The decision to terminate the 9 billion franc ($10.3 billion) Loss Protection Agreement came after the Swiss government stress-tested a portfolio of Credit Suisse non-core assets. Shares in UBS rose by 4.35% following the announcement.

In terms of the agreement, UBS was set to receive the first 5 billion francs of losses before the state decided to increase this amount to 9 billion francs.

UBS is expected to provide further details on its integration plans on August 31 at the time of the release of its second-quarter earnings. “There will be many more milestones to come, and we will share some of these with you when we report our second-quarter results,” CEO Sergio Ermotti and Chairman Colm Kelleher stated in an internal memo.

The post UBS Ends $10 Billion Rescue Agreement With Swiss State appeared first on theprimarymarket.com.

Credit Suisse bankers are expected to take on larger roles in the combined company, with others expected to leave, the sources concerned explained. Some UBS bankers are also expected to leave the firm due to the restructuring.

One team lead who is reportedly expected to exit the firm is Jeff Rose, global head of consumer products and retail deals. Jon Levin, Credit Suisse’s head of retail investment banking, is believed to be in line to replace him.

Matt Eilers, UBS’s global head of financial sponsors is also believed to be one of the senior employees potentially departing from the firm. Rob DiGia, UBS’s global head of healthcare, is set to remain with the company and is in talks over a chairman role.

The post UBS Undergoes Restructuring Following Credit Suisse Deal appeared first on theprimarymarket.com.

While EY continues to audit the UBS takeover of Credit Suisse, rival Big Four firm PricewaterhouseCoopers (PwC) will be charged with auditing Credit Suisse’s bank accounts for 2023.

Swiss banking giant UBS came to the decision in March to acquire its local rival in a government-backed purchase worth 3 billion Swiss francs ($3.48 billion). Credit Suisse crashed after a slew of panicked account holders decided to withdraw their savings from their accounts given the bank’s precarious financial situation.

PWC was tasked with compiling Credit Suisse’s 2022 annual report, during which the auditor expressed doubt regarding the effectiveness of the bank’s internal controls over its reporting. Still, PWC maintained that Credit Suisse’s reporting appeared fairly presented for the period of 2020 until 2022.

The post UBS Decides to Retain EY as Auditor Following Credit Suisse appeared first on theprimarymarket.com.

Since UBS acquired Credit Suisse in an emergency government-backed deal in March, Swiss politicians have advised UBS to list Credit Suisse’s domestic branch on the Swiss stock exchange in an effort to preserve jobs and increase competition.

According to the newspaper, Ermotti may still be considering spinning off a combined UBS and Credit Suisse domestic bank, rebranded as UBS Switzerland. This is expected to only be done under the condition that UBS retains a majority stake in the new operation.

By doing so, UBS would be able to not only impose a double shareholding structure but also subdue fears over the newly-combined bank commanding an excessively large market share that endangered competition.

Ermotti previously revealed that UBS is considering all options and that the “base case scenario” is for the bank to retain Credit Suisse’s domestic unit.

The post UBS Expected to Keep Credit Suisse Domestic Unit Private appeared first on theprimarymarket.com.

“The prospects for UBS are better than ever,” Ermotti wrote in an opinion piece for the Swiss newspaper Tages-Anzeiger. “This also applies to the future of the Swiss financial center and its important role in the Swiss economy.”

Ermotti sought to address public concerns regarding the overwhelming size of the new unified bank, consisting of both the entirety of UBS and Credit Suisse. The chief executive insisted that the size of the bank would serve as a problem because its business model is poised to generate wealth for Switzerland.

Still, Ermotti warned that the success of the new banking institution would rely heavily on how well-planned the new organizational structure is. With a combined balance of $1.6 trillion and a workforce of 120,000, details on the integration of the two banks under one unified banner remain sparse.

The post UBS Prospects “Better Than Ever”, CEO States appeared first on theprimarymarket.com.

“This is a very important moment — not just for UBS, (but) for Switzerland as a financial location and for Switzerland as a country,” UBS CEO Sergio Ermotti confirmed. “So we do feel the responsibility, but we are fully motivated.” This takeover was largely seen as an effort to save Switzerland’s reputation as the global financial center while also fending off banking sector instability.

Credit Suisse was plunged into financial danger following an array of controversies, including poor decision-making when choosing hedge funds to back, a failure to prevent money laundering, and accusations of failing to report secret offshore accounts used by wealthy Americans to avoid paying U.S. taxes.

In addition to the company’s assets, UBS is also set to inherit Credit Suisse’s ongoing cases, including a ruling in Singapore that the bank owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars after failing to protect his funds from being pilfered by a manager.

The post UBS Completes Credit Suisse Takeover Following State-Assisted Intervention appeared first on theprimarymarket.com.

A notice on the bank’s website stipulated that a change in the release date of the bank’s quarterly results is expected. Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse,” the notice reads.

The Financial Times reported that UBS executives have decided that a delay in the reporting of Q2 results may be necessary as the bank continues to develop its plan concerning Credit Suisse’s domestic business.

