Editorji is a popular short video news and information platform based in India. It was founded in 2018 by Vikram Chandra, one of India’s leading journalists, and has risen to prominence in the digital news space in a relatively short span of time. The platform is primarily designed for mobile devices, with applications available for Android and iOS.

ABOUT US:

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>
<a title="Contact Us" href="mailto:info@editorji.com">Contact Us</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Editorji content is better experienced in our app.

UBS Layoffs 2023: UBS will conduct a massive layoff round at the newly acquired Credit Suisse bank. The bank is set to layoff 35,000 employees at Credit Suisse

UBS Layoffs 2023: UBS to cut 35,000 jobs after Credit Suisse rescue: report

UBS will conduct a massive layoff round at the newly acquired Credit Suisse bank. The bank is set to layoff 35,000 employees at Credit Suisse

UBS to cut 35,000 jobs after Credit Suisse rescue: report

<h2>UBS will conduct a massive layoff round at the newly acquired Credit Suisse bank. The bank is set to layoff 35,000 employees at Credit Suisse</h2>

UBS Layoffs 2023: Swiss banking group UBS plans to cut 35,000 jobs at Credit Suisse, more than half its workforce, as part of the emergency rescue takeover of its rival in March, according to a report by Bloomberg News.
Credit Suisse had a staff of around 45,000 before it nearly collapsed on investor fears about its solvency, which prompted a massive bailout orchestrated by the Swiss government.
Analysts had warned that huge job losses were likely because of the overlapping activities at two of the world's most important banks.
Combined, the two groups had around 120,000 employees at the end of last year, with 37,000 of them in Switzerland.
The Bloomberg report, citing sources close to the companies, said employees had been told of three coming waves of jobs cuts this year, the first at end-July, the others in September and October.
UBS chief executive Sergio Ermotti had warned earlier this month that the coming months were likely to be "bumpy", saying the merger would require "waves" of difficult decisions, particularly regarding employment.

In a Singapore meeting with Credit Suisse executives, UBS global head of Wealth management, Iqbal Khan has reportedly said that Credit Suisse's India unit will be retained

UBS mulls retaining Credit Suisse unit in India: Report

In a Singapore meeting with Credit Suisse executives, UBS global head of Wealth management, Iqbal Khan has reportedly said that Credit Suisse's India unit will be retained

UBS is likely to retain the Credit Suisse India unit, as per a report by Bloomberg. According to the report, the global head of wealth management at UBS, Iqbal Khan, met with Credit Suisse executives including the local lender&rsquo;s wealth head Puneet Matta in Singapore. Khan then reportedly told the Credit Suisse staff that the wealth business in India is likely to be retained.&nbsp;
UBS has ceased its services in India in 2019. With this decision the bank can re-enter the private wealth market. This also comes at a time, when the number of billionaires in India is continuing to rise.&nbsp;
UBS agreed to buy its rival Credit Suisse for $3.23 billion in stock last month, and assume up to $5.4 billion in losses. As per the Bloomberg report, Credit Suisse has just over 40 wealth management employees and around 7,000 overall employees in the country. India is the second largest market for Credit Suisse outside of Switzerland. As per MoneyControl, in recent months, UBS already hired several Credit Suisse private bankers in Singapore to target India&rsquo;s wealthy diaspora, including Gautam Anand, a managing director.

UBS, which is taking over Credit Suisse, has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, and may not necessarily continue with the deals Credit Suisse made in the past.

Roger Federer to Swiss football: Sports sponsorships face uncertain future after Credit Suisse collapse

From Roger Federer to Switzerland's national team, the takeover of Credit Suisse has left the sporting fraternity with a big question mark hanging over sponsorship deals.

#Sports #Switzerland #CreditSuisse

UBS, which is taking over Credit Suisse, has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, and may not necessarily continue with the deals Credit Suisse made in the past.

