a statement Sunday it plans to cut the combined company’s annual cost base by more than $8 billion by 2027. Key Points
FinancialexpressDear Indian economy, here're five questions for you on a curious case and goldilocks
India is poised to become the world's third-largest economy, but challenges like inflation, job creation, and repo rates persist. UBS highlights concerns such as K-shaped consumption patterns, shifting household savings, and fiscal profligacy in states. The RBI may cut rates soon to address these issues. Key Points
Economic Times/cloudfront-us-east-2.images.arcpublishing.com/reuters/MLZQ3E7DUBN55CAHY2HTQ4P2AI.jpg)
UBS sells first AT1 bonds since Credit Suisse takeover
UBS (UBSG.S) started selling Additional Tier 1 (AT1) bonds on Wednesday for the first time since it took over Credit Suisse, in a further sign that confidence has returned after the merger rocked the market for risky bank debt in March. Key Points
ReutersCredit Suisse opposes UBS Group's $1 billion takeover offer: Report
According to a Bloomberg report, the Swiss lender is pushing back, saying the offer is too low and would hurt shareholders and employees who have deferred stock. Under the proposed deal, a price of 0.25 Swiss francs a share was to be paid in UBS stock, which is far lower than Credit Suisses Friday closing price of SFr1.86. Key Points
Economic TimesFrance's top court demands new trial over $2 bln UBS fine
France's top court on Wednesday ruled a new trial should be held over a 1.8 billion-euro ($1.95 billion) fine against UBS (UBSG.S) for promoting illegal banking services and money laundering in the country. Key Points
ReutersUBS overhauls leadership at wealth management division
UBS's (UBSG.S) flagship global wealth management business on Thursday announced a raft of management changes triggered by the Swiss bank's takeover of Credit Suisse. Key Points
ReutersThe one winner and many losers of UBS’s Credit Suisse rescue
International Business News: The UBS-Credit Suisse merger is a deal that will see the Swiss bank buy its smaller rival for about $3.3 billion. The deal includes extensive guarante Key Points
Times Of India
Credit Suisse opposes ‘too low’ offer of $1 bn by UBS: Report
The UBS offer for Credit Suisse was communicated on Sunday with a price of 0.25 francs a share to be paid in stock. Key Points
Hindustan TimesFrench court to rule in November on UBS' tax evasion appeal -UBS lawyer
France's top court will rule on Nov. 15 on an appeal by UBS (UBSG.S) against its conviction in a tax evasion case which drew a 1.8 billion-euro ($1.90 billion) penalty, the Swiss bank's lawyer Patrice Spinosi said on Wednesday. Key Points
ReutersUS, European stocks rise after Credit Suisse-UBS deal
The S&P 500 up 0.9%, Dow Jones gains 1.20%. The European STOXX 600 index closes 0.98% higher Key Points
mintForeign investors bet big on India's outlook despite uneven on-ground recovery
Foreign institutional investors from the US and Europe have shown growing optimism about India. The positive outlook is said to be due to improved economic, political and geopolitical outlooks, as well as India's ability to undertake structural reforms. Despite a 4.6% fall in emerging markets this year, India is still trading at a premium of around 62% on a 12-month forward price-to-earnings (PE) basis. Nonetheless, UBS remains cautious on India compared to EMs due to weak growth and return on equity expectations. Key Points
Economic TimesFocus: UBS goes on hiring spree for wealth managers catering to rich Americans
UBS has gone on a U.S. recruiting drive for wealth managers catering to rich Americans even as it considers culling 30% of its combined global workforce after its takeover of Credit Suisse. Key Points
Reuters
UBS, Credit Suisse tie-up may not lead to Swiss bliss
The Swiss National Bank, which played matchmaker in Sunday's takeover of Credit Suisse, said the creation of one giant bank in Switzerland would create competition issues that would need addressing carefully. UBS was already the biggest bank in the country -- and will now become even larger after taking on the second-most important bank in the wealthy Alpine nation, where a vibrant banking scene is central to Swiss culture. Key Points
Economic TimesUBS plans to own Credit Suisse by 2023 end, a look at financial numbers, layoff plans, employees
