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<ul><li>The rupee depreciated by 10 paise to 82.75 against the US dollar in early trade.</li><li>On Wednesday, the rupee settled at 82.65 against the US dollar.</li></ul>The rupee depreciated by 10 paise to 82.75 against the US dollar in early trade on Thursday amid negative trends in the domestic as well as global equity markets and continued outflow of foreign funds. At the interbank foreign exchange, the domestic unit opened weaker at 82.77 against the US dollar and traded in the range of 82.80 and 82.71. Later, the domestic unit was trading at 82.75 against the greenback, registering a fall of 10 paise. On Wednesday, the rupee settled at 82.65 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.10 per cent lower at 104.54. Global oil benchmark Brent crude futures rose 0.61 per cent to USD 74.14 per barrel. The 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 116.67 points or 0.20 per cent lower at 57,439.23 points while the broader NSE Nifty was down 34 points or 0.2 per cent at 16,938.15 points. <keyword id="6438315" type="General" weightage="80" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 1,271.25 crore, according to exchange data. Analysts said the failure of two banks in the US and crisis at Swiss banking major <keyword id="48085" type="General" weightage="80" keywordseo="credit-suisse" source="Orion">Credit Suisse</keyword> have adversely impacted market sentiments. On the domestic front, <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s exports contracted in February for the third consecutive month, falling 8.8 per cent to USD 33.88 billion against USD 37.15 billion in the same month last year. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/how-is-gpt-4-different-from-chatgpt-and-what-makes-it-unique/articleshow/98688465.cms">How is GPT-4 different from ChatGPT, and what makes it unique?</a> <a href="https://www.businessinsider.in/tech/news/googles-new-ai-features-for-docs-gmail-and-more-to-rival-microsofts-workspace-toolsheres-what-it-means/articleshow/98657324.cms">Google’s new AI features for Docs, Gmail, and more to rival Microsoft’s workspace tools—here’s what it means</a>

Rupee falls 10 paise to 82.75 against US dollar in early trade

<ul><li><keyword id="48085" type="COMPANY" weightage="20" keywordseo="Credit-Suisse">Credit Suisse</keyword> has announced that it will hire over 1,000 IT employees in India.</li><li>Indians already form the largest portion of Credit Suisse’s global workforce, accounting for 25% of its employees.</li><li>The announcement comes amid Swiss regulators being hot on the company’s heels for regulatory breaches and after the bank faced a massive loss due to the collapse of Archegos Capital Management.</li></ul>Credit Suisse’s staff in India already accounts for 25% of its workforce and the Switzerland-based firm is planning to onboard another 1,000 employees, for the information technology (IT) segment, locally this year. “Credit Suisse’s goal is to leverage the large pool of skilled technology talent available in India, to further enhance its in-house core capabilities,” the bank said in a statement. The news comes after half a dozen of the bank’s senior executives have <a href="https://www.bloombergquint.com/business/six-credit-suisse-bankers-exit-as-post-archegos-defections-mount">left the firm</a> after Credit Suisse took the biggest hit, as investment banks raced to exit their trading positions as Archegos Capital Management collapsed. Adding the bank’s troubles, a report by the Swiss financial regulator <a href="https://www.moneylife.in/article/credit-suisse-overlooked-breaches-of-regulations-for-years-report/63876.html">FINMA</a> claims that Credit Suisse ignored over 100 warnings of potential breach of regulations. <cmsannotation type="cmsannotation" annotationid="What positions is Credit Suisse hiring for in India?" comment="subhead" text="What positions is Credit Suisse hiring for in India?">What positions is Credit Suisse hiring for in India?</cmsannotation> According to Credit Suisse, the firm is looking to hire both developers and engineers who can focus on creating banking solutions around emerging technologies. This includes cyber security, data analytics, cloud computing, API development, machine learning (ML) and artificial intelligence (AI). <div type="ExtQuote" text="“The pandemic has accelerated the use of digital solutions across many areas. We have effectively employed collaboration tools to enable seamless external and internal communication to support teamwork and effective delivery.”" auname="John Burns, Senior Franchise Officer at Credit Suisse"></div> Not only are Indian employees the biggest portion of Credit Suisse’s workforce, but that footprint is only going to grow. The 1,000 new hires will be in addition to the 2,000 IT employees the firm has already brought on board in India, over the last three years. The company iterated that even though the hires will be local, they will be trained to meet the firm’s global requirements, especially when it comes to delivering IT services and solutions for the bank’s businesses around the world. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtels-india-business-is-back-in-the-black-after-a-very-long-time/articleshow/82709100.cms">Airtel's India business is back in the black after a very long time</a> <a href="https://www.businessinsider.in/business/corporates/news/mphasis-aims-to-be-a-10-billion-company-in-the-next-3-5-years/articleshow/82700898.cms">Mphasis aims to be a $10 billion company in the next 3-5 years ⁠— that's twice its current size</a> <a href="https://www.businessinsider.in/science/environment/news/cyclone-tauktae-is-intensifying-with-surprising-speed-bearing-the-tell-tale-signs-of-climate-change/articleshow/82705780.cms">Cyclone Tauktae is intensifying with surprising speed, bearing the tell-tale signs of climate change</a>

Credit Suisse is looking to hire over 1,000 IT employees in India as it battles controversy at home

Government-owned and listed insurer, the <keyword id="47873" type="General" weightage="100" keywordseo="new-india" source="Orion">New India</keyword> Assurance Company Ltd closed FY22 with a net profit of Rs 164.27 crore, down from Rs 1,604.69 crore logged during FY21. The company's solvency margin also dropped to 1.66 times at the end of FY22 from 2.13 times at the end of FY21. During the year under review, The New <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> had logged a gross premium of Rs 36,834.61 crore as against Rs 33,046.41 crore earned in FY21. While all other lines of business showed operating profit - including the motor - the company's profit was drawn down by the huge operating loss in the health insurance segment. Last fiscal, the operating loss under the health insurance segment was Rs 4,843.93 crore, against Rs 1,459.97 crore posted during FY21. Incidentally last year, the company's crop insurance business made an operating profit of Rs 214.82 crore, up from a loss of Rs 296.08 crore in FY21. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indias-financial-capital-added-3-out-of-4-new-jobs-for-undergraduates-between-october-and-march/articleshow/91767696.cms">India’s financial capital added 3 out of 4 new jobs for undergraduates between October and March</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/seven-brokerage-and-investment-firms-give-buy-call-for-aditya-birla-capital-since-it-reported-healthy-earnings-in-fiscal-year/articleshow/91766684.cms">Seven brokerage and investment firms give 'buy' call for Aditya Birla Capital since it reported healthy earnings in fiscal year</a>

New India Assurance net profit drawn down by huge operating loss in the health insurance segment