The takeover of Swiss bank Credit Suisse leaves many sports stars, teams and tournaments with a big question mark hanging over their lucrative sponsorship deals.
The Swiss national football team, the country's top football division, tennis great Roger Federer, golf star Sergio Garcia and Zurich's new stadium were all sponsored by the bank, which is being taken over by Swiss rival UBS.
The deal was hastily arranged on Sunday afer Credit Suisse's share price plunged.
Golf and equestrian events also relied on Credit Suisse money, as did the Swiss Sport Aid Foundation, which backs talented young athletes in minority sports.
"Our sponsorships reflect our passion for excellence, sustainability, and partnership," Credit Suisse boasts.
The Neue Zurcher Zeitung newspaper said that no matter how much Credit Suisse got embroiled in scandals or rejigged its strategies, "the bank has always been a reliable partner for sports".
"For the time being, we will continue our corresponding commitments unchanged," a Credit Suisse spokesman told AFP.
But UBS, which has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, may not necessarily continue with the deals.
Football focus Credit Suisse has been the main sponsor of the Swiss Football Association (SFA) governing body since 1993.
The men's national team, ranked 12th in the world, has enjoyed some of its best years since the bank came on board.
Having only appeared at one World Cup between 1966 and 2006, Switzerland have qualified for the last five World Cups, reaching the last 16 in four of those tournaments.
The contract runs until June 30 next year. It is worth around five million Swiss francs ($5.4 million) per year, according to Blick newspaper.
The Credit Suisse logo will stay on the national teams' training jackets and jerseys for as long as the bank exists, SFA spokesman Adrian Arnold said ahead of Saturday's Euro 2024 qualifier against Belarus.
"We had good discussions with our contacts at Credit Suisse, who assured us that the existing contracts would be honoured," Arnold said.
"We would like the partnership to continue thereafer, in whatever form."
Credit Suisse is also the main sponsor of Switzerland's bid to host the 2025 women's European Championships, and the takeover comes shortly before the hosting decision is due on April 4.
The bank is the title sponsor of the Super League, Switzerland's 10-team top football division, including well-known clubs like Young Boys, Grasshopper, FC Zurich and FC Basel.
Blick said the contract runs until 2025 and is worth around eight million Swiss francs ($8.7 million) per season.
Money goes into every club as well as the tournament, with the bank's name appearing on all team strips and on advertising boards around the stadiums.
In 2019, the bank won the naming rights for a proposed new football stadium in Zurich, where Grasshopper and FC Zurich are expected to play.
But the planned "Credit Suisse Arena" has faced delays. It was due to open in mid-2022, but little progress has been made and its future now seems even more uncertain.
Roger Federer Federer is by far the biggest name associated with Credit Suisse.
Although Switzerland's greatest sports star retired in September, he remains a brand ambassador for Credit Suisse. The bank was on board for his transition into a post-tennis career, saying: "We look forward to many more years together".
Federer has a host of other sponsors he can fall back on, including Rolex, Lindt, Mercedes-Benz and Moet et Chandon.
Credit Suisse also sponsors the Federer-instigated Laver Cup, which features six top men's tennis players from Europe against six from the rest of the world, captained by Bjorn Borg and John McEnroe.
The Laver Cup did not respond when contacted by AFP.
 Sponsors leave, others arrive In golf, Credit Suisse sponsored the European Masters golf tournament in Crans-Montana and Spanish former world number two Garcia, who won the 2017 Masters.
European Masters tournament director Yves Mittaz said the contract runs until the 2024 tournament so the event is not at risk.
"There is no reason to panic," he told the Tribune de Geneve newspaper.
"That's the business of sport: sponsors leave, others arrive."
In equestrianism, Credit Suisse is a main sponsor of the Concours Hippique International de Geneve and White Turf in St. Moritz, a glitzy exclusive event featuring horse racing on a frozen lake.
Also read: <a href="https://www.editorji.com/sports-news/football/cristiano-ronaldo-on-the-verge-of-creating-another-world-record-1679553591987">Cristiano Ronaldo on the verge of creating another WORLD RECORD</a>

Last three months of 2022, credit card balances in the U.S. increased $61 billion to $986 billion, surpassing the pre-pandemic high of $927 billion, according to the Federal Reserve Bank of New York 

