Streetbeat News

Credit Suisse Group AG

https://www.credit-suisse.com/

CEO

Thomas Gottstein

Employees

51,410

Industry

Investment Banking and Securities Dealing

Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland.

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UBS Group has signed a loss protection agreement with the Swiss government regarding its acquisition of Credit Suisse. UBS will cover potential losses of the first CHF 5 billion, with the Swiss government covering any losses exceeding this up to CHF 9 billion. The bank is also planning a US recruitment drive for wealth managers, having already hired 50 financial advisers from various firms in H1 2021. UBS shares are trading higher by 0.69% at $20.41 premarket on Monday.

Portfolio Pulse from Akanksha Bakshi

July 03, 2023 | 3:24 pm

UBS Group AG is planning major layoffs at Credit Suisse Group AG, which it recently acquired. The layoffs are part of a strategy to cut back on the numbers at Credit Suisse’s loss-making investment bank. UBS also plans to retain the majority of Credit Suisse's private bankers, particularly in the Asia Pacific region. The merger and subsequent layoffs are expected to have a significant impact on the banking sector.

Portfolio Pulse from Benzinga Newsbot

June 27, 2023 | 7:16 pm

The Swiss National Bank (SNB) plans to implement measures to prevent future crises like the one experienced by Credit Suisse Group AG. In its 2023 financial stability report, SNB suggests banks should pledge a minimum amount of assets at central banks. UBS Group AG recently completed the acquisition of Credit Suisse.

Portfolio Pulse from Lekha Gupta

June 22, 2023 | 10:53 am

UBS is set to begin job cuts in its Asia investment banking division in July, according to Reuters. The move comes as part of the bank's ongoing efforts to streamline operations and reduce costs.

Portfolio Pulse from Charles Gross

June 21, 2023 | 10:45 am

UBS Group AG may face hundreds of millions of dollars in penalties over Credit Suisse's mishandling of Archegos Capital after Swiss, U.S., and U.K. regulators completed their investigations. The Federal Reserve's fine may be up to $300 million, while the Prudential Regulation Authority's penalty might be up to £100 million.

Portfolio Pulse from Akanksha Bakshi

June 20, 2023 | 12:19 pm

The Monetary Authority of Singapore (MAS) announced that the operations of UBS Group AG (UBS) and Credit Suisse Group AG (CS) in Singapore will not be affected by the legal completion of the takeover. Both banks will continue to operate under separate licenses, focusing on private banking and investment banking.

Portfolio Pulse from Charles Gross

June 12, 2023 | 9:42 am

UBS Group AG has completed its acquisition of Credit Suisse Group AG, with the combined entity operating as a consolidated banking group. UBS expects its CET1 capital ratio to be around 14% in Q2 2023. The last trading day of CS on the SIX Swiss Exchange is today.

Portfolio Pulse from Lekha Gupta

June 12, 2023 | 9:32 am

Researchers found Nvidia's AI software feature, NeMo Framework, susceptible to privacy breaches. UBS signed a loss protection agreement with the Swiss government for Credit Suisse takeover-related losses. NIO's Q1 sales growth missed consensus. AstraZeneca signed a $2B agreement for cell therapies targeting diabetes and received unanimous support for its RSV treatment. Netflix gained subscribers from password sharing crackdown. Google plans to launch News Showcase in the US. Visa is in talks to acquire Brazilian payment provider Pismo. Credit Suisse is looking to sell its China securities brokerage business. BYD unveiled a new EV brand. Dish Network struggles to sell assets amid bankruptcy speculation. Mark Zuckerberg discussed AI at Meta's employee meeting.

Portfolio Pulse from Vandana Singh

June 09, 2023 | 1:56 pm

UBS and the Swiss government have signed an agreement for the government to cover up to $10 billion in losses from its emergency takeover of Credit Suisse.

Portfolio Pulse from Happy Mohamed

June 09, 2023 | 1:40 pm

Credit Suisse and its joint venture partner are seeking buyers for its loss-making China Securities brokerage business due to its takeover by UBS Group. Citigroup showed interest in buying the business. Chinese regulations prevent one entity from holding two licenses for majority-owned brokerages.

Portfolio Pulse from Lekha Gupta

June 09, 2023 | 11:42 am

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