<ul class="summary-list"><li>UBS is officially buying Credit Suisse after regulators rushed to restore confidence.</li><li>Credit Suisse has long been a troubled bank, posting billions in losses and deposit outflows. </li></ul>UBS is officially buying <a href="https://markets.businessinsider.com/stocks/csgkf-stock">Credit Suisse</a> in an effort to prevent the bank's collapse, the Swiss National Bank <a href="https://www.snb.ch/en/mmr/reference/pre_20230319/source/pre_20230319.en.pdf" target="_blank" rel="noopener">announced Sunday.</a>UBS and Credit Suisse each confirmed the deal in <a href="https://www.credit-suisse.com/about-us-news/en/articles/media-releases/credit-suisse-and-ubs-to-merge-202303.html" target="_blank" rel="noopener">press</a> <a href="https://www.ubs.com/global/en/media/display-page-ndp/en-20230319-tree.html?caasID=CAAS-ActivityStream" target="_blank" rel="noopener">statements</a> released later Sunday. Credit Suisse said the deal would value the bank at Sfr3 billion, or around $3.25 billion. "Credit Suisse and UBS have entered into a merger agreement on Sunday with UBS being the surviving entity," Credit Suisse said in its statement. "After negotiations that took place during the weekend leading up to the signing of the merger agreement, UBS and Credit Suisse concluded that it would be in the best interest of their shareholders and their stakeholders to enter into the merger." The merger comes after shares of Credit Suisse <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-shares-plungesaudi-backer-rules-out-more-investment-2023-3">tumbled </a>to a record low this week and fears mounted over the strength of the global banking system. <a href="https://www.ft.com/content/ec4be743-052a-4381-a923-c2fbd7ea9cfd" target="_blank" rel="noopener">The Financial Times</a> reported earlier on Sunday that UBS said it would pay $2 billion to buy rival Credit Suisse, doubling its initial $1 billion offer, before finally settling at $3.25 billion. The deal is significantly less than the bank's market value of $9.5 billion. Credit Suisse pushed back on the initial offers on Sunday, saying they were too low and would hurt shareholders, sources <a href="https://www.bloomberg.com/news/articles/2023-03-19/credit-suisse-said-to-push-back-against-ubs-s-1-billion-offer">told Bloomberg</a>. "This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue," UBS Chairman Colm Kelleher said in a statement. The deal between Switzerland's two biggest banks was brokered by the Swiss National Bank and regulators in an effort to shore up confidence for the country's financial institutions, the <a href="https://www.ft.com/join/licence/8a2da4d4-3315-4846-a013-029e04237cd6/details?ft-content-uuid=17892f24-4ca0-417f-9093-289b019a0852" target="_blank" rel="noopener">Financial Times reported on Friday</a>. According to the outlet, Swiss regulators said a merger between the two banks was their "plan A" leading into markets opening Monday. The <a href="https://www.ft.com/content/5746165a-3a0c-42c7-9a2e-cb7cf5f33f46?accessToken=zwAAAYb2gm14kc9XRhZaOgxCx9OaLst89fM_Rg.MEUCIQDPgwba22CXlcJX2Xl0Z6ggppE2xv50fff-iDbFCloKIgIgX0YUcE335MFAnXo8323NZb_OfaN7nClv-MI2Uyf4ysw&amp;sharetype=gift&amp;token=e409c6cb-3bf1-48a4-8080-259ba7500d96" target="_blank" rel="noopener">FT reported that Switzerland</a> is using emergency measures to fast-track the deal and bypass the usual six-week consultation period for shareholders. Deutsche Bank also reportedly considered acquiring parts of Credit Suisse, sources close to the matter <a href="https://www.bloomberg.com/news/articles/2023-03-18/deutsche-bank-is-said-to-study-opening-for-credit-suisse-assets">told Bloomberg on Saturday</a>. Here's a closer look at the European lender's troubles, and why it's <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-lehman-brothers-stock-price-cds-banks-financial-system-2022-10">faced doubts about its stability.</a><h2>Why is Credit Suisse under fire right now?</h2>Credit Suisse shares tanked Wednesday after its biggest shareholder, Saudi National Bank, warned it wouldn't be able to invest more cash without raising its stake above the regulatory limit of 10%.SNB's chair, Ammar al-Khudairy, <a href="https://www.reuters.com/business/finance/credit-suisses-saudi-backer-happy-with-transformation-plan-doesnt-think-extra-2023-03-15/" target="_blank" rel="noopener">told Reuters</a> that he doesn't see the Saudi bank's stated lack of support as a problem."I don't think they will need extra money; if you look at their ratios, they're fine," he said, referring to standard measures of a bank's financial health."We are happy with the plan, the transformation plan that they have put forward. It is a very strong bank," he added, noting Credit Suisse operates under a strong regulatory regime in Switzerland and other countries.But investors have been showing signs of losing faith in Credit Suisse long before the Saudi comments, and before the SVB collapse rattled the entire banking industry.Harris Associates, Credit Suisse's No. 1 investor as recently as last year, exited its entire stake in the embattled Swiss bank over the past few months. The Chicago-based investment management firm owned about 10% of the Swiss bank's stock as of August last year, but <a href="https://www.reuters.com/article/creditsuisse-shareholder/former-top-credit-suisse-shareholder-sells-full-stake-in-bank-ft-idUKL4N35D0M7" target="_blank" rel="noopener">slashed its exposure to 5% in January</a>. More recently, Harris reportedly <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-shareholder-harris-associates-exits-entire-stake-2023-3">cut its holdings in the lender to zero</a>."There is a question about the future of the franchise. There have been large outflows from wealth management," David Herro, Harris Associates' deputy chairman and chief investment officer, was cited by the Financial Times as saying, in a <a href="https://www.ft.com/content/9eaa4394-3647-4ac3-adbf-3bc73a4413a3" target="_blank" rel="noopener">March 5 report</a>.And Credit Suisse has faced a slew of other recent challenges. The bank revealed in its <a href="https://www.credit-suisse.com/about-us/en/reports-research/annual-reports.html" target="_blank" rel="noopener">latest annual report</a> that it found "material weaknesses" in its internal control over its financial reporting. Moreover, it <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">delayed publishing</a> that annual report after the Securities and Exchange Commission inquired about the lender's revisions to cash flow statements dating back to 2019.Credit Suisse also suffered a net loss of about $8 billion last year, as its net revenues tanked by more than a third.Moreover, it has seen a sharp increase in outflows over the past few months, driving it to tap its "liquidity buffers" — liquid assets such as central-bank reserves and high-quality government debt.Here's a quick summary of the controversies that have plagued Credit Suisse in recent years:<ul><li>The bank <a href="https://www.businessinsider.com/credit-suisse-spying-timeline-iqbal-khan-tidjane-thiam-2019-10?amp">hired</a> private detectives to spy on former executives, leading to the departure of its CEO in February 2020.</li><li>It <a href="https://www.businessinsider.com/credit-suisse-archegos-greensill-viacom-thomas-gottstein-brian-chin-bill-hwang">lost nearly $6 billion</a> in March 2021 after Archeges Capital Management imploded and defaulted on its loans from the Swiss lender.</li><li>It's <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-breached-supervisory-law-over-$10bn-greensill-funds-12208506">still working to recover</a> about $2 billion of the roughly $10 billion it had tied up in supply chain finance funds linked to Greensill, which collapsed amid allegations of fraud in March 2021.</li><li>It was <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-to-pay-$22-6mn-in-restitution-in-mozambique-%E2%80%98tuna-bonds-case-11557415">fined</a> for making fraudulent loans dubbed "tuna bonds" to Mozambique's government between 2012 and 2016.</li><li>Its chairman was <a href="https://www.businessinsider.com/credit-suisse-bank-chairman-antonio-horta-osorio-quarantine-wimbledon-report-2021-12">forced to resign</a> in January after an internal investigation found he violated COVID-19 quarantine rules to attend Wimbledon.</li><li>Credit Suisse's previous CEO <a href="https://www.businessinsider.com/credit-suisse-thomas-gottstein-depart-investment-bank-2022-7">resigned</a> for personal and health reasons last July.</li></ul><h2>Is a banking crisis brewing?</h2>The race to put together a deal to acquire Credit Suisse follow recent events in the US banking industry.Silvergate, a key lender to the cryptocurrency industry, <a href="https://markets.businessinsider.com/news/stocks/crypto-crash-silvergate-bank-shut-down-liquidate-stock-market-news-2023-3?utm_medium=ingest&amp;utm_source=markets">announced</a> it was winding down its operations and liquidating its assets last Wednesday.Silicon Valley Bank, a major player in the venture-capital ecosystem, was overwhelmed by a wave of withdrawals and <a href="https://markets.businessinsider.com/news/stocks/svb-silicon-valley-bank-collapse-jpmorgan-morgan-stanley-bank-stocks-2023-3">taken over</a> by the Federal Deposit Insurance Corporation (FDIC) on March 10. The FDIC revealed on March 12 it had taken control of Signature Bank as well. Moreover, it announced that under a "systemic risk exception," it would <a href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">fully guarantee</a> both banks' deposits, beyond the usual limit of $250,000 per account.And First Republic Bank has also been trying to stave off concerns about its financial position, with 11 banks depositing $30 billion in the bank to help shore up its liquidity. Still, the New York Times reported on Friday that First Republic was looking to raise fresh capital. SVB ran into trouble because it invested some of its clients' deposits in long-dated bonds. Those plunged in price as the Federal Reserve hiked interest rates from nearly zero to upwards of 4.5% over the past 12 months in response to inflation hitting 40-year highs.The lender <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-svb-goldman-sachs-bought-bond-portfolio-2023-3">sold its bond portfolio</a> at a nearly $2 billion loss last week, and launched a capital raise to reinforce its finances. Its scramble for cash stoked concerns about SVB's stability among VCs and their portfolio companies, <a href="https://www.businessinsider.com/silicon-valley-bank-failure-what-happened-bank-run-explained-2023-3">sparking a wave of withdrawals</a> that overwhelmed the bank and spurred the FDIC to intervene.SVB's collapse fueled worries that other banks are carrying heavy losses on their bond portfolios, as rates have jumped in both the US and Europe.It also put a focus on bank liquidity, with consumers and companies shifting their deposits from weaker banks to the strongest and largest institutions.