As part of the merger, all shareholders of Credit Suisse will get 1 equity share in UBS for their 22.48 shares in Credit Suisse. This exchange ratio reflects a merger consideration of CHF 3 billion for all shares in Credit Suisse. Colm Kelleher will be Chairman and Ralph Hamers will be Group CEO of the combined entity. Key Points
mintSupply chain shifts to benefit India, create jobs: UBS report
India has the potential to gain from the US-China trade tensions through supply chain shifts and reforms, which could lead to job creation and boost economic growth, according to a report by UBS. The Swiss bank expects growth in India to slow to 6.1%. Key Points
Economic TimesUBS take over of Credit Suisse may impact less than 20% jobs in India
We could see a reduction of 15-20% of the headcount affecting about 3,000 people in India, Aditya Mishra, chief executive of CIEL HR Services, told ET. CIEL estimates that the two banks employ more than 16,000 people in India. News of the merger of the two largest banks in Switzerland to avert the collapse of Credit Suisse have made their employees jittery and experts said almost 40% of them are already looking out. Key Points
Economic TimesCredit Suisse rescue deal entails $280-billion support
UBS said it will pay $3.2 billion for the 167-year-old flagship, while the government said UBS would also take on the first $5.4 billion in losses from unwinding derivatives and other risky assets. Key Points
Economic Times
UBS posts $1.0 billion Q1 net profit, Credit Suisse takeover completion set for Q2
International Business News: Analysts polled by the Swiss financial newswire AWP expected UBS's first quarter net profit to tick in at around $1.7 billion, down from $2.1 billion Key Points
Times Of IndiaUBS tells employees: Don't divulge business secrets to your Credit Suisse colleagues
UBS hasnt detailed how many jobs may be at stake from the merger, though it indicated the number will be significant. The firm said in a statement it plans to cut the combined companys annual cost base by more than $8 billion by 2027. Key Points
Economic TimesNifty 50 may reach 25,200 level by March 2025; premium valuation justified by cyclical, structural tailwinds, says UBS
Nifty 50 index has risen 3.5% year-to-date (YTD) and hit a new all-time high on March 7 on the back of strong macro, healthy corporate earnings, and steady domestic institutional investor (DII) buying. Key Points
mintCredit Suisse, Mozambique reach out-of-court 'tuna bond' settlement
Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the $1.5 billion-plus "tuna bond" scandal, the Swiss bank's new owner UBS (UBSG.S) said on Sunday, drawing a line under a damaging dispute it inherited. Key Points
ReutersUBS weighs retaining Credit Suisse unit serving India’s rich
UBS Group is considering the retention of Credit Suisse's Indian private banking unit after the emergency rescue of its rival last month. If the considerations are approved, UBS would be given a stronger foothold in the increasing number of Indian billionaires while effectively marking Khan's return to his past role at Credit Suisse. UBS opted along with other leading firms to withdraw from India's private-wealth market by 2014. Key Points
Economic Times/cloudfront-us-east-2.images.arcpublishing.com/reuters/4VDSBJYDBJJLNC3HEZF323RO2E.jpg)
UBS pays bumper rates on deposits to repair Credit Suisse outflows -sources
UBS (UBSG.S) is trying to attract customers with above-market rates on deposits, according to people familiar with the bank's activities, as it seeks to boost inflows after taking over stricken peer Credit Suisse. Key Points
ReutersCredit Suisse sheds nearly 13% of workforce
Credit Suisse has shed nearly 13% of its workforce in the past 12 months, underlining the turmoil at the bank that was taken over by cross-town rival UBS (UBSG.S) in a state-engineered rescue earlier this year. Key Points
ReutersBlackRock says not participating in any plans to acquire Credit Suisse
The Financial Times reported earlier that BlackRock was working on a rival bid for Credit Suisse aiming to upstage a plan for UBS to acquire the struggling bank. The U.S. investment giant is evaluating a number of options and working with other investors, the Financial Times added. Key Points
Economic Times