Chief Executive Sergio Ermotti spoke last week of the challenge that the bank faces in determining whether job cuts will be necessary as the takeover deal continues to be formalized.

The post UBS Looks to Delay Quarterly Results Following Credit Suisse Takeover appeared first on theprimarymarket.com.

Outgoing Chief Executive Ralph Hamers, who has led the bank for the last three years, will take the stage alongside Chairman Colm Kelleher. While Sergio Ermotti has been rehired at the bank’s chief executive in an effort to help guide the Credit Suisse takeover, he is not expected to attend Wednesday’s AGM.

The decision to acquire Credit Suisse has not been received well. In addition to UBS shareholders, the population of Switzerland, in general, has not aired support for the government-backed deal, costing 3 billion Swiss francs ($3.3 billion), a survey by political research firm gfs.bern found.

Now, the bank is faced with the mammoth task of integrating Credit Suisse and its assets into UBS’s existing business model.

The post UBS to Address Investors on Wednesday Following Credit Suisse Takeover appeared first on theprimarymarket.com.

The deal, worth 3 billion Swiss francs ($3.3 billion), was engineered by the Swiss government, the central bank, and the market regulator as a means of preventing the failure of Credit Suisse and in turn, the collapse of the country’s banking sector.

While the takeover helped to keep Credit Suisse afloat by absorbing it into UBS, onlookers have become concerned by the sheer size of the new banking entity, with over $1.6 trillion in assets and more than 120,000 staff worldwide.

According to the report, approximately 11,000 jobs may be cut, with jobs in the U.S. arm of the investment bank also set to be affected.

The post UBS Could Cut 30% Of Jobs, Report Suggests appeared first on theprimarymarket.com.

“Even putting UBS and Credit Suisse together, we won’t be at the top of the classification for international banks in terms of size,” Ermotti stated in an interview with Italian business daily Il Sole 24 Ore.

“We have a good position thanks to our activities, and our greater critical mass at a global level will certainly give us another advantage. The question of excessive size does not arise.”

Going forward, the bank will follow the successful strategy of UBS, Ermotti confirmed. He emphasized the central role that wealth management activity and the containment of risks would take.

Ermotti previously served as the chief executive of UBS from 2011 to 2020. He is also the chairman of the insurance group Swiss Re and is expected to assume the role of UBS CEO on April 5.

The post New UBS CEO Appeases Investors By Playing Down Recent Takeover Concerns appeared first on theprimarymarket.com.

The decision to terminate the 9 billion franc ($10.3 billion) Loss Protection Agreement came after the Swiss government stress-tested a portfolio of Credit Suisse non-core assets. Shares in UBS rose by 4.35% following the announcement.

In terms of the agreement, UBS was set to receive the first 5 billion francs of losses before the state decided to increase this amount to 9 billion francs.

UBS is expected to provide further details on its integration plans on August 31 at the time of the release of its second-quarter earnings. “There will be many more milestones to come, and we will share some of these with you when we report our second-quarter results,” CEO Sergio Ermotti and Chairman Colm Kelleher stated in an internal memo.

The post UBS Ends $10 Billion Rescue Agreement With Swiss State appeared first on theprimarymarket.com.

Credit Suisse bankers are expected to take on larger roles in the combined company, with others expected to leave, the sources concerned explained. Some UBS bankers are also expected to leave the firm due to the restructuring.

One team lead who is reportedly expected to exit the firm is Jeff Rose, global head of consumer products and retail deals. Jon Levin, Credit Suisse’s head of retail investment banking, is believed to be in line to replace him.

Matt Eilers, UBS’s global head of financial sponsors is also believed to be one of the senior employees potentially departing from the firm. Rob DiGia, UBS’s global head of healthcare, is set to remain with the company and is in talks over a chairman role.

The post UBS Undergoes Restructuring Following Credit Suisse Deal appeared first on theprimarymarket.com.

While EY continues to audit the UBS takeover of Credit Suisse, rival Big Four firm PricewaterhouseCoopers (PwC) will be charged with auditing Credit Suisse’s bank accounts for 2023.

Swiss banking giant UBS came to the decision in March to acquire its local rival in a government-backed purchase worth 3 billion Swiss francs ($3.48 billion). Credit Suisse crashed after a slew of panicked account holders decided to withdraw their savings from their accounts given the bank’s precarious financial situation.

PWC was tasked with compiling Credit Suisse’s 2022 annual report, during which the auditor expressed doubt regarding the effectiveness of the bank’s internal controls over its reporting. Still, PWC maintained that Credit Suisse’s reporting appeared fairly presented for the period of 2020 until 2022.

The post UBS Decides to Retain EY as Auditor Following Credit Suisse appeared first on theprimarymarket.com.

Since UBS acquired Credit Suisse in an emergency government-backed deal in March, Swiss politicians have advised UBS to list Credit Suisse’s domestic branch on the Swiss stock exchange in an effort to preserve jobs and increase competition.

