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UBS in August said that it would axe 3,000 jobs in Switzerland alone after swallowing up its stricken rival Credit Suisse. The headcount is likely to be reduced via five rounds of job cuts from June to November this year

UBS Layoffs: Job cuts to start late this year in Switzerland, says CEO

<h2>UBS in August said that it would axe 3,000 jobs in Switzerland alone after swallowing up its stricken rival Credit Suisse. The headcount is likely to be reduced via five rounds of job cuts from June to November this year</h2>

UBS CEO Serigio Ermotti has said that the majority of job cuts in its home market Switzerland will start late this year and will extend into 2025, 2026. As per Reuters, the UBS CEO said the cuts are not something the bank sees as "imminent" and that in the next months it will need "more resources to really manage the very complex integration process."
<h3>Layoffs by UBS</h3>
In August, the bank had said that it would axe 3,000 jobs in Switzerland alone after swallowing up its stricken rival Credit Suisse. The bank expects that this move will help UBS make significant cost savings.
As per media reports, UBS is mulling to reduce the headcount via five rounds of job cuts from June to November this year. As UBS first quarter results, the bank employed 11,549 full time employees which was a net decrease of 1,293 compared to end-2023.
Also Watch: <a href="https://www.editorji.com/business-news/tesla-layoffs-ev-maker-likely-to-further-downsize-6700-jobs-in-software-services-team-likely-to-be-cut-1715086088136">Tesla layoffs: EV maker likely to further downsize, 6700 jobs in software, services team likely to be cut</a>

UBS' employee count increased by around 45,000 to about 120,000 employees after the emergency acquisition of Credit Suisse and the bank is aiming to achieve approximately $6 billion in staff cost savings in the upcoming years

UBS to slash additional jobs following take over of Credit Suisse

<h2>UBS' employee count increased by around 45,000 to about 120,000 employees after the emergency acquisition of Credit Suisse and the bank is aiming to achieve approximately $6 billion in staff cost savings in the upcoming years</h2>

Banking giant UBS Group AG has been reducing its workforce following the take over of Credit Suisse. The bank is planning another round of layoffs that is expected to impact over a hundred roles, reported Bloomberg. The report further noted that &nbsp;job losses are foreseen in the wealth management and markets sectors.
<h3>Job cuts by UBS</h3>
The job cuts are slated to occur in the upcoming weeks, unlike the routine performance-based adjustments. However, Bloomberg noted that the timing of the layoffs could change as they are not final.
UBS' employee count increased by around 45,000 to about 120,000 employees after the emergency acquisition of Credit Suisse. Currently, the bank aims to achieve approximately $6 billion in staff cost savings in the upcoming years.
Earlier in January, UBS let go of a group of senior investment bankers and also downsized its staff in the Asia private wealth and investment banking sectors. The bank has shown limited interest in Credit Suisse's investment banking segment since the government-brokered acquisition.
The shares of UBS has also come down following reports of Swiss government proposals to heighten regulatory capital requirements for the bank
Also watch: <a href="https://www.editorji.com/business-news/hsbc-to-cut-20-more-investment-banking-roles-in-asia-report-1713355281453">HSBC to cut 20 more investment banking roles in Asia: Report</a>
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UBS anticipates a positive shift in Reliance Industries' earnings trajectory after consecutive downward revisions of 19% and 27% over the past two years

UBS expects Reliance Industries' share price to surge to this level...

<h2>UBS anticipates a positive shift in Reliance Industries' earnings trajectory after consecutive downward revisions of 19% and 27% over the past two years</h2>

