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<ul class="summary-list"><li>UBS launched its global "House of Craft" initiative at an event in New York City in October.</li><li>The campaign highlights artisanship in various fields, including the lucrative watchmaking industry.</li></ul>In a SoHo townhouse in New York City, UBS launched its <a target="_blank" class="" href="https://www.ubs.com/us/en/wealth-management/about-us/craft/hocnyc.html">global "House of Craft" initiative</a>, an experiential campaign that honors the tradition of craftsmanship. At the celebration, the Swiss-based global financial firm focused on the watch industry, gathering an array of horologists, timepiece enthusiasts, and executives to discuss the art and commerce behind fine watchmaking.The three-day event, which UBS hosted in partnership with the luxury watch retailer and media company <a target="_blank" class="" href="https://www.hodinkee.com/articles/photo-report-ubs-house-of-craft-nyc">Hodinkee</a>, included fireside chats with celebrities such as former NBA star Carmelo Anthony and actor Daniel Dae Kim.Executives such as Ginny Wright, the CEO of the Americas for Audemars Piguet, and Jean-Claude Biver, a legendary watchmaker and the former CEO of TAG Heuer, also took center stage to talk about leading in the watch industry.<div type="image" title="NBA all-star Carmelo Anthony on stage at UBS' House of Craft event" height="3000" width="2001" msid="114357587" hostid="261" sizebytes="227734"></div>The gathering was the first experiential foray into UBS's overarching 2024 brand campaign, called "Banking is Our Craft," which was rolled out in January. The goal is to align the bank's legacy and expertise with esteemed artisanship.John McDonald, UBS's group chief marketing officer, told Business Insider that his team tested a wide range of messaging before settling on the theme."The creative idea that resonated most effectively for us across clients and prospects and across geographies, was craft — the idea of banking, investing, advice being elevated to a craft," McDonald said. "It was a unique way of summarizing 160-plus years of history, the dedication, commitment to excellence, that's part of the Swiss heritage we have — but also nods to innovation, and to humanity."<h2 id="a5d31c70-cdd1-4d39-bd29-bb0d8488852d">Telling a brand story in the wake of major corporate moves</h2>The "Banking is Our Craft" campaign launched less than a year after <a target="_blank" class="" href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3">UBS acquired the embattled Credit Suisse</a> — at the request of the Swiss government — to help stabilize the global economy. To shepherd the merger, the bank rehired its former CEO, Sergio Ermotti, who left in 2020.Ermotti approached McDonald, who joined UBS in January 2023, to develop a campaign to communicate the bank's position. "He said it would be very important for UBS to make sure we were out talking to clients, prospects, and the broader universe of stakeholders about who UBS is, what we do, and why we're unique," McDonald told BI.The initiative had to be global and work for the whole bank. "That's not exactly a simple task," McDonald said. It was also an accelerated process because the campaign had to launch "as soon as possible," he added.Publicis Groupe and the brand consulting firm Prophet developed the plan with UBS. Budget specifics were not disclosed, but McDonald said the campaign was the biggest launched by the brand since 2015. The campaign rolled out in 10 markets over the course of 60 days; it started on January 23 in the UK and the US and then made its way to Asia and Latin America.UBS's absorption of Credit Suisse hasn't been without complication. Earlier this week, the Swiss regulators <a target="_blank" class="" href="https://www.reuters.com/business/finance/swiss-regulator-tells-ubs-strengthen-its-emergency-plans-2024-10-15/">mandated</a> an overhaul of the bank's emergency plan. This raised the question, why move so quickly with a brand campaign of this size?"If you don't define who you are, others will do it for you," McDonald said. "As challenging as an integration this size is, you have to grab the challenge and make the most of it. It's an opportunity to build a growth platform for the firm. That starts with how you explain who you are and what you do."<h2 id="986eeadb-b577-4bd7-a953-5101158c22c8">Convening around craft</h2>New York City's legacy of fine craftsmanship made it the choice destination for UBS's first "House of Craft" event. Coincidentally, the gathering took place during <a target="_blank" class="" href="https://www.businessinsider.com/advertisers-gen-ai-hype-turning-to-skepticism-2024-10">Advertising Week New York</a>.Among the featured celebrities and executives were local watch enthusiasts. One attendee, James Miller, learned about the event through Hodinkee's promotional efforts.<div type="image" title="James Miller, watch enthusiast, at UBS' House of Craft in New York City" height="4032" width="3024" msid="114357585" hostid="261" sizebytes="590014"></div>Miller told BI that he's an avid collector of micro-brand watches. "The opportunity to see people who are here, getting introduced to UBS, were the opportunities I wanted to take advantage of," he said.Another attendee, Nathan Desloover, discovered the event through his membership in the Horological Society of New York. He said he also wanted to see the session featuring Todd Snyder, a menswear designer.<div type="image" title="Nathan Desloover, a watch enthusiast, attendee at the UBS House of Craft" height="4032" width="3024" msid="114357586" hostid="261" sizebytes="1280512"></div>"I've been going to as many of those events as I can," Desloover said, wearing a cotton-silk stitched sweater from Snyder's eponymous label. "I'm interested in not only the style of watches, but I'm also trying to make some of my own designs."Connecting with people who have a passion for craftsmanship was the goal, McDonald told BI. "This is a brand campaign, but it's one very clearly associated with making sure more people are positively thinking about us," he said. "That turns into a business benefit, a bottom-line benefit. We essentially are priming a group of people who maybe aren't ready to buy UBS services, to make sure that they are familiar with us."