According to the newspaper, Ermotti may still be considering spinning off a combined UBS and Credit Suisse domestic bank, rebranded as UBS Switzerland. This is expected to only be done under the condition that UBS retains a majority stake in the new operation.

By doing so, UBS would be able to not only impose a double shareholding structure but also subdue fears over the newly-combined bank commanding an excessively large market share that endangered competition.

Ermotti previously revealed that UBS is considering all options and that the “base case scenario” is for the bank to retain Credit Suisse’s domestic unit.

The post UBS Expected to Keep Credit Suisse Domestic Unit Private appeared first on theprimarymarket.com.

“The prospects for UBS are better than ever,” Ermotti wrote in an opinion piece for the Swiss newspaper Tages-Anzeiger. “This also applies to the future of the Swiss financial center and its important role in the Swiss economy.”

Ermotti sought to address public concerns regarding the overwhelming size of the new unified bank, consisting of both the entirety of UBS and Credit Suisse. The chief executive insisted that the size of the bank would serve as a problem because its business model is poised to generate wealth for Switzerland.

Still, Ermotti warned that the success of the new banking institution would rely heavily on how well-planned the new organizational structure is. With a combined balance of $1.6 trillion and a workforce of 120,000, details on the integration of the two banks under one unified banner remain sparse.

The post UBS Prospects “Better Than Ever”, CEO States appeared first on theprimarymarket.com.

“This is a very important moment — not just for UBS, (but) for Switzerland as a financial location and for Switzerland as a country,” UBS CEO Sergio Ermotti confirmed. “So we do feel the responsibility, but we are fully motivated.” This takeover was largely seen as an effort to save Switzerland’s reputation as the global financial center while also fending off banking sector instability.

Credit Suisse was plunged into financial danger following an array of controversies, including poor decision-making when choosing hedge funds to back, a failure to prevent money laundering, and accusations of failing to report secret offshore accounts used by wealthy Americans to avoid paying U.S. taxes.

In addition to the company’s assets, UBS is also set to inherit Credit Suisse’s ongoing cases, including a ruling in Singapore that the bank owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars after failing to protect his funds from being pilfered by a manager.

The post UBS Completes Credit Suisse Takeover Following State-Assisted Intervention appeared first on theprimarymarket.com.

A notice on the bank’s website stipulated that a change in the release date of the bank’s quarterly results is expected. Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse,” the notice reads.

The Financial Times reported that UBS executives have decided that a delay in the reporting of Q2 results may be necessary as the bank continues to develop its plan concerning Credit Suisse’s domestic business.

Chief Executive Sergio Ermotti spoke last week of the challenge that the bank faces in determining whether job cuts will be necessary as the takeover deal continues to be formalized.

The post UBS Looks to Delay Quarterly Results Following Credit Suisse Takeover appeared first on theprimarymarket.com.

Outgoing Chief Executive Ralph Hamers, who has led the bank for the last three years, will take the stage alongside Chairman Colm Kelleher. While Sergio Ermotti has been rehired at the bank’s chief executive in an effort to help guide the Credit Suisse takeover, he is not expected to attend Wednesday’s AGM.

The decision to acquire Credit Suisse has not been received well. In addition to UBS shareholders, the population of Switzerland, in general, has not aired support for the government-backed deal, costing 3 billion Swiss francs ($3.3 billion), a survey by political research firm gfs.bern found.

Now, the bank is faced with the mammoth task of integrating Credit Suisse and its assets into UBS’s existing business model.

The post UBS to Address Investors on Wednesday Following Credit Suisse Takeover appeared first on theprimarymarket.com.

The deal, worth 3 billion Swiss francs ($3.3 billion), was engineered by the Swiss government, the central bank, and the market regulator as a means of preventing the failure of Credit Suisse and in turn, the collapse of the country’s banking sector.

While the takeover helped to keep Credit Suisse afloat by absorbing it into UBS, onlookers have become concerned by the sheer size of the new banking entity, with over $1.6 trillion in assets and more than 120,000 staff worldwide.

According to the report, approximately 11,000 jobs may be cut, with jobs in the U.S. arm of the investment bank also set to be affected.

The post UBS Could Cut 30% Of Jobs, Report Suggests appeared first on theprimarymarket.com.

“Even putting UBS and Credit Suisse together, we won’t be at the top of the classification for international banks in terms of size,” Ermotti stated in an interview with Italian business daily Il Sole 24 Ore.

“We have a good position thanks to our activities, and our greater critical mass at a global level will certainly give us another advantage. The question of excessive size does not arise.”

Going forward, the bank will follow the successful strategy of UBS, Ermotti confirmed. He emphasized the central role that wealth management activity and the containment of risks would take.

Ermotti previously served as the chief executive of UBS from 2011 to 2020. He is also the chairman of the insurance group Swiss Re and is expected to assume the role of UBS CEO on April 5.

The post New UBS CEO Appeases Investors By Playing Down Recent Takeover Concerns appeared first on theprimarymarket.com.