UBS is officially buying Credit Suisse in a historic rescue deal. This is how we got here.

<ul class="summary-list"><li>UBS has agreed to acquire Credit Suisse for $3.2 billion, as the banking crisis rages on.</li><li>The Swiss megadeal has implications for US banks, markets, the economy, and interest rates.</li></ul><a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> has agreed to acquire <a href="https://markets.businessinsider.com/stocks/csgkf-stock">Credit Suisse</a> for 3 billion Swiss francs ($3.2 billion). The government-brokered deal aims to calm jittery investors and depositors, and halt the burgeoning banking crisis before it spirals out of control.The <a href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3">planned mega-merger</a> is just the latest development in a dramatic couple of weeks. Three US banks have folded, regulators have rushed to contain the fallout with emergency measures, and Warren Buffett has <a href="https://www.businessinsider.com/warren-buffett-white-house-investment-in-regional-banks-2023-3">reportedly spoken</a> to senior White House officials about potentially stepping in to save the day.The Swiss agreement has major implications for US investors. They range from its impact on financial markets and the banking sector, to its potential effect on the American economy and interest rates.Here's a closer look at what the deal could mean.<h2>What pressures led to the deal?</h2>Credit Suisse has <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-svb-bank-financial-crisis-stock-price-cds-saudi-2023-3">faced a series of scandals</a> in recent years, ranging from bad bets to corporate espionage. Recently, the Swiss banking giant revealed there were "material weaknesses" in its financial reporting.Investors got worried it could be caught up in the turmoil driven by the US bank failures. Their reaction tanked its stock and bonds, and drove up the cost of insuring against the bank defaulting on its debt.Swiss authorities determined the lender was at risk, and pushed UBS to acquire it. The Swiss National Bank has agreed to lend UBS the equivalent of $108 billion to help it see through the merger.Meanwhile, Switzerland's financial regulator has wiped out $17 billion worth of Credit Suisse bonds and removed the need for UBS shareholders to approve the transaction.<h2>What does it say about the threat to banks right now?</h2>Swiss officials' involvement in the deal, and the substantial sweeteners they've provided to make it happen, suggest they're deeply concerned about the ongoing banking crisis.Those growing worries are reflected in the concerted effort taken by the US Federal Reserve and other central banks at the weekend. They've come together to help foreign banks get access to US dollars by <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20230319a.htm" target="_blank" rel="noopener">offering swap operations every day</a> through April, rather than once a week. The mega-takeover also has clear parallels with the banking deals sealed during and after the 2008 financial crisis. That's when JP Morgan scooped up Bear Stearns and Washington Mutual, Bank of America acquired Merrill Lynch, and Wells Fargo bought Wachovia.If more deals lead to more consolidation in the banking industry, that could reflect pressures on smaller lenders are growing, forcing them to seek safety in the arms of larger, wealthier peers.<h2>What sparked the concerns about banks?</h2>The current turmoil was touched off by Silicon Valley Bank, Signature Bank, and Silvergate all shutting down in the past couple of weeks.In SVB's case, it <a href="https://www.businessinsider.com/silicon-valley-bank-failure-what-happened-bank-run-explained-2023-3">ran into trouble</a> because it had a high percentage of uninsured deposits. It also invested in long-dated bonds that have plunged in price over the past year, as the Fed hiked interest rates.The bank's cash-hungry, venture-capital-backed customers rushed to pull their money out after SVB sold bonds at a loss and tried to raise fresh capital. They were worried the bank could fail, and they would lose most of their cash.The wave of withdrawals overwhelmed the bank, spurring the Federal Deposit Insurance Corp. (FDIC) to take control and later guarantee all of its deposits. The FDIC also took the same action at Signature, while Silvergate voluntarily closed down.Meanwhile, the Fed established an emergency lending program to help banks easily access capital to weather any further pressures. The banks' challenges, and authorities' efforts so far in response to them, made investors sour on global banks, paving the way for UBS to acquire Credit Suisse.<h2>How could the Swiss deal affect markets?</h2>Governments worldwide will be hoping the UBS takeover of Credit Suisse will calm fears about the chance of more bank failures. The Swiss government's "whatever it takes" approach could also help restore faith in the financial system.But investors could interpret the rushed deal — seen as a bailout by some — as a sign of desperation in the face of a real threat to vulnerable banks. On Monday morning, UBS shares slumped 7% and the Euro Stoxx Bank Index slid 1%. That suggest the Swiss bank's shareholders aren't impressed by the deal terms, and that the market isn't reassured about the prospects for other lenders.<h2>What does the transaction mean for the US economy and interest rates?</h2>The UBS-Credit Suisse deal may be a mixed blessing for Americans. It could help to cool inflation, but might also raise the odds of a recession.US inflation spiked to a 40-year high last year, spurring the Fed to lift interest rates from nearly zero to upwards of 4.5% over the past 12 months — and it could raise them again at its meeting this week.Rate hikes help curb price increases as they make borrowing more costly and encourage people to save instead of spend. But at the same time, they can dampen consumer demand and weigh on the prices of stocks and other assets. They can also lift the risk of a recession by pushing unemployment higher.Americans could see the UBS-Credit Suisse deal as evidence of serious underlying problems in banks and the wider financial system.As a result, they might become more conservative in their spending, investing, and hiring — and that might not change until they're certain more banks aren't going to fail. They need to be reassured they aren't going to lose their jobs or suffer a big blow to their retirement savings.That could help the Fed in its inflation fight, but might pose to a risk to financial stability and employment — two other priorities for the central bank.Fed officials could face a situation where they want to hike rates further to crush inflation, but doing so could heap further pressure on lenders and exacerbate the banking crisis, increasing the risk of a broader economic downturn.<h2>What does this all mean for the current banking crisis?</h2>American investors may well see the UBS-Credit Suisse deal as evidence of a mad scramble to shore up liquidity among lenders and combine different banks.Also, they may view it as a harbinger of more bad news to come — the first in a wave of tie-ups. That's especially a risk given how things played out during the financial crisis.That means US stockpickers and bondholders will be watching for more red flags at domestic banks. They're also likely to keep a close eye on what the authorities do next, to gauge just how serious the current challenges are.Without an unlimited blanket guarantee on bank deposits, it's easy to imagine customers will be wary that more banks could fail. They could seek to park their funds in safer places.The turmoil could weaken inflationary pressures by leading banks to tighten their lending, and by confidence among consumers and businesses.But it could also mean the Fed faces a double whammy: stubborn inflation against a backdrop of fragile growth and employment.That would give it an impossible choice: halt its interest rate hikes and let prices keep rising, or march foward with rate increases that threaten to ramp up pressure on banks and drag the economy into a recession.In short, there are several reasons to think the UBS-Credit Suisse merger could spook investors and exacerbate the banking crisis.