UBS launches its experiential "House of Craft" campaign in New York as Credit Suisse integration continues 

<ul><li>Under the terms of the all-share transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held. </li><li>It was no longer possible to restore the necessary confidence and that a swift and stabilising solution was absolutely necessary, said the government.</li></ul> Geneva, Credit Suisse will be taken over by Swiss banking giant UBS, the Swiss federal government has announced. On Friday, the liquidity outflows and market volatility showed that it was no longer possible to restore the necessary confidence and that a swift and stabilising solution was absolutely necessary, the government was quoted by Xinhua news agency as saying. "In this difficult situation, the takeover of Credit Suisse by UBS is the best solution for restoring the confidence that has been lacking in financial markets recently, and for best managing the risk to our country and its citizens," the government said on Sunday. Under the terms of the all-share transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, equivalent to CHF 0.76/share for a total consideration of 3 billion Swiss francs, UBS said in a statement published on Sunday. The combination is expected to create a business with more than $5 trillion in total invested assets and sustainable value opportunities, the statement said. Swiss National Bank (SNB) will provide substantial liquidity assistance to support UBS's takeover of Credit Suisse, said the Swiss central bank in a statement published on Sunday. This takeover was made possible with the support of the Swiss federal government, the Swiss financial market supervisory authority FINMA and the SNB, the statement said. With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation, the statement said. Both banks have unrestricted access to the SNB's existing facilities, through which they can obtain liquidity from the SNB, the statement said. (1 Swiss franc $1.08)

Credit Suisse will be taken over by banking giant UBS, says Swiss government

<ul class="summary-list"><li>Credit Suisse execs could face a probe and disciplinary action, the head of its Swiss regulator has said.</li><li>"We're not a criminal authority, but we are looking into the relevant possibilities," FINMA's Marlene Amstad said.</li></ul>Credit Suisse executives could be probed and disciplined over how they ran the bank in the run-up to its collapse and subsequent rescue by rival UBS, according to the president of Switzerland's financial regulator."We are not a criminal authority, but we are looking into the relevant possibilities," Marlene Amstad told local newspaper <a href="https://www.nzz.ch/nzzas/nzz-am-sonntag/letztlich-war-es-ein-bank-run-ld.1732167" target="_blank" rel="noopener">NZZ am Sonntag</a>, when asked whether FINMA would hold Credit Suisse managers to account for the failure.Amstad's comments came one week after <a href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3">FINMA and the Swiss government brokered a deal for UBS to take over the 167-year-old Swiss bank</a> for 3 billion francs ($3.3 billion).Credit Suisse's <a href="https://www.marketwatch.com/investing/stock/csgn?countrycode=ch" target="_blank" rel="noopener">Zurich-listed shares</a> plummeted 93% between the start of 2021 and last Sunday and currently trade at UBS's agreed takeover price of 0.76 francs ($0.83).The Swiss banking giant was implicated in several high-profile scandals over that period. It took massive losses from the collapse of its clients Archegos Capital Management and Greensill Capital in 2021, and it was <a href="https://apnews.com/article/money-laundering-switzerland-bulgaria-3b9848d5cbb6e4c201fbae5fb9c17629" target="_blank" rel="noopener">fined $2 million for laundering cocaine cash for Bulgarian criminals</a> last year."CS had a cultural problem that translated into a lack of accountability," Amstad said in the NZZ am Sonntag interview published Sunday. "Often it was not clear who was responsible for what.""This favored a negligent handling of risks," she added.FINMA's president defended the regulator's high-profile decision to <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-rescue-at1-bonds-ubs-takeover-explained-banking-crisis-2023-3?_gl=1*127uupq*_ga*MTgxNTI4ODA2Ni4xNjM0MDMzNTYz*_ga_E21CV80ZCZ*MTY3OTY0ODc4Ni4yLjEuMTY3OTY1MjM3MS41NS4wLjA.">mark down the value of Credit Suisse's Additional Tier 1 bonds to zero</a> in the aftermath of the bank's collapse.AT1s are hybrid bonds that a bank can convert into shares if its financial health falls below a certain level. FINMA said last week it would write the value of Credit Suisse's AT1s down to zero, effectively wiping out assets worth 16 trillion Swiss francs ($17 billion) overnight. That sparked outrage among bondholders, some of whom say they are now considering legal action against the financial watchdog. But Amstad pointed out that the fine print in the bonds' contracts had granted FINMA the power to wipe them out in extraordinary circumstances."The AT1 instruments contractually provide that they will be fully written off in the case of a trigger event, in particular the granting of extraordinary government support," she said."The instruments were created precisely for such situations," Amstad added.Read more: <a href="https://markets.businessinsider.com/news/stocks/ubs-credit-suisse-takeover-deal-winners-and-losers-stock-market-2023-3">Credit Suisse rescue: The biggest winners and losers from UBS's historic deal</a>