Credit card debt in US at record high; here's why

Last three months of 2022, credit card balances in the U.S. increased by $61 billion to $986 billion, surpassing the pre-pandemic high of $927 billion, according to the Federal Reserve Bank of New York&nbsp;

Amid the Federal Reserve raising interest rates once again by 25 bps, credit card debt in the U.S has climbed to a record high.
The Fed's interest rate increases are meant to fight inflation, but they've also led to higher annual percentage rates (APRs) for people with credit card debt, which means they pay more in interest.
With inflation still high, people are leaning on their credit cards more for everyday purchases.
&ldquo;It's the economy, inflation, gas prices, and food costs,&rdquo; said Lance DeJesus, 46, kitchen manager at the Golden Corral in York, Pennsylvania.

Under intense pressure from Swiss officials, UBS, the largest bank in Switzerland, issued bail-in bonds on Friday, two days before assuming control of the nation's troubled second-largest bank.

UBS buying back bonds issued before Credit Suisse takeover

Under intense pressure from Swiss officials, UBS, the largest bank in Switzerland, issued bail-in bonds on Friday, two days before assuming control of the nation's troubled second-largest bank.

In a bid to reassure investors, UBS said that it will buy bonds issued shortly before taking over the crisis-hit Credit Suisse.
UBS, Switzerland's biggest bank, issued bail-in bonds on Friday, two days before taking over Credit Suisse, in a deal orchestrated by the Swiss regulators.&nbsp; As per a Bloomberg report, Switzerland&rsquo;s biggest bank invited holders of $3 billion of its senior bonds to sell them back after acquisition in an effort to calm concerns over the risks of the deal. UBS said the buy-back offer is open until April 4.
While shareholders have cheered UBS picking up its rival at a very cheap price, its bond prices have dropped in recent days and credit ratings companies have lowered their outlook on the bank&rsquo;s debt.&nbsp;
Bail-in bonds are financial instruments that may banks may unilaterally convert into equity in times of crisis to absorb losses.
&nbsp;

After the UBS-Credit Suisse merger, role rationalisation may lead to job losses at India-based tech centres. Both offices together employ 14,000 employees across 3 cities in India

UBS-Credit Suisse Merger: Thousands of Indian jobs at risk

After the UBS-Credit Suisse merger, role rationalisation may lead to job losses at India-based tech centres. Both offices together employ 14,000 employees across 3 cities in India

Thousands of Indian jobs could be at risk following the takeover of Credit Suisse by UBS. Employees working at the banks' technology offices in India may lose their jobs, reported The Economic Times.&nbsp;
Both companies together have 14,000 employees in the technology wing across three cities in India. Many of these jobs will be impacted when UBS starts rationalising its roles and focuses on cost reduction, especially those working at Credit Suisse.&nbsp;
However, Business Standard has reported that Credit Suisse's banking employees in India could benefit from the takeover. The report has claimed that since UBS has smaller operations in India, it is likely to retain most of Credit Suisse's banking employees.
In a deal orchestrated by regulators, banking giant UBS is buying crisis-hit Credit Suisse for almost $3.25 billion. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers.
The UBS-Credit Suisse deal is likely to be completed by the end of 2023.

In a tweet, Kotak Bank CEO, Uday Kotak highlighted the importance of risk-return assessments, saying that UBS' takeover of Credit Suisse is a signal for all bankers. 

'A signal for bankers', Uday Kotak on UBS takeover of Credit Suisse

"A signal for bankers", Uday Kotak on UBS takeover of Credit Suisse

In a tweet, Kotak Bank CEO, Uday Kotak highlighted the importance of risk-return assessments, saying that UBS' takeover of Credit Suisse is a signal for all bankers.&nbsp;

Veteran banker and CEO of Kotak Mahindra Bank reacted to UBS' takeover of Credit Suisse. Underscoring the importane of risk-return assessment, he said that this development was a signal for all bankers and stakeholders not to become obsessed with "size".&nbsp;
"Credit Suisse sold to UBS for 3 bn $. 60%discount to stock value at Friday closing. ~600 bn $ balance sheet sold for 3 bn $ equity value. 17 bn $ of AT1 bonds written off. A signal for all bankers and stakeholders, when risk return matrix is overtaken by obsession with size", tweeted Kotak.&nbsp;
Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system.
Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers.&nbsp;