Swiss brokerage firm UBS has revised its price target on Reliance Industries Ltd, the prominent constituent of the Nifty 50 index and headed by Mukesh Ambani, from 3,000 rupees to 3,400 rupees per share. The firm has reaffirmed its "buy" recommendation for the conglomerate. UBS anticipates a positive shift in Reliance Industries' earnings trajectory after consecutive downward revisions of 19% and 27% over the past two years. The brokerage has also increased revenue and EBITDA estimates for the core retail business by 1% and 4% and 1% and 6% respectively over the financial year 2024 - 2026 due to a gradual improvement in discretionary spending, favourable raw material prices and a focus on driving premium products in grocery stores. &nbsp; "Reliance Retail is well placed to tap India&rsquo;s long-term retail opportunity given its retail expansion, differentiated product portfolio, and launch of consumer-centric formats," UBS wrote in its note. &nbsp; UBS also expects Reliance Industries to reduce its debt by nearly $10 billion over the next two years as better earnings could generate enough cash to fund capex.&nbsp;

UBS Q3 2023 Results: UBS group reports a loss of $785M in the 3rd quarter of 2023 due to Credit Suisse integration, the first since 2017. Check here for more details.

UBS Q3 2023 Results: UBS posts first quarterly loss since 2017 amid Credit Suisse merger: $785 mn deficit in Q3

UBS reports Q3 loss of $785M due to Credit Suisse integration, the first since 2017. Despite challenges, the bank's wealth management business with $22B in net new money

UBS posts first quarterly loss since 2017 amid Credit Suisse merger: $785 mn deficit in Q3

<h2>UBS reports Q3 loss of $785M due to Credit Suisse integration, the first since 2017. Despite challenges, the bank's wealth management business with $22B in net new moneyer</h2>

UBS Q3 2023 Results: UBS posted a larger-than-expected loss in the third quarter on Tuesday, the first quarterly drop since 2017 as it integrated Credit Suisse after taking over its fallen Swiss banking rival.
Switzerland's largest bank said the net loss in the third quarter stood at $785 million. Analysts surveyed by the AWP news agency had been expecting a smaller loss of $430 million. The last time it was in the red was in the fourth quarter of 2017.
UBS, however, said that it had "now stabilized Credit Suisse and continued to grow our franchise" as it raked in $22 billion in net new money into its wealth management business in the quarter.
UBS was strong-armed by Swiss authorities into buying Credit Suisse for $3.25 billion in March over concerns that its domestic rival could go under and spark a global financial crisis.
At the time, investors had gasped at the risks UBS was taking on with the purchase.
But by August, the bank said it would not need the billions in support offered by the Swiss government and central bank to offset any surprises that might pop up in its stricken rival's accounts.
UBS said that the third quarter included integration-related expenses of $2 billion between July and September.
The bank said it had offered $500 million to "selected employees" of Credit Suisse prior to the acquisition in order to convince them to stay on board.
"We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the Group in the first full quarter since the acquisition," UBS Chief Executive Officer Sergio Ermotti said in a statement.
<h3>UBS Q3 Results 2023: Clear progress</h3>
The bank reported an underlying profit before tax of $800 million. Credit Suisse posted a positive inflow of net new money for the first time since the first quarter of 2022 at $3 billion.
UBS also said net new deposits totaled $33 billion, with $22 billion coming from Credit Suisse clients.
"UBS has made clear progress since the close of the deal, but it continues to face a huge task," said Andreas Venditti, an analyst at Vontobel wealth management firm.
The challenges include retaining clients and key staff along with deep restructuring and cost-cutting, he said.
"This will require significant time and management attention," Venditti said.
UBS said in August it plans to fully absorb Credit Suisse's century-old Swiss division and slash 3,000 jobs across the country.
It aims to complete most of the integration by the end of 2026, with more than $10 billion in cost savings by then.
Also Watch: <a href="https://www.editorji.com/business-news/ubs-to-cut-35-000-jobs-after-credit-suisse-rescue-takeover-report-1687944498446">UBS to cut 35,000 jobs after Credit Suisse rescue takeover: report</a>

While expressing growing concerns about the bank's future performance, UBS has predicted that return ratios will likely peak in FY24 and expect a decline in FY25

UBS downgrades SBI rating to Sell; target price cut to Rs 530

<h2>While expressing growing concerns about the bank's future performance, UBS has predicted that return ratios will likely peak in FY24 and expect a decline in FY25</h2>