Credit Suisse's top execs could face a probe over their role in the banking giant's collapse, Swiss watchdog says

<ul class="summary-list"><li>Credit Suisse asked the Swiss National Bank for a show of support, the Financial Times reported.</li><li>Chairman Axel Lehmann also said the bank had no need for financial help from the state.</li></ul><a href="https://markets.businessinsider.com/stocks/csgkf-stock">Credit Suisse</a> has turned to the Swiss National Bank for a show of support on Wednesday, <a href="https://www.ft.com/content/0324c5a6-cecd-4fb3-85b3-7cdc99a33e4e" target="_blank" rel="noopener">sources told the Financial Times</a>, as the bank's stock crashed and fears of a default spiked.The lender also sought public support from Swiss financial regulator Finma, but so far neither institution has decided to do so, the FT said.The European Central Bank is also asking European lenders to disclose their level of exposure to Credit Suisse, the FT added. Shares tumbled more than 25% on Wednesday as investors grew especially wary of Credit Suisse's deteriorating health after top shareholder <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-dow-spx-credit-suisse-plunge-rattles-calm-2023-3">Saudi National Bank</a> said it would not inject any more money into the lender. Meanwhile, <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-cds-spreads-bond-insurance-stock-price-banking-contagion-2023-3">credit default swaps</a> tied to the bank soared, indicating mounting fear that the bank won't be able to meet its debt obligations.Credit Suisse has been hit by losses and shrinking deposits in recent months, and analysts said intervention from the Swiss National Bank is looking more likely. The bank has undergone growing scrutiny from investors, as it sustained a <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-svb-bank-financial-crisis-stock-price-cds-saudi-2023-3">litany of scandals</a>.Chairman <a href="https://www.bnnbloomberg.ca/credit-suisse-chair-says-state-assistance-not-a-topic-for-bank-1.1895696" target="_blank" rel="noopener">Axel Lehmann</a> tried to calm nerves Wednesday, saying financial backing from the government "<a href="https://www.bnnbloomberg.ca/credit-suisse-chair-says-state-assistance-not-a-topic-for-bank-1.1895696" target="_blank" rel="noopener">isn't a topic</a>," adding that comparisons between Credit Suisse and Silicon Valley Bank's collapse were inaccurate. "We have strong capital ratios, a strong balance sheet," he said, and referred to the bank's recent restructuring in the fall.With <a href="https://www.nbcnews.com/business/business-news/troubles-credit-suisse-prompt-broader-market-selloff-rcna75037" target="_blank" rel="noopener">$574 billion</a> in assets, Credit Suisse has more than double the assets Silicon Valley Bank had just before collapsing. But in backstopping deposits at the once-obscure California bank, federal regulators deemed it systemically important.

Credit Suisse asks central bank for a show of support, but Swiss National Bank stays quiet

