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With this takeover, Credit Suisse's independent existance comes to an end after 167 years.




UBS completes the acquisition of Credit Suisse AG and announces executive changes

Dixit Joshi, the chief financial officer as well as Markus Diethelm, the executive council are among those who are leaving. With this takeover, Credit Suisse's independent existance comes to an end after 167 years.




Dixit Joshi, the chief financial officer as well as Markus Diethelm, the executive council are among those who are leaving. With this takeover, Credit Suisse's independent existance comes to an end after 167 years.
<h2>&nbsp;</h2>

UBS on Monday disclosed changes to the executive board of Credit Suisse AG in an internal memo that was distributed after the Swiss bank declared it had formally concluded the merger of its erstwhile rival.
Ulrich Koerner, CEO of the new UBS subsidiary Credit Suisse AG, wrote that departing personnel include Chief Financial Officer Dixit Joshi and General Counsel Markus Diethelm.
The message also stated that Andre Helfenstein, the head of Credit Suisse's domestic operations, will continue in his position along with a number of other new appointments. Impact of the acquision
With this acquisition, Credit Suisse's independent existence ends after 167 years. UBS, combined with Credit Suisse's staff is now set to operate with 120,000 employees.
Earlier, the Swiss newspaper Tages-Anzeiger reported that after the deal is closed, The giant bank could reduce its workforce by 20%-30%.
Post acquisition, Credit Suisse and its American Depositary Shares will be delisted from the New York Stock Exchange and SIX Swiss Exchange. Holders of Credit Suisse shares will get one UBS share for every 22.48 Credit Suisse shares held.
Background of the deal&nbsp;
Earlier in June the multinational Investment bank UBS had said that it will complete the takeover of Credit Suisse as early as 12th June. The merger is expected to create a giant balance sheet of $1.6 trillion.
In a deal orchestrated by regulators, banking giant UBS took over 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 ($54 billion) failed to reassure investors and the bank's customers.
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Credit Suisse chairman Axel Lehmann apologises for the bank's failure at the Annual general meeting

'Truly Sorry', says Credit Suisse chairman for bank failure

Credit Suisse chairman Axel Lehmann apologises for the bank's failure at the Annual general meeting

Credit Suisse chairman Axel Lehmann has apologised for the bank's failure. His apology came during what will be the bank's final annual general meeting. In an emotional speech, Lehmann apologised for taking the Swiss bank towards bankruptcy. He said that he had run out of time to turn the bank around, despite his belief 'until the beginning of the fateful week' that it could survive.&nbsp;
"I am truly sorry. I apologise that we were no longer able to stem the loss of trust", said Lehmann as he faced the wrath of the shareholders. The chairman added, "It is a sad day. For all of you, and us. The bitterness, anger, and shock of all those who are disappointed, overwhelmed, and affected by the developments of the past few weeks are palpable."&nbsp;
As per Business Today, the last AGM, which was organised in Zurich, marked the ignominious end for the 167-year-old flagship bank founded by Alfred Escher, a Swiss magnate affectionately dubbed King Alfred I, who helped build the country's railways and then the bank.
Followed by years of loss, Credit Suisse was in the verge of collapse, before UBS came to the rescue with a merger engineered and bankrolled by the Swiss authorities.
&nbsp;

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.

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.

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.

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.

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 bank

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