UBS is set to buy Credit Suisse for $3.2 billion. The megadeal could make the banking crisis worse.

<ul class="summary-list"><li>A deal to sell Credit Suisse to UBS was struck on Sunday amid increasing turmoil for the Swiss bank.</li><li>Insiders say executives looked exhausted on a Monday call, and that "nobody has a clue what happens next."</li></ul>After 167 years, Credit Suisse's future is now in the hands of its Swiss rival, UBS.UBS on Sunday agreed to buy <a href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3">Credit Suisse</a> for more than $3 billion in a deal brokered by Swiss regulators. In what was a turbulent period for the global banking sector, <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-stock-price-bank-crisis-rescue-svb-credit-rating-2023-3?_gl=1*1c9cjpz*_ga*ODE1NjE1Mzg2LjE2MjgyMzUzMTM.*_ga_E21CV80ZCZ*MTY3OTMwNTE5MS4xNTY3LjEuMTY3OTMwNTg5Ny4yNC4wLjA.">Credit Suisse's share price</a> dropped last week as investors worried over the bank <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-cds-spreads-bond-insurance-stock-price-banking-contagion-2023-3?utm_medium=ingest&amp;utm_source=markets">defaulting on its debt</a> and depositors pulled money from the Swiss bank. Colm Kelleher, UBS chairman, <a href="https://www.ubs.com/global/en/media/display-page-ndp/en-20230319-tree.html?caasID=CAAS-ActivityStream">called</a> the acquisition "an emergency rescue." Given that Credit Suisse <a href="https://www.credit-suisse.com/about-us/en.html">says</a> it operates in around 50 countries and employs more than 45,000 people, this takeover will impact employees all over the world and create panic in the banking industry. <h2>Executives looked 'very downbeat' at an all-company meeting</h2>Headquartered in Zurich, Credit Suisse has a large presence in Europe. According to the <a href="https://www.ft.com/content/828b49ce-f256-4c38-b34f-92660f6053e3">Financial Times</a>, the bank has around 16,000 staff in Switzerland and more than 5,000 employees in London. As a result, Sunday's deal has rattled the banking sector in Europe and employees are scrambling for answers.A European-based headhunter told Insider they'd "heard there were some tears" from Credit Suisse veterans about the prospect of the bank's takeover.It seems that rank and file staff weren't the only ones who were upset.Credit Suisse board members looked "absolutely wrecked" in a video call they hosted Monday at 10 a.m. CET in which they tried to reassure staff about the bank's takeover deal, an employee said. Credit Suisse CEO Ulrich Körner said the bank's board had worked "day and night" over the weekend on the deal, according to an employee who was on the call. The employee, whose identity is known to Insider, asked to remain anonymous to protect their employment.They said Körner was "very downbeat and looked exhausted" and "did most of the talking" in the call but "should not have, given his demeanor."They added: "The vibe was very much 'this is very rushed, nobody has a clue what happens next, it's basically up to UBS but sit tight'."On the call, staff were asked to stay focused on clients, support each other over what was likely to be a "difficult" next six months, and conduct business as usual while a transition plan was put in place, the employee said.Staff were also told there was no immediate threat to jobs but the transition plan would include changes to resourcing, the employee said. They were told hiring would stop apart from critical replacement roles, the employee added.Another employee who requested to remain anonymous to protect their identity told Insider they watched the press conference and thought Axel P. Lehmann, Credit Suisse's chairman, had "cried a lot."As Credit Suisse's <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-stock-price-earnings-miss-billions-losses-overhaul-scandals-2022-10?_gl=1*1t8078n*_ga*ODE1NjE1Mzg2LjE2MjgyMzUzMTM.*_ga_E21CV80ZCZ*MTY3OTMwNTE5MS4xNTY3LjEuMTY3OTMwNzAxNC41Ny4wLjA.">outflows</a> accelerated over recent months, it appears its employees have hunted for other postings. One industry headhunter in the UK said their desk has piled up with job applications from Credit Suisse workers for around a month."The speed at which I am receiving CVs and enquiries for roles is just remarkable," they told Insider. "The last time this happened in my career was during the financial crisis."The outlook was calmer in Asia. UBS chief executive Ralph Hamers made clear in a statement announcing the deal that acquiring Credit Suisse would support its ambitions in Asia. Bharisha Mirpuri, senior client solutions manager at Randstad Hong Kong Recruitment Agency, told Insider she expected there to be some turmoil in Asia, but nothing significant. Although, she said it was still early days."If you think about it from a junior perspective, someone who's just started working, or someone who's got kids, people are going to be looking for a little bit of insurance," Mirpuri said. "So there will be situations where people start looking, but that comes with any acquisition, any change."A Hong Kong-based recruiter told Insider there was no sign of panic yet in Hong Kong and Singapore markets.<h2>What happens next</h2>UBS <a href="https://www.businessinsider.com/ubs-buys-credit-suisse-with-bitter-digs-throughout-2023-3">has made clear</a> it didn't really want to acquire Credit Suisse, with UBS chairman Colm Kelleher <a href="https://www.businessinsider.com/ubs-credit-suisse-acquisition-colm-kelleher-2023-3">telling analysts</a> on Sunday that "it's a historic day in Switzerland and a day, frankly, we hoped would not come."Still, the Swiss bank now has to make the deal a success.Kelleher said in a statement announcing the deal that "acquiring Credit Suisse's capabilities in wealth, asset management and Swiss universal banking will augment UBS's strategy of growing its capital-light businesses."UBS chief Ralph Hamers meanwhile struck an upbeat tone, saying "the combination supports our growth ambitions in the Americas and Asia while adding scale to our business in Europe, and we look forward to welcoming our new clients and colleagues across the world in the coming weeks."Still, the future of Credit Suisse's investment banking business <a href="https://www.businessinsider.com/ubs-credit-suisse-acquisition-colm-kelleher-2023-3">hangs in the balance</a>. And heavy job cuts are almost certain.UBS said that the combination of the two banks was "expected to generate annual run-rate of cost reductions of more than USD 8 billion by 2027."Credit Suisse declined to comment to Insider.

'Nobody has a clue what happens next': Industry insiders react to Credit Suisse's rescue takeover by UBS

Let's talk about Credit Suisse today. The bank's share price is down almost 60% this year, it has dealt with what feels like scandal after scandal in the last few years, and now the investment bank might be on the chopping block.It's a tense time for many insiders at Credit Suisse. Many are unsure if their jobs are safe, and they're all sweating on the next earnings call, on October 27, for more clarity.One person told me it's a case of "rinse and repeat," as Credit Suisse undergoes its second strategic review in less than a year.Another person was "cynical" about leadership and questioned whether they knew what they were doing.There's a ton of speculation over Credit Suisse's future, so I wrote a piece canvassing reactions from a few people at the firm. Check it out <a href="https://www.businessinsider.com/credit-suisse-investment-banking-layoffs-restructure-spinoffs-ulrich-koerner-2022-9">here</a>.This post first appeared in 10 Things on Wall Street, a newsletter by Insider that brings you all the biggest stories dominating the finance industry — delivered daily to your inbox. Sign up <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street?r=US&amp;IR=T">here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://www.businessinsider.com/credit-suisse-investment-banking-layoffs-restructure-spinoffs-ulrich-koerner-2022-9"></a>1. Credit Suisse's investment bankers are stuck in limbo ahead of third-quarter earnings on October 27. They expressed frustration and resignation to me as they brace for a radical overhaul."We're professional enough to keep working hard, but everybody is wondering what's going on," one managing director told me.Among the plans reported to be under consideration are a three-way split of the investment bank, according to <a href="https://www.ft.com/content/338f83f5-816b-4222-95fa-3b6d19373289">the Financial Times</a>. Reviving the old Wall Street name of First Boston is another option, <a href="https://www.bloomberg.com/news/articles/2022-09-16/credit-suisse-considers-rebranding-investment-bank-first-boston">according to Bloomberg</a>.The bank, in response to the intense speculation, said in a press release on Monday that it was "on track" with its review and that it was considering potential divestitures and asset sales.Under Chief Executive Ulrich Körner, Credit Suisse wants to transform its investment bank into a "capital-light, advisory-led banking business."That could potentially be curtains for thousands of jobs, Reuters <a href="https://www.reuters.com/markets/europe/credit-suisse-weighs-cutting-around-5000-jobs-source-2022-09-01/">reported</a>."It's the famous line: 'Just business, not personal.' I hate that, but such is life I guess. Some people are made for it," another person told me."If I lose my job to 'The Knife,' at least it's a good story," this same banker said, in reference to Körner's nickname <a href="https://www.ft.com/content/4aeec6d7-8541-4702-a7d9-d66e58cdead2">'Uli the Knife'</a>.<a href="https://www.businessinsider.com/credit-suisse-investment-banking-layoffs-restructure-spinoffs-ulrich-koerner-2022-9?utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=New:%2010%20Things%20on%20Wall%20Street">Here's the full story.</a>In other news:<a href="https://www.bloomberg.com/news/articles/2022-09-26/infamous-100-million-deli-decried-by-einhorn-draws-sec-suit"></a><div type="image" title="A half eaten cheesesteak with onions in a wrapper" height="3000" width="3999" msid="94503344" hostid="261"></div>2. New Jersey deli Hometown — made famous through an investor letter from Greenlight Capital's David Einhorn — is in the crosshairs of <a href="https://www.justice.gov/usao-nj/pr/three-men-charged-international-market-manipulation-scheme">prosecutors</a> and <a href="https://www.sec.gov/litigation/complaints/2022/comp-pr2022-172.pdf">regulators.</a> Federal prosecutors accused James T. Patten, Peter L. Coker Sr., and Peter L. Coker Jr. of artificially inflating the price of two companies: The deli's parent Hometown International and E-Waste Corp., a distributor of <a href="https://www.bloomberg.com/news/articles/2022-09-26/infamous-100-million-deli-decried-by-einhorn-draws-sec-suit">electric tactical vehicles</a>.3. Celsius wants to issue "IOU" type cryptocurrency to customers who have signed up to some of its accounts. The bankrupt crypto lender said it is building out a new system to track its assets, people familiar with the matter <a href="https://www.cnbc.com/2022/09/23/celsius-has-a-hail-mary-bankruptcy-plan-turn-its-debt-into-a-new-cryptocurrency-.html">told CNBC</a>.4. Top venture capitalists were asked to name the 21 most promising startups that could upend the health-tech space. Insider spoke to executives at firms like Redpoint Ventures, XYZ, <a href="https://www.businessinsider.com/21-most-promising-health-tech-startups-2022-according-to-vcs-2022-8">and Menlo Ventures</a>.5. New York City's empty offices reveal a global property dilemma. The rise of remote work will hurt older buildings and leave landlords in the lurch, <a href="https://www.bloomberg.com/graphics/2022-remote-work-is-killing-manhattan-commercial-real-estate-market/">according to Bloomberg</a>.6. Private-equity executives met recently along the shore of the French Riviera and did their best to ignore the woes of the industry. Top dealmakers exuded confidence even as market conditions have shifted the dynamics of the buyout industry, the Financial Times <a href="https://www.ft.com/content/d0046c45-8e7e-448b-abac-6523186023a6">reported</a>.7. Social-media consultant Matt Navarra's Geekout newsletter is on track to earn about $200,000 this year, Insider has learned. Here is how Navarra built a newsletter business that has garnered more than <a href="https://www.businessinsider.com/how-matt-navarra-built-newsletter-on-track-for-200k-2022-9">22,000 subscribers</a>.8. Fall is usually a busy time for hiring in the entertainment industry, especially at the big streaming companies. The boom, however, is quieter this year. Here is where the jobs are now and when hiring will <a href="https://www.businessinsider.com/jobs-hollywood-not-hiring-layoffs-entertainment-gaming-recruiters-2022-9">pick up again</a>.9. Vori just raised $10 million for its grocery-inventory software aimed at independent grocers. Here is a look at the 13-page pitch deck that helped the startup <a href="https://www.businessinsider.com/pitch-deck-got-grocery-startup-vori-10m-for-inventory-software-2022-8">secure the funds</a>.10. Henna Choi left a high-paying job as a lawyer to pursue making TikTok videos. Choi always feared being a "quitter," but now she <a href="https://www.businessinsider.com/quitting-my-high-paying-lawyer-job-to-make-tiktok-videos-2022-9">does not regret it</a>.People moves:<ul><li>TA Associates has appointed Jennifer Barbetta its chief operating officer. She will join the private-equity firm from Starwood Capital Group, where she was also COO. Before that, Barbetta was a partner at Goldman Sachs.</li><li>Andrew Bednar has been <a href="https://investors.pwpartners.com/news-releases/news-release-details/andrew-bednar-appointed-ceo-perella-weinberg-partners-peter">appointed chief executive</a> of advisory firm Perella Weinberg Partners. Peter Weinberg intends to step down as CEO, the firm said.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Credit Suisse bankers are preparing for 'Uli the Knife' to carve up the investment bank.

<ul class="summary-list"><li>UBS acquired Credit Suisse in a rescue takeover over the weekend.</li><li>But Credit Suisse didn't want to be rescued, and UBS didn't want to have to be the rescuer.</li></ul>It's official: UBS is acquiring Credit Suisse in <a href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3">a historic rescue takeover</a>. The deal was brokered by the Swiss national bank and sealed over the course of a dramatic weekend. Two fierce domestic rivals will become one. UBS will now decide which Credit Suisse businesses it wants to keep at the bank, and which of its rival's execs could play an important role in the new UBS.There's still much that's uncertain, but one thing's clear from how this unfolded: UBS really didn't want to have to rescue its rival, and Credit Suisse isn't thrilled with this outcome either.The announcements and official statements around the deal were filled with technical finance jargon around liquidity support and the like, but buried beneath the details were subtweets and sly digs. For example, the first official word of the deal came from the Swiss National Bank, which announced: "UBS today announced the takeover of Credit Suisse." At the time, UBS had done no such thing.The <a href="https://www.snb.ch/en/mmr/reference/pre_20230319/source/pre_20230319.en.pdf" target="_blank" rel="noopener">statement</a> went on to detail some of the extraordinary terms of the deal, saying:"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."Next, Credit Suisse <a href="https://www.credit-suisse.com/about-us-news/en/articles/media-releases/credit-suisse-and-ubs-to-merge-202303.html" target="_blank" rel="noopener">announced</a>: "Credit Suisse and UBS to Merge."A merger! Not a rescue takeover. A merger! The statement read:"Credit Suisse and UBS have entered into a merger agreement on Sunday following the intervention of the Swiss Federal Department of Finance, the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA (FINMA). UBS will be the surviving entity upon closing of the merger transaction."The wording of "following the intervention of" makes clear this deal was not Credit Suisse's decision. And "UBS will be the surviving entity" spells out that this is a takeover and not a merger.The statement gives further clarity to the government's role, going on to say the deal came after the Swiss authorities "asked both companies to conclude the transaction to restore necessary confidence in the stability of the Swiss economy and banking system."Credit Suisse's statement finished with a word from its chairman Axel Lehmann (emphasis mine):"Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome. This has been an extremely challenging time for Credit Suisse and while the team has worked tirelessly to address many significant legacy issues and execute on its new strategy, we are forced to reach a solution today that provides a durable outcome."At this point, UBS, the bank making the acquisition in this case, had not made a statement. Normally, the acquirer is the one leading the charge in announcing a transaction. Here, it was bringing up the rear. When UBS did make <a href="https://www.ubs.com/global/en/media/display-page-ndp/en-20230319-tree.html?caasID=CAAS-ActivityStream" target="_blank" rel="noopener">a statement</a>, it thoroughly undermined the Credit Suisse announcement. Headline: "UBS to acquire Credit Suisse."It was Colm Kelleher, UBS chairman and a veteran of the financial crisis, who delivered the coup de grâce. He said in a statement (emphasis mine):"This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure."Credit Suisse says it's a merger. UBS says it's an emergency rescue. Ha! The UBS statement also confirmed that the takeover discussions were initiated by Swiss authorities.Even a potential photo op marking the occasion was ruined by an awkward moment in which Kelleher waited to shake hands with Lehmann. (The two eventually did connect, for the record.)For UBS, acquiring Credit Suisse's businesses in wealth, asset management, and Swiss banking promises potential benefits. The future of Credit Suisse's investment banking business remains unclear however, with UBS promising to move the majority of its rival's markets positions to a non-core operation that would be managed down. [Side note: The job of combining the wealth businesses will fall to Iqbal Khan, who runs UBS wealth management and used to work at Credit Suisse. In 2019, after UBS announced Khan's hire, the chief operating officer at Credit Suisse <a href="https://www.credit-suisse.com/about-us-news/en/articles/media-releases/statement-investigation-201910.html" target="_blank" rel="noopener">ordered a colleague to spy</a> on him. Awkward!]Later, on a call with analysts, Kelleher and UBS CEO Ralph Hamers defended the deal while simultaneously making it clear they themselves didn't want to do, as my colleague <a href="https://www.businessinsider.com/ubs-credit-suisse-acquisition-colm-kelleher-2023-3">Rebecca Ungarino reported.</a>"It's a historic day in Switzerland and a day, frankly, we hoped would not come," Kelleher said.

UBS' dramatic takeover of Credit Suisse was the deal neither bank wanted. Here are some of the passive-aggressive digs from both sides.

Good morning and welcome to Insider <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:<ul><li>General Atlantic's Robbert Vorhoff breaks down the biggest trends in healthcare, and <a href="https://www.businessinsider.com/general-atlantics-rob-vorhoff-targets-virtual-healthcare-2021-6">why he's betting on telemedicine</a>. </li><li>Vanguard's private investments head details how the money manager is <a href="https://www.businessinsider.com/vanguard-low-cost-private-equity-accredited-retail-investors-fran-kinniry-2021-6">bringing private equity to the masses</a>.</li><li>Revolut is hiring an investor-relations team to help the <a href="https://www.businessinsider.com/revolut-investor-relations-team-ipo-like-move-2021-6">$5.5 billion fintech</a> manage its private investors. </li><li>HSBC just nabbed several traders for its credit division <a href="https://www.businessinsider.com/hsbc-hires-8-credit-traders-team-credit-suisse-chris-bathon-2021-6">as it looks to replenish its ranks</a>. </li></ul><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. <h3><a href="https://www.businessinsider.com/general-atlantics-rob-vorhoff-targets-virtual-healthcare-2021-6">Why General Atlantic's top healthcare dealmaker is betting on telemedicine sticking around long after the pandemic subsides</a></h3><a href="https://www.businessinsider.com/general-atlantics-rob-vorhoff-targets-virtual-healthcare-2021-6"><div type="image" title="Robb Vorhoff uncropped 2019" height="4136" width="5504" msid="83367492" hostid="261"></div></a>We spoke with General Atlantic's Robbert Vorhoff, who said that tech innovation is driving growth in healthcare. <a href="https://www.businessinsider.com/general-atlantics-rob-vorhoff-targets-virtual-healthcare-2021-6">Here's what else he told us.</a><h3><a href="https://www.businessinsider.com/vanguard-low-cost-private-equity-accredited-retail-investors-fran-kinniry-2021-6">A top exec at money manager Vanguard broke down its plans to bring 'low-cost, high-outcome' private equity funds to the average investor</a></h3><a href="https://www.businessinsider.com/vanguard-low-cost-private-equity-accredited-retail-investors-fran-kinniry-2021-6"><div type="image" title="Fran Kinniry" height="1400" width="1866" msid="83367496" hostid="261"></div></a>Vanguard is working to bring private equity - something that traditionally has been accessible only to the most sophisticated investors and institutions - to retail investors. <a href="https://www.businessinsider.com/vanguard-low-cost-private-equity-accredited-retail-investors-fran-kinniry-2021-6">Fran Kinniry explains the firm's plans.</a><h3><a href="https://www.businessinsider.com/intapp-legalzoom-ipo-public-legal-tech-saas-cloud-law-2021-6">2 legal-tech companies just filed to go public. Here's everything you need to know about Intapp and LegalZoom, and their plans for growth.</a></h3><a href="https://www.businessinsider.com/intapp-legalzoom-ipo-public-legal-tech-saas-cloud-law-2021-6"><div type="image" title="Thad Jampol Intapp" height="607" width="810" msid="83367497" hostid="261"></div></a>Intapp wants to ride the cloud-based SaaS wave, while LegalZoom is facing some legal concerns. <a href="https://www.businessinsider.com/intapp-legalzoom-ipo-public-legal-tech-saas-cloud-law-2021-6">These are the other key takeaways from their S-1 filings.</a><h3><a href="https://www.businessinsider.com/revolut-investor-relations-team-ipo-like-move-2021-6">Revolut, a $5.5 billion fintech, is hiring an investor-relations team in a step normally taken by soon-to-IPO startups</a></h3><a href="https://www.businessinsider.com/revolut-investor-relations-team-ipo-like-move-2021-6"><div type="image" title="Nik Storonsky" height="2249" width="3000" msid="83367500" hostid="261"></div></a>Hiring an investor-relations team is a step normally taken by firms wanting to go public. But insiders said the hires were, for now, about managing Revolut's growing list of private investors. <a href="https://www.businessinsider.com/revolut-investor-relations-team-ipo-like-move-2021-6">More on that here.</a><h3><a href="https://www.businessinsider.com/hsbc-hires-8-credit-traders-team-credit-suisse-chris-bathon-2021-6">HSBC has hired 8 traders for its credit division- including a team lift-out from from Credit Suisse - circling the wagons after a wave of defections</a></h3><a href="https://www.businessinsider.com/hsbc-hires-8-credit-traders-team-credit-suisse-chris-bathon-2021-6"><div type="image" title="AP20216200597100" height="2000" width="2666" msid="83367503" hostid="261"></div></a>The bank has hired a new head of investment-grade credit trading as part of a team lift-out from Credit Suisse, according to sources familiar with the matter. <a href="https://www.businessinsider.com/hsbc-hires-8-credit-traders-team-credit-suisse-chris-bathon-2021-6">Here's everything we know</a>.<h3><a href="https://www.businessinsider.com/zillow-mafia-real-estate-proptech-startups-founders-spencer-rascoff-2021-6">Meet the Zillow mafia: These 9 former execs are raising hundreds of millions for their own startups and taking over the real estate tech world</a></h3><h2><a href="https://www.businessinsider.com/zillow-mafia-real-estate-proptech-startups-founders-spencer-rascoff-2021-6"><div type="image" title="From left: Paul Levine, Nick Taylor, Carey Armstrong, Spencer Rascoff, Greg Schwartz, Brian Ma, and Peter Flint with Zillow's logo patterned out on a blue background" height="1800" width="2400" msid="83367505" hostid="261"></div></a></h2>Former Zillow executives have gone on to found proptech startups such as Tomo, Pacaso, and Divvy. <a href="https://www.businessinsider.com/zillow-mafia-real-estate-proptech-startups-founders-spencer-rascoff-2021-6">Check out the full list here</a>.<h2>Odd lots:</h2><a href="https://www.wsj.com/articles/inside-credit-suisses-5-5-billion-breakdown-archegos-11623072713?campaign_id=4&amp;emc=edit_dk_20210608&amp;instance_id=32489&amp;nl=dealbook&amp;regi_id=71823306&amp;segment_id=60140&amp;te=1&amp;user_id=f058385abc0a81f5ba25805ecd26bcd9385abc0a81f5ba25805ecd26bcd9">Inside Credit Suisse's $5.5 Billion Breakdown (WSJ)</a><a href="https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax">The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax (ProPublica)</a><a href="https://www.theinformation.com/articles/crypto-lender-blockfi-in-talks-to-raise-funding-at-5-billion-valuation?utm_source=ti_app">Crypto Lender BlockFi in Talks to Raise Funding at $5 Billion Valuation (The Information)</a>