<ul class="summary-list"><li>Credit Suisse has delayed filing its annual report after a call from the US financial watchdog.</li><li>Investors are fretting about the Swiss banking giant's finances after back-to-back annual losses.</li></ul><a href="https://markets.businessinsider.com/stocks/cs-stock">Credit Suisse</a> delayed filing its annual earnings Thursday after getting questions from the US's financial watchdog, which fired up investors' fears about its overall health.The Swiss bank <a href="https://www.credit-suisse.com/about-us-news/en/articles/media-releases/csg-announces-delay-publication-2022-annual-report-202303.html" target="_blank" rel="noopener">said Thursday</a> that the Securities and Exchange Commission had made a "late call" to ask for further information about cash flow statements it provided in 2019 and 2020."Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received," Credit Suisse said.Credit Suisse's 2022 financial statements — which were published last month and showed it making an annual loss for a second consecutive year — weren't affected by the SEC's comments, the bank added.<a href="https://www.marketwatch.com/investing/stock/csgn?countrycode=ch" target="_blank" rel="noopener">Zurich-listed shares</a> fell just under 5% in European trading hours, while the bank's <a href="https://markets.businessinsider.com/stocks/cs-stock">American depositary receipts</a> were down 5.5% at $2.74 ahead of Thursday's opening bell.The delay comes with investors fretting about Credit Suisse's overall financial health.The bank posted its largest annual loss since the 2008 financial crisis last month and its former No. 1 shareholder Harris Associates has exited its entire stake over the past few months, according to the <a href="https://www.ft.com/content/9eaa4394-3647-4ac3-adbf-3bc73a4413a3" target="_blank" rel="noopener">Financial Times</a>.Credit Suisse ADRs have plunged 61% over the past year, with a restructuring plan announced on October 27 also failing to reassure markets of the bank's resilience.The SEC comments that have delayed Credit Suisse's annual report are about accounting issues it identified in 2021, which showed it was understating parts of its balance sheet and cash flow statements."We have generally not focused on cash flow statements; the amounts are relatively small and the restatement was previously disclosed," RBC banks analyst Anke Reingen said, per the <a href="https://www.ft.com/content/4e1c221e-adb5-43ab-a198-fbdf18dc5229" target="_blank" rel="noopener">Financial Times</a>."However, questions with respect to accounting, especially from the SEC, are negative, especially as the Credit Suisse press release points to SEC questions with respect to related controls of the revisions," she added.The SEC's late call isn't Credit Suisse's only regulatory worry. Swiss watchdog Finma is currently scrutinizing potentially misleading comments made by its chairman Axel Lehmann, according to a <a href="https://www.reuters.com/business/finance/swiss-financial-watchdog-reviewing-credit-suisse-chairmans-comments-sources-2023-02-20/" target="_blank" rel="noopener noreferrer">Reuters</a> report published last month.Speaking not long after the bank disclosed that its clients had <a href="https://edition.cnn.com/2022/11/23/investing/credit-suisse-loss/index.html" target="_blank" rel="noopener noreferrer">pulled out as much as 84 billion Swiss francs</a> (then about $88 billion) in the first weeks of the fourth quarter, Lehman told the <a href="https://www.ft.com/content/1840027b-f26a-4d07-9727-8b9b18a92535" target="_blank" rel="noopener noreferrer">Financial Times</a> that outflows had "completely flattened out" and Bloomberg TV that they "basically have stopped".Finma is probing whether Lehmann knew that clients were still withdrawing funds when he made those comments in early December, per Reuters.Read more: <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-lehman-brothers-stock-price-cds-banks-financial-system-2022-10">Credit Suisse is fending off concerns about its financial health, fanning fears of another Lehman Brothers moment that could roil the global financial system. Here's what's happening, and what it means.</a>

Credit Suisse delays filing its annual report, reviving fears about the Swiss bank's finances

<ul class="summary-list"><li>Credit Suisse is set to borrow up to $54 billion from Swiss National Bank, it said Wednesday.</li><li>It also announced cash offers for senior debt securities of up to $3 billion.</li></ul>Credit Suisse said Wednesday it is borrowing up to 50 billion Swiss francs, or $53.68 billion, from the Swiss National Bank as its stock plunged this week amid fears it <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-cds-spreads-bond-insurance-stock-price-banking-contagion-2023-3">will default on debt.</a>"Credit Suisse is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank," <a href="https://www.credit-suisse.com/about-us-news/en/articles/media-releases/csg-announcement-202303.html" target="_blank" rel="noopener">it said in a statement.</a>The Swiss bank said the borrowing will be made under a covered loan facility and a short-term liquidity facility. They will be fully collateralized by "high quality assets," the bank said. It also said the cash injection would support its "core businesses and clients" as it "takes the necessary steps to create a simpler and more focused bank built around client needs."Credit Suisse also said it is creating a cash tender offer for 10 dollar-denominated senior debt securities for a total value of $2.5 billion, and four other Euro-denominated securities of up to 500 million euros.These offers will expire on March 22, the bank said."These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders," Credit Suisse CEO Ulrich Koerner said in the statement.<a href="https://markets.businessinsider.com/news/stocks/credit-suisse-shares-plungesaudi-backer-rules-out-more-investment-2023-3?utm_medium=ingest&amp;utm_source=markets" rel="">Shares of Credit Suisse plunged as much as 30% on Wednesday</a> to record lows. They are down almost 42% year-to-date.The bank's <a href="https://www.credit-suisse.com/about-us/en/reports-research/annual-reports.html">annual report</a> triggered market fears on Tuesday when it said that Credit Suisse had found unspecified <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-chairman-pay-cut-material-weakness-axel-lehmann-2023-3">"material weaknesses" in its financial reporting in 2022 and 2021.</a>Credit default swaps tied to the bank's bonds <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-cds-spreads-bond-insurance-stock-price-banking-contagion-2023-3">hit record highs on Wednesday</a>, amid rising speculation that Credit Suisse will default on its debt.