SBI Ratings:&nbsp;For the first time, brokerage firm UBS has downgraded SBI's rating from Buy to Sell. UBS has also cut the target price from Rs 740 to Rs 530, indicating their bearish outlook on the bank's stock performance.
<h3>Why Sell Rating?</h3>
While expressing growing concerns about the bank's future performance, UBS said that SBI's best financial metrics may already be in the rearview mirror. They predict that return ratios will likely peak in FY24 and expect a decline in FY25.
UBS has forecasted that SBI's credit costing will increase in FY25 due to rise in retail loan delinquencies, particularly in the unsecured loan segment. As per the brokerage firm, the credit cost may go up to 85 bps in FY25, compared to 56 bps in FY23 and their previous estimate of 65 bps for FY24.
The analysts also anticipate the SBI margin to be capped near current levels mainly due to factors such as rising credit costs and a challenging economic environment. As per UBS, the expectations are that SBI's Return on Assets (ROA) and Return on Equity (ROE) will moderate to 0.72% and 11.7%, respectively.
"SBI's Common Equity Tier 1 (CET1) capital ratio stands at 10.8%, leaving limited room for manoeuvre in the event of regulatory tightening," UBS said
<h3>SBI Shares</h3>
Meanwhile, SBI shares fell about 2% after the opening and is trading 7% below its 52-week high. However, UBS has also noted that the stock had outperformed the broader banking index by approximately 33% since February 2020

UBS Group is trimming hundreds of wealth management roles in Asia, reacting to slower client activity and China's economic challenges post-merger with Credit Suisse. The bank has already cut overlapping positions and plans further reductions by Novem

UBS plans substantial job cuts in Asian wealth management division amid sluggish activity

UBS Group is trimming hundreds of wealth management roles in Asia, reacting to slower client activity and China's economic challenges post-merger with Credit Suisse. The bank has already cut overlapping positions and plans further reductions by November, mainly impacting relationship managers in Hong Kong and Singapore

The bank has already cut overlapping positions and plans further reductions by November, mainly impacting relationship managers in Hong Kong and Singapore

UBS Group AG is taking action to streamline its operations in Asia, with plans to cut hundreds of wealth management jobs in response to sluggish client activity and China's economic slowdown. This move comes just months after the completion of its merger with Credit Suisse.
Sources familiar with the matter have revealed that Switzerland's largest bank has already reduced some overlapping roles in recent months, with further cuts anticipated through November.
While the exact number of job cuts has not been finalized, the bank is expected to eliminate several hundred positions, particularly within the teams acquired from Credit Suisse. These cuts will predominantly affect relationship managers in Hong Kong and Singapore. However, UBS intends to retain the majority of its private bankers in Australia and India for the time being.
UBS is grappling with subdued client sentiment and lower activity levels in the Asia-Pacific region. Hong Kong and Singapore, longstanding financial hubs for China's ultra-wealthy, have been impacted by this slowdown.
In the second quarter of this year, the bank's wealth management unit in the region reported a 9% decline in profit before tax compared to the same period last year.
Following the completion of its merger with Credit Suisse in June, UBS has set ambitious integration targets. These include cutting 3,000 domestic jobs and achieving over $10 billion in cost savings.
While these measures will have a significant impact, it is expected that they will only represent a fraction of the overall global workforce reductions planned by the bank. Also Watch: <a href="https://www.editorji.com/business-news/ubs-to-cut-35-000-jobs-after-credit-suisse-rescue-takeover-report-1687944498446">UBS to cut 35,000 jobs after Credit Suisse rescue takeover: report</a>

3,000 jobs are at risk as UBS is planning to fully absorb Credit Suisse's Switzerland division. The bank is hoping to save over $10 billion in cost once the integration gets completed by the end of 2026

UBS to absorb Credit Suisse domestic unit, eyes 3,000 job cuts in Switzerland

3,000 jobs are at risk as UBS is planning to fully absorb Credit Suisse's Switzerland division. The bank is hoping to save over $10 billion in cost once the integration gets completed by the end of 2026

Banking giant UBS said Thursday it