Credit Suisse credit traders jump to HSBC

<ul class="summary-list"><li>The chairman of <keyword id="12124262" type="UNKNOWN" weightage="60" keywordseo="credit-suisse" source="Orion">Credit Suisse</keyword> broke <keyword id="11893994" type="UNKNOWN" weightage="60" keywordseo="covid-19" source="Orion">Covid-19</keyword> rules when he attended Wimbledon in 2021. </li><li>It's the second time that Antonio Horta-Osorio has been found to have broken <keyword id="11896022" type="UNKNOWN" weightage="60" keywordseo="quarantine" source="Orion">quarantine</keyword> rules. </li></ul>Antonio Horta-Osorio, the chairman of a major Swiss bank Credit Suisse, broke COVID-19 quarantine rules when he attended the Wimbledon tennis tournament, an internal investigation has found.It's the second time that Antonio Horta-Osorio has breached travel rules.The bank's legal team launched an investigation after it was reported that Horta-Osorio broke Swiss quarantine rules when he flew from London to Zurich in November.The preliminary investigation concluded that he also previously breached UK travel rules when he flew to London to attend the Wimbledon on July 10 and 11 2021, <a href="https://www.reuters.com/business/exclusive-credit-suisse-finds-second-breach-covid-19-rules-by-chairman-sources-2021-12-29/">according to Reuters</a>. Although it's not immediately clear how the UK rules were breached, at the time, visitors to the UK from countries on the amber list were required to quarantine for 10 days in a hotel at their own expense. The audit committee, which monitors the bank's board are investigating the findings, per Reuters. The outlet quoted two unnamed sources familiar with the matter. In December, the Swiss newspaper Blick revealed that Horta-Osorio broke Swiss quarantine rules when he flew from London to Zurich on November 28. He was supposed to isolate at home for 10 days, but left the country on December 1. In a statement issued shortly afterwards, <a href="https://www.ft.com/content/71c4abb0-0c75-4b73-a622-98ed7833b702">reported by The FT</a>, Horta-Osorio apologized but said that the violation was unintentional. He said he had stayed at home and conducted all meetings virtually during his trip. He could face a fine of 5,000 Swiss Francs ($5,450) from Swiss prosecutors for the breach, Reuters reported.Credit Suisse declined to comment when contacted by Insider. When Horta-Osorio joined the Swiss bank from UK lender Lloyds, part of his brief was to clean up the image of the bank, which has been the source of multiple scandals in recent years. In March 2021, the bank <a href="https://www.businessinsider.com/credit-suisse-overhauls-asset-management-business-suspends-bonuses-2021-3?r=US&amp;IR=T">overhauled its asset management business</a> after the collapse of the supply chain <keyword id="11895316" type="UNKNOWN" weightage="60" keywordseo="finance" source="Orion">finance</keyword> firm Greensill, <a href="https://www.businessinsider.com/credit-suisse-archegos-greensill-viacom-thomas-gottstein-brian-chin-bill-hwang?r=US&amp;IR=T">for which it was a major lender, led it to freeze nearly $10 billion</a>. <a href="https://www.businessinsider.com/credit-suisse-weighs-replacing-two-senior-executives-after-crises-report-2021-4?r=US&amp;IR=T">In the same month, shares in the bank tumbled,</a> following the collapse of the US hedge fund Archegos capital.<a href="https://markets.businessinsider.com/news/stocks/credit-suisse-spying-timeline-iqbal-khan-tidjane-thiam-2019-10">In 2019, the bank's COO Pierre Olivier Bouee stepped down</a> for his role in a spying scandal, <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-spying-timeline-iqbal-khan-tidjane-thiam-2019-10">in which the firm hired private investigators to monitor a former employee</a>.

Credit Suisse bank chairman broke Covid-19 quarantine rules to attend Wimbledon tennis tournament: report

<ul><li>Madras High Court has reportedly allowed the winding down petition filed by <keyword id="48085" type="General" weightage="20" keywordseo="credit-suisse" source="Orion">Credit Suisse</keyword> AG against the airline for a default of $20 million.</li><li>Due to this, shares of its competitor Interglobe Aviation (<keyword id="6354706" type="General" weightage="20" keywordseo="indigo" source="Orion">Indigo</keyword>) surged nearly 4% on Tuesday.</li><li><keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword>’s stock was down 0.2% at ₹68.70.</li></ul>Debt-laden SpiceJet’s woes are not over yet as the Madras High Court has <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/hc-allows-winding-up-plea-against-spicejet-by-credit-suisse-ag/articleshow/88134533.cms">reportedly </a>allowed the winding petition filed by Credit Suisse AG against the airline for a default of $20 million. Further, the court has asked the official liquidator (Credit Suisse) to take over the assets of SpiceJet on the grounds of inability to repay debts by the airline. <div type="image" title="spiceet" height="900" width="1200" msid="88165010" hostid="261"></div> Apparently, Credit Suisse had approached the court to receive the payment on behalf of Switzerland-based <keyword id="1548061" type="General" weightage="20" keywordseo="sr-technics" source="Orion">SR Technics</keyword> from SpiceJet. SR Technics is a maintenance, repair and operations service provider for aircraft, engines and components. Following this, shares of its competitor Interglobe Aviation (Indigo) surged nearly 4% on December 7. <div type="image" title="indigo 2" height="900" width="1200" msid="88164984" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/zoho-is-selling-its-video-calling-app-in-as-many-ways-as-possible/articleshow/88137006.cms">Zoho is selling its video calling app in as many ways as possible</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/these-are-the-states-with-confirmed-cases-of-omicron-covid-19-strain-in-india/slidelist/88138240.cms">Omicron in India — Maharashtra and Rajasthan have recorded 19 positive cases so far</a>

Indigo stock gains as a plea to shut down SpiceJet has been admitted

<ul><li><keyword id="832237" type="PERSON" weightage="20" keywordseo="Electronic-Imports">Electronic imports</keyword> remain one of the leading items on India’s import bill, amounting to nearly $50 billion in FY 2019-20.</li><li>Although the government has announced a ₹50,000 crore <keyword id="8870884" type="UNKNOWN" weightage="20" keywordseo="Production-linked-incentive">production linked incentive</keyword> (<keyword id="53367" type="ORGANIZATION" weightage="20" keywordseo="PLI">PLI</keyword>) scheme, experts suggest this is not enough.</li><li>We spoke with experts to decode the four things that the Indian government needs to do to boost electronics manufacturing.</li><li>Check out the latest stories on <a href="https://www.businessinsider.in/budget/news">Budget Insider</a>.</li></ul>In line with its Atmanirbhar Bharat (self-reliant India) campaign, the Indian government has put manufacturing at the heart of its reform initiatives. It is expected to put manufacturing at the forefront in Budget 2021 as well. While the intent is there, industry experts believe more needs to be done, and the government needs to get the execution right. Production linked incentive (PLI) schemes remain vital to boost manufacturing. A <keyword id="48085" type="COMPANY" weightage="20" keywordseo="Credit-Suisse">Credit Suisse</keyword> report dated December 11 states that PLI schemes could contribute up to 1.7% to the gross domestic product (GDP) by FY27. <cmsannotation type="cmsannotation" annotationid="What is a production linked incentive?" comment="subhead" text="What is a production linked incentive?">What is a production linked incentive?</cmsannotation> As the name signifies, incentives under PLI schemes are offered based on the production, not investment. This incentivizes manufacturing units to produce more to be eligible for higher incentives. “There’s no incentive for setting up a (manufacturing) plant, but if your plant starts production, you get incentives. Faster you produce, you get higher incentive,” explained <keyword id="45076" type="COMPANY" weightage="20" keywordseo="Nilesh-Shah">Nilesh Shah</keyword>, managing director of Kotak Mahindra AMC explained in an interview with Business Insider India. <div type="Youtube" id="v02oeojB4Jk" title="The 'mother of all bull runs' explained using Amitabh Bachchan's blockbuster Amar Akbar Anthony" thumbUrl="https://i.ytimg.com/vi/v02oeojB4Jk/mqdefault.jpg"></div> <cmsannotation type="cmsannotation" annotationid="China &amp; Hong Kong account for over half of India’s electronic imports" comment="subhead" text="China &amp; Hong Kong account for over half of India’s electronic imports">China &amp; Hong Kong account for over half of India’s electronic imports</cmsannotation> Electronics remain one of the leading imports in India, accounting for almost $50 billion of India’s import bill in FY 2019-20. Electronic imports were in the top three, accounting for over 10% of India’s total imports in the year. Of the $50 billion import bill, China and Hong Kong accounted for nearly $28 billion, or around 57% of India’s total electronic imports. This shows just how dependent India is on its neighbour and more recently, its rival. <div type="image" title="India electronic imports FY 19-20." msid="80476751" hostid="261" caption="&amp;lt;p&amp;gt;Electronics imports in India, FY19-20&amp;lt;/p&amp;gt;"></div> Identifying the risk of over-dependence on one country, and to encourage local manufacturing, the Indian government announced a <a href="https://www.businessinsider.in/policy/economy/news/inside-indias-50000-crore-scheme-to-woo-electronics-manufacturing-including-smartphones/articleshow/76207462.cms">₹50,000 crore PLI scheme</a> over five years. However, it may not be enough, say experts. “A five-year incentive scheme is not enough and the Government should commit 10 years and accordingly, the incentive scheme should be expanded,” Shashi Mathews, partner at Induslaw, told Business Insider. <div type="Article" hostid="261" msid="80443801" title="EXCLUSIVE: Realme plans to open 500 new stores in 2021⁠— the CEO reveals the company will go beyond smartphones in the 5G era" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Here’s what India needs to do to boost electronics manufacturing" comment="subhead" text="Here’s what India needs to do to boost electronics manufacturing">Here’s what India needs to do to boost electronics manufacturing</cmsannotation> In an interview with Business Insider, Anand Ramanathan, a partner at Deloitte India, explained that the Indian government needs to consider the following factors: 1. Establish supply chain clusters Supply chain clusters help optimize end-to-end operations as various components are close to each other. This will bring down costs, improve operational efficiencies, and help establish ancillary businesses, thereby creating an entire ecosystem. <keyword id="6485927" type="PERSON" weightage="20" keywordseo="realme">Realme</keyword> India’s chief executive officer (CEO) Madhav Sheth explained that these capabilities cannot be built out overnight, especially when it comes to critical smartphone components like display, chipset and more. According to the Credit Suisse report, two clusters are emerging as mobile manufacturing hubs - one near Chennai (Foxconn and Wistron), and the other near Delhi (Samsung). <div type="image" title="Mobile-Plant" msid="80476789" hostid="261" caption="&amp;lt;p&amp;gt;Mobile manufacturing clusters in India&amp;lt;/p&amp;gt;"></div> 2. Labour and tax reforms One of the major concerns for industries remains labour and tax reforms. While the labour law remains complex with over 150 legislations, India’s tax laws need to be reformed to further bring down the burden on manufacturing activities. “The government should also make export income for smaller companies tax-free for the period they are in the scheme,” Mathews added, explaining the need to encourage exports. 3. Focused policies instead of spreading itself too thin While the <keyword id="8941225" type="UNKNOWN" weightage="20" keywordseo="PLI-scheme">PLI scheme</keyword> was initially aimed at attracting the top five mobile manufacturers, the Indian government is <a href="https://economictimes.indiatimes.com/tech/technology/big-incentive-scheme-coming-for-wearables-hearables-iot-devices-and-drones-in-2021/articleshow/80099878.cms">reportedly</a> looking to expand it to include wearables, artificial intelligence and the internet of things devices. This could prove to be counter-productive. Ramanathan explained that instead of spreading itself too thin, the government should target specific sectors to make its policies more fruitful. He also pointed out that the government should encourage assembling electronic items initially and then gradually move on to promoting local production of critical components, instead of going all-in from the beginning. 4. Sustainability is also crucial Looking beyond just profits is also important, Ramanathan added, noting the risks associated with unsustainable development. With the effects of climate change already visible across the world, sustainable development should be a part of every country’s development goals. While this might increase manufacturing costs as companies will need to devise ways to reduce industrial waste, Ramanathan explained that industries and the country would come out ahead in the long term. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/new-realme-stores-in-india-and-ceo-says-there-is-plan-for-new-devices/articleshow/80443801.cms">EXCLUSIVE: Realme plans to open 500 new stores in 2021⁠— the CEO reveals the company will go beyond smartphones in the 5G era</a> <a href="https://www.businessinsider.in/policy/economy/news/inside-indias-50000-crore-scheme-to-woo-electronics-manufacturing-including-smartphones/articleshow/76207462.cms">Inside India’s ₹50,000 crore scheme to woo electronics manufacturing including smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/india-imported-smartphone-components-worth-25441-crore-from-china-in-fy20/articleshow/78165264.cms">India imported smartphone components worth ₹25,441 crore from China in FY20</a>

You Searched For "credit suisse hiring in india" and got 12 results

Rupee falls 10 paise to 82.75 against US dollar in early trade

PTI

Credit Suisse is looking to hire over 1,000 IT employees in India as it battles controversy at home

BI India Bureau

New India Assurance net profit drawn down by huge operating loss in the health insurance segment

IANS

UBS is officially buying Credit Suisse in a historic rescue deal. This is how we got here.

Theron Mohamed

UBS is set to buy Credit Suisse for $3.2 billion. The megadeal could make the banking crisis worse.

Theron Mohamed

'Nobody has a clue what happens next': Industry insiders react to Credit Suisse's rescue takeover by UBS

Kate Duffy,Lina Batarags,Huil…

Credit Suisse bankers are preparing for 'Uli the Knife' to carve up the investment bank.

Aaron Weinman

UBS' dramatic takeover of Credit Suisse was the deal neither bank wanted. Here are some of the passive-aggressive digs from both sides.

Matt Turner

Credit Suisse credit traders jump to HSBC

Dan DeFrancesco,Jordan Parker…

Credit Suisse bank chairman broke Covid-19 quarantine rules to attend Wimbledon tennis tournament: report

Stephen Jones

Indigo stock gains as a plea to shut down SpiceJet has been admitted

Bhakti Makwana

A playbook for Budget 2021 to boost electronics manufacturing in India

Rounak Jain

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