Credit Suisse to borrow up to $54 billion from Swiss National Bank as it looks to shore up liquidity amid the banking crisis

<ul class="summary-list"><li>Swiss prosecutors have launched a probe into the UBS takeover of rival Credit Suisse. </li><li>Switzerland's Federal Prosecutor is looking into possible breaches of criminal law.</li></ul>Swiss prosecutors have launched a probe into the takeover of Credit Suisse by its arch rival UBS as scrutiny of the highly controversial acquisition intensified, according to a report.Switzerland's Federal Prosecutor <a href="https://www.ft.com/content/7c87b958-139c-49dc-9740-4c11c88b737a" target="_blank" rel="noopener">told the Financial Times</a> it was looking into potential breaches of Swiss criminal law by government officials, regulators and executives at the banks.<a href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3">UBS bought Credit Suisse</a> for $3.25 billion last month in an emergency rescue deal brokered by regulators following a loss of confidence in the lender that began when its biggest investor, the Saudi National Bank, said it wouldn't put more funds in. "The Federal Prosecutor's office wants to proactively fulfil its mission and responsibility to contribute to a clean Swiss financial centre and has set up monitoring in order to take immediate action in any situation that falls within its field of activity," the authority told the FT.The group said there were "numerous aspects of events around Credit Suisse" that required investigation to "identify any crimes."UBS did not immediately respond to a request for comment from Insider.Combining the two banks has created a huge institution with a balance sheet of $5.5 trillion, or about <a href="https://edition.cnn.com/2023/03/23/investing/credit-suisse-ubs-impact-switzerland/index.html" target="_blank" rel="noopener">twice the entire Swiss economy</a>.That has caused political unrest in Switzerland, which is now heavily exposed to a financial institution that hasn't yet convinced markets that its Credit Suisse arm is now secure.More than half of Swiss voters oppose the takeover, according to a GFS poll <a href="https://www.bloomberg.com/news/articles/2023-03-24/over-half-of-swiss-disapprove-of-ubs-s-credit-suisse-takeover" target="_blank" rel="noopener">reported by Bloomberg</a>. More were in favor of a temporary takeover of the troubled Credit Suisse, while a majority now prefer the bank to be broken up, <a href="https://www.ft.com/content/79c2c955-effc-459b-beea-ee8b6fb28133" target="_blank" rel="noopener">per the FT</a>.The Swiss parliament <a href="https://www.parlament.ch/press-releases/Pages/mm-gpk-s-2023-03-24.aspx?lang=1040" target="_blank" rel="noopener">released a statement</a> last week announcing special joint sessions to investigate the takeover."The main question is whether the actions of the federal authorities were lawful, appropriate and effective," the group said. The bank is reportedly planning to lay off up to 30% of its workforce following its takeover of Credit Suisse that would equal tens of thousands of job losses, <a href="https://epaper.sonntagszeitung.ch/article/10000/10000/2023-04-02/1/130538568" target="_blank" rel="noopener">SonntagsZeitung first reported</a>.Credit Suisse and UBS are both due to hold annual meetings for shareholders this week.

Swiss prosecutors have opened an investigation into the takeover of Credit Suisse by UBS, report says

<ul class="summary-list"><li>German newspaper <a href="https://www.sueddeutsche.de/" target="_blank" title="" rel="noopener noreferrer">Süddeutsche Zeitung</a> obtained leaked data containing information on more than 18,000 <keyword id="12124262" type="UNKNOWN" weightage="60" keywordseo="credit-suisse" source="Orion">Credit Suisse</keyword> accounts.</li><li>The accounts held more than $100 billion of assets, and several were tied to controversial figures involved in criminal activity. </li></ul>A massive leak from Credit Suisse revealed the global investment bank managed hundreds of millions of dollars with known criminals and human rights abusers. In addition to serving some of the wealthiest and most powerful figures in the world, data obtained by the German newspaper <a href="https://www.sueddeutsche.de/" target="_blank" title="" rel="noopener noreferrer">Süddeutsche Zeitung</a> and shared with <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">news</keyword> organizations that include The New York Times, found the bank worked with several controversial figures tied to criminal or problematic activity.The data, which was shared by an unidentified <keyword id="12110043" type="UNKNOWN" weightage="60" keywordseo="whistleblower" source="Orion">whistleblower</keyword>, includes information on more than 18,000 bank accounts opened from the 1940s through the 2010s and containing a combined $100 billion of assets. <a href="https://www.nytimes.com/2022/02/20/business/credit-suisse-leak-swiss-bank.html?referringSource=articleShare">The New York Times reported</a> that account holders listed in the findings include King Abdullah II of Jordan, two sons of Egyptian strongman Hosni Mubarak, and the sons of a Pakistani intelligence chief who was involved in smuggling large sums of money from several countries to Islamic guerrillas in Afghanistan and corrupt Venezuelan officials. The findings also included 25 since-closed accounts totalling $270 million belonging to individuals accused of involvement in a Venezuelan oil scandal, including Venezuela's former vice minister of energy, Nervis Villalobos, according to The New York Times. In a statement, Credit Suisse said on Sunday it "strongly rejects the allegations and insinuations about the bank's purported business practices." "The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank's business conduct," Credit Suisse said in the statement. Credit Suisse further stated that it had previously taken action "in line with applicable policies and regulatory requirements at the relevant times" involving problematic clients, adding that a recent internal investigation found that 90% of the noted accounts are "today closed or were in the process of closure prior to receipt of the press inquiries."The incident marks the latest in growing scrutiny of <keyword id="13216741" type="UNKNOWN" weightage="60" keywordseo="swiss-banks" source="Orion">Swiss banks</keyword>, which have long been synonymous with the ultrawealthy and criminal activity tied to tax fraud, money laundering, and embezzlement thanks to strict bank-secrecy laws. It also comes on the heels of a <a href="https://www.businessinsider.com/credit-suisse-archegos-corporate-bank-greensill-investment-bank-2022-1">spate of recent scandals for Credit Suisse,</a> including the collapse of Archegos Capital Management which saddled the bank with significant losses and the exposure of its funds to Greensill Capital. The incidents prompted concern over the company's risk management capabilities and prompted the departure of nearly 90 bankers across the organization. "It becomes an uphill battle to fight at your bank," a former Credit Suisse employee <a href="https://www.businessinsider.com/credit-suisse-healthcare-banking-loses-9-directors-investment-bankers-archegos-2021-10">told Insider's Reed Alexander</a> in October. "You don't want to fight that battle."

Massive Credit Suisse leak reveals bank managed hundreds of millions of dollars with clients tied to criminal activity and human rights abuses

<ul class="summary-list"><li>Some of the biggest names in fixed income are nursing their wounds after Credit Suisse's rescue.</li><li>Bond giants Pimco and Invesco lost hundreds of millions of dollars, according to data from Bloomberg.</li></ul>Some of the biggest names in fixed income investing have lost millions of dollars following <a href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3">the rescue of Credit Suisse by its rival UBS</a> last week.Pimco and Invesco both suffered massive losses because they held the failed Swiss bank's Additional Tier 1 bonds, according to data from <a href="https://www.bloomberg.com/news/articles/2023-03-20/pimco-invesco-face-losses-in-credit-suisse-at1-debt-writedown" target="_blank" rel="noopener">Bloomberg</a>.FINMA, which is Switzerland's top financial regulator, marked the value of all Credit Suisse AT1s down to zero when UBS's takeover of the struggling bank was confirmed.That wiped out 16 billion francs ($17 billion) worth of value overnight – and left the bond giants nursing their wounds.AT1s, which are also known as contingent convertible bonds or CoCos, are a riskier type of bank bond that offers a higher yield than assets that are typically considered safer, like government debt.But the reason for those greater returns is that there's more risk attached to them – because the bank can choose to convert them into shares to prop up its capital and reduce its debt if its financial health falls beneath a certain level.Pimco had $807 million worth of Credit Suisse CoCos written off when the bank was rescued, according to Bloomberg – while Invesco held around $370 million worth of AT1 debt at the time of the takeover.Asset management giant BlackRock also held Credit Suisse CoCo bonds worth $113 million at the end of last month, per the Bloomberg data, and may have had all of that wiped out Sunday.Ten individual fixed-income funds also had over $100 million invested in the bank's AT1s, according to a <a href="https://www.cnbc.com/2023/03/22/pimco-funds-and-others-hit-by-writedown-of-credit-suisse-at1-bonds.html" target="_blank" rel="noopener">CNBC article that cited data from Refinitiv</a>.First Trust, Nuveen, and Vanguard also had significant exposure to the CoCo bonds, that data shows.The litigation firm Quinn Emanuel said Monday that it had put together a team of lawyers and was approaching AT1 bondholders about potentially pursuing legal action over FINMA's move.But the only comparable previous case suggests that Pimco and Invesco are going to struggle to get their money back.In 2017, Spain's Banco Popular collapsed and both its shareholders and AT1 bondholders were wiped out as part of its rescue by rival Banco Santander.Some of the Spanish bank's CoCo bondholders instructed Quinn Emanuel to pursue legal action on their behalf – but failed to win their case against the regulator.Read more: <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-rescue-at1-bonds-ubs-takeover-explained-banking-crisis-2023-3?_gl=1*1w6cdle*_ga*MTgxNTI4ODA2Ni4xNjM0MDMzNTYz*_ga_E21CV80ZCZ*MTY3OTUwMTU3Mi4zNzkuMS4xNjc5NTAxODEwLjM1LjAuMA">Credit Suisse's rescue had a sting in its tail for the banking crisis. Here's what you need to know about AT1 bonds.</a>

Bond giants Pimco and Invesco are facing losses of hundreds of millions on rotten Credit Suisse debt

<ul class="summary-list"><li>UBS is planning to cut 3,000 jobs in Switzerland after its shock takeover of rival Credit Suisse.</li><li>The move comes as the financial giant targets nearly $10 billion in savings by 2026.</li></ul>UBS is planning to cut 3,000 jobs in Switzerland as it continues to integrate Credit Suisse following the shock <a href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3">takeover</a> of its rival earlier this year.UBS chief executive Sergio Ermotti said in a call with investors on Thursday that the merger with Credit Suisse would result in "around 1,000" redundancies as it integrates Credit Suisse's domestic bank, and that the long-term restructuring process would "lead to about 2,000 additional redundancies in Switzerland over the next couple of years," per <a href="https://www.barrons.com/news/ubs-says-credit-suisse-merger-to-cause-3-000-job-cuts-in-switzerland-834c11d6">AFP</a>.In a memo to employees, Ermotti said that the 1,000 job cuts are expected to start in late 2024, per <a href="https://www.reuters.com/article/ubs-group-results-layoffs/ubs-to-cut-more-than-3000-swiss-jobs-as-it-integrates-credit-suisse-idUKS8N39P071">Reuters</a>."The vast majority of cost reductions will come from natural attrition, retirements and internal mobility, while around 1,000 redundancies will result from the full integration of Credit Suisse (Schweiz) AG," he said.In a statement accompanying UBS' earnings results on <a href="https://www.ubs.com/global/en/investor-relations/financial-information/quarterly-reporting.html" target="_blank" rel="noopener">Thursday</a>, Ermotti added: "Our analysis clearly shows that a full integration is the best outcome for UBS, our stakeholders and the Swiss economy."The company said Thursday that it plans to complete the integration of Credit Suisse by the end of 2026 and aims to cut costs by $10 billion during that period.The sudden <a href="https://www.businessinsider.com/credit-suisse-fallout-banking-crisis-expose-rising-neobanks-2023-3">collapse</a> and takeover of Credit Suisse shocked the banking world earlier this year, raising fears of global financial contagion following the collapse of several regional US lenders including Silicon Valley Bank. Amid fears the <a href="https://www.reuters.com/business/finance/how-credit-suisse-has-evolved-over-167-years-2023-03-18/" target="_blank" rel="noopener">167-year-old financial institution</a> could go under, the Swiss government brokered a shotgun marriage with UBS, with Credit Suisse being sold for <a href="https://www.ft.com/content/9fe40e6a-f01f-4205-b885-7771d305721e" target="_blank" rel="noopener">3 billion Swiss francs ($3.25 billion)</a>.Credit Suisse declined to comment. UBS did not immediately respond to a request for comment.

UBS to cut 3,000 jobs in Switzerland after Credit Suisse takeover

<ul class="summary-list"><li>The European Central Bank hiked interest rates by 50 basis points to 3.5% Thursday.</li><li>It's the sixth time in a row that the central bank has raised borrowing costs.</li></ul>The European Central Bank raised interest rates by 50 basis points Thursday, pressing ahead with its campaign to tame inflation despite the threat of a potential banking crisis.The central bank has now hiked interest rates at six consecutive meetings, lifting the cost of borrowing from near-zero to 3.5% as it battles to tame eurozone inflation, which <a href="https://ec.europa.eu/eurostat/documents/2995521/16138299/2-02032023-AP-EN.pdf/91fa331d-8f61-adff-5e42-d92a64b6ee81" target="_blank" rel="noopener">still ran at a red-hot 8.5%</a> in February.The decision shows that the ECB is sticking to the plan it signaled at its February meeting, when policymakers said that they expected to bring in a 50 basis point hike. There was some speculation the central bank might change its mind, after fears of a banking crisis rattled markets in recent days. Traders had priced in the planned hike before the crisis, but some pivoted to betting on a 25-point increase just before the ECB's policy decision."The Governing Council is monitoring current market tensions closely and stands ready to respond as necessary to preserve price stability and financial stability in the euro area," the ECB said in its statement."The euro area banking sector is resilient, with strong capital and liquidity positions.""In any case, the ECB's policy toolkit is fully equipped to provide liquidity support to the euro area financial system if needed and to preserve the smooth transmission of monetary policy."The <a href="https://markets.businessinsider.com/currencies/eur-usd" target="_blank" rel="noopener noreferrer">euro</a> fell 0.2% to $1.0580 after the policy decision. Europe's flagship <a href="https://markets.businessinsider.com/index/stoxx_europe_600" target="_blank" rel="noopener noreferrer">Stoxx 600</a> stock index was trading broadly unchanged.Europe's banking sector, while recovering somewhat, is still on edge after Credit Suisse's sharp stock-market plunge Wednesday.The Swiss bank's <a href="https://www.marketwatch.com/investing/stock/csgn?countrycode=ch" target="_blank" rel="noopener">Zurich-listed shares</a> plummeted as much as 32% and finished the day 24% lower after its top investor said it wouldn't provide any more support.They were up 21% at just over 2 Swiss francs ($2.15) at last check Thursday after <a href="https://www.businessinsider.com/credit-suisse-billions-borrow-swiss-national-bank-2023-3">Credit Suisse said it would borrow $54 billion from the Swiss National Bank</a> to bolster its liquidity.Other European bank stocks plunged Wednesday on contagion fears, with Switzerland's <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> dropping 9%, France's <a href="https://markets.businessinsider.com/stocks/bnpqf-stock">BNP Paribas</a> down 10%, and Spain's <a href="https://markets.businessinsider.com/stocks/san-stock">Banco Santander</a> slipping 7%. All were rising in Thursday trading.The ECB said it brought in the 50 basis point rate hike because it expects inflation to remain too high for too long, and it wants to bring the rate down to 2%.Even so, it lowered its projections for where it expects inflation to be over the next few years, saying energy prices will rise less than previously expected. It now sees the average rate at 5.3% this year, compared with its December forecast for 6.3%, and then at 2.9% in 2024 and 2.1% in 2025.But it did note the inflation projections were made before markets were rattled."As such, these tensions imply additional uncertainty around the baseline assessments of inflation and growth," the ECB said.

The European Central Bank just brought in another big rate hike despite Credit Suisse rattling bank stocks

<ul class="summary-list"><li>UBS completed one of the largest bank mergers in March when it rescued failed rival Credit Suisse.</li><li>The bank posted a record $29 billion second quarter profit due to an accounting gain from the deal.</li></ul>UBS posted the biggest quarterly profit for a bank on record following its rescue of Credit Suisse earlier this year. The <a href="https://www.ubs.com/global/en/investor-relations/financial-information/quarterly-reporting.html" target="_blank" rel="noopener">$29 billion</a> profit for the second quarter announced Thursday was mostly due to an accounting gain known as negative goodwill following the takeover of its Swiss rival <a href="https://markets.businessinsider.com/news/stocks/ubs-credit-suisse-takeover-deal-winners-and-losers-stock-market-2023-3">in March</a>. The assets of Credit Suisse were worth far more than the $3.25 billion that UBS paid in the <a href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3">government-brokered rescue deal</a>, which meant it could book the difference. The biggest quarterly profit posted by a bank had been $14.3 billion from JPMorgan at the beginning of 2021.Excluding the post-merger gains, UBS reported a far more modest $1.1 billion pre-tax profit. The bank is <a href="https://www.businessinsider.com/ubs-to-cut-3000-jobs-after-credit-suisse-takeover-2023-8">cutting 3,000 jobs</a> in Switzerland by the end of next year and reducing costs by $10 billion as part of its restructuring plans, CEO Sergio Ermotti said."There is no room for nostalgic considerations," he told <a href="https://www.bloomberg.com/news/articles/2023-08-31/ubs-targeting-lost-credit-suisse-assets-after-record-bank-profit" target="_blank" rel="noopener">Bloomberg TV</a>. "We are executing on the strategy, we are making very good progress."UBS plans to eliminate any overlap between the two organizations and eventually stop using the Credit Suisse brand. Two-thirds of Credit Suisse's investment bank, including almost all of its trading division, is set to be wound down, Bloomberg reported.UBS is up almost 30% this year and Deutsche Bank analysts Benjamin Goy and Sharath Kumar rate the shares as a "buy.""The underlying UBS business is seemingly not impacted by the deal," they wrote in a note reported by The AP. "Clearly, the group remains a construction site in the near term, however we believe this set of results and announcements should give confidence in the mid-term bull case."

You Searched For "Swiss banking giant Credit Suisse" and got 12 results

UBS launches its experiential "House of Craft" campaign in New York as Credit Suisse integration continues

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Credit Suisse will be taken over by banking giant UBS, says Swiss government

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Credit Suisse's top execs could face a probe over their role in the banking giant's collapse, Swiss watchdog says

George Glover

Credit Suisse asks central bank for a show of support, but Swiss National Bank stays quiet

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Credit Suisse delays filing its annual report, reviving fears about the Swiss bank's finances

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Credit Suisse to borrow up to $54 billion from Swiss National Bank as it looks to shore up liquidity amid the banking crisis

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Swiss prosecutors have opened an investigation into the takeover of Credit Suisse by UBS, report says

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Massive Credit Suisse leak reveals bank managed hundreds of millions of dollars with clients tied to criminal activity and human rights abuses

Bethany Biron

Bond giants Pimco and Invesco are facing losses of hundreds of millions on rotten Credit Suisse debt

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UBS to cut 3,000 jobs in Switzerland after Credit Suisse takeover

Tom Carter

The European Central Bank just brought in another big rate hike despite Credit Suisse rattling bank stocks

George Glover

UBS made a $29 billion quarterly profit after rescuing Credit Suisse

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