Credit Suisse, the country's second-largest bank, has been in turmoil for two years and was one of 30 global financial institutions considered too big to fail 

Credit Suisse’s 9,000 job cuts predicted amid crisis

Credit Suisse, the country's second-largest bank, has been in turmoil for two years and was one of 30 global financial institutions considered 'too big to fail'&nbsp;

Even though banking giant UBS is buying troubled rival Credit Suisse for almost $3.25 billion, there are reports that the Swiss lender was in the process of cutting 9,000 jobs in an effort to save itself.
According to Bloomberg, that&rsquo;s only the beginning. After rival UBS Group agreed to buy the troubled bank, the final number of job cuts could be much higher.&nbsp;
The merger creates significant overlaps. The two lenders together employed almost 125,000 people at the end of last year, with about 30% of the total in Switzerland.
Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank's customers. Shares of Credit Suisse and other banks plunged last week after the failure of two banks in the US sparked concerns about other potentially shaky institutions in the global financial system.
Credit Suisse is among the 30 financial institutions known as globally systemically important banks, and authorities worried about the fallout if it were to fail.

In an attempt to prevent further market-shaking turmoil in the global banking system, banking giant UBS is purchasing troubled rival Credit Suisse for almost $3.25 billion.

UBS to buy Credit Suisse for nearly $3.25B to calm turmoil

UBS set buy Credit Suisse for nearly $3.25Bn

In an attempt to prevent further market-shaking turmoil in the global banking system, banking giant UBS is purchasing troubled rival Credit Suisse for almost $3.25 billion

Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system.
Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers.&nbsp;
Following news of the Swiss deal, the world's central banks announced coordinated financial moves to stabilize banks in the coming week. This includes daily access to a lending facility for banks looking to borrow US dollars if they need them, a practice which widely used during the 2008 financial crisis. Three months after Lehman Brothers collapsed in September of 2008, such swap lines had been tapped for USD 580 billion.
As part of the deal, approximately 16 billion francs (USD 17.3 billion) in Credit Suisse bonds will be wiped out. European bank regulators use a special type of bond designed to provide a capital cushion to banks in times of distress. But these bonds are designed to be wiped out if a bank's capital falls below a certain level, which was triggered as part of this government-brokered deal.
Many of Credit Suisse's problems are unique and do not overlap with the weaknesses that brought down Silicon Valley Bank and Signature Bank, whose failures led to a significant rescue effort by the Federal Deposit Insurance Corp. and the Federal Reserve. As a result, their downfall does not necessarily signal the start of a financial crisis similar to what occurred in 2008.
The deal capped a highly volatile week for Credit Suisse, most notably on Wednesday when its shares plunged to a record low after its largest investor, the Saudi National Bank, said it wouldn't invest any more money into the bank to avoid tripping regulations that would kick in if its stake rose about 10%.&nbsp;

The proposed class action accuses Credit Suisse of deceiving investors by failing to disclose that it was suffering from "significant" customer outflows

US shareholders of Credit Suisse sue the bank over finances, controls

The proposed class action accuses Credit Suisse of deceiving investors by failing to disclose that it was suffering from "significant" customer outflows

Amid the crisis the Credit Suisse has been facing, U.S. shareholders of Credit Suisse Group sued the Swiss bank on Thursday, claiming that the bank defrauded them by concealing problems with its finances.
According to reports, the proposed class action accuses Credit Suisse of deceiving investors by failing to disclose that it was suffering from "significant" customer outflows, and that it had material weaknesses in its internal controls over financial reporting.
As per reports, Credit Suisse declined to comment on the lawsuit, which was filed in federal court in Camden, New Jersey. Chief Executive Ulrich Koerner and Chair Axel Lehmann are among the other defendants.
The law firm representing the shareholders led by Braden Turner, was also first to file shareholder lawsuits against Silicon Valley Bank parent SVB Financial Group and Signature Bank. Regulators seized both of those banks within the last week. Crisis-hit Credit Suisse regained some market confidence on Thursday after securing a lifeline to borrow up to $54 billion from Switzerland's central bank.

Credit Suisse owns more than 200 billion rupees ($2.4 billion) of assets in India, making it the 12th largest offshore lender, according to Jefferies

RBI keeping a close eye on Credit Suisse crisis 

Credit Suisse owns more than 200 billion rupees ($2.4 billion) of assets in India, making it the 12th largest offshore lender, according to brokerage Jefferies

Even though the Switzerland's second-biggest bank, Credit Suisse rallied on the stock market on Thursday after grabbing a $54 billion central bank lifeline in a bid to restore investor confidence, as per reports&nbsp; India's Reserve Bank is keeping tabs on developments related to Credit Suisse bank. &ldquo;Given the relevance of Credit Suisse to India&rsquo;s banking sector, we see softer adjustments in assessment of counter-party risks, especially in the derivative market,&rdquo; according to analyst Prakhar Sharma of Jeffries.
Beleaguered Swiss bank Credit Suisse is one of the top 15 foreign banks in India and owns assets worth more than Rs 20,000 crore, as per a note by Jefferies.
As per the financial service provider Jefferies, 70 per cent of Credit Suisse's assets are held in the form of government securities. Moreover, its off-balance sheet items are seven times its total assets.
Sharma expects the nation&rsquo;s central bank to watch for liquidity issues and counter-party exposure, and intervene as necessary. He sees institutional deposits moving more toward larger and quality banks in India.

After plunging over 30% on Wednesday, shares of Credit Suisse saw a massive spike after a $54 billion lifeline. In a statement, Credit Suisse said it would exercise an option to borrow up to 50 billion Swiss francs from the Swiss National Bank 

Credit Suisse shares spike sharply after $54 billion lifeline 

After plunging over 30% on Wednesday, shares of Credit Suisse saw a massive spike after a $54 billion lifeline for the bank from the Swiss National Bank 

After plunging over 30% on Wednesday, shares of Credit Suisse saw a massive spike after a $54 billion lifeline for the bank from the Swiss National Bank&nbsp;

Crisis-hit Credit Suisse has been struggling and facing extreme volatility amid doubts over its financial stability.....until the Swiss central bank stepped in, throwing the bank a massive $54 billion lifeline.
In a statement on Thursday (16th March), Credit Suisse said it is "taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank up to CHF 50 billion under a Covered Loan Facility as well as a short-term liquidity facility, which are fully collateralized by high quality assets."&nbsp;
On Wednesday, shares of Credit Suisse plummeted to a new all-time low over worries about a contagion effect of the U.S banking crisis.&nbsp; To calm fears, the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank issued a joint statement. The statement said that the U.S banking crisis did not pose a direct contagion risk for the Swiss financial markets. Specifically, on Credit Suisse, the statement said that the bank meets the capital and liquidity requirements and that if necessary, SNB would provide CS with liquidity. Following the lifeline that was thrown to Credit Suisse, shares of other major European banks, which had also plunged on Wednesday, saw a strong recovery on Thursday.&nbsp;

Even after cutting costs and jobs to revive its fortunes, swiss banking giant posted its biggest annual loss since the 2008 financial crisis 

Credit Suisse faces biggest loss since 2008 financial crisis 

Even after cutting costs and jobs to revive its fortunes, swiss banking giant posted its biggest annual loss since the 2008 financial crisis&nbsp;

Credit Suisse shares plunged nearly 15 percent on Thursday as the Swiss banking giant posted its biggest annual loss since the 2008 financial crisis -- and warned it expects to stay in the red in 2023.
Switzerland's second-biggest bank, which unveiled a dramatic restructuring plan in October, reported a net loss of 7.3 billion Swiss francs ($7.9 billion) for 2022.
It was the worst yearly set of results for the scandal plagued Zurich-based lender since it shed more than eight billion Swiss francs during the global financial crisis 15 years ago.

credit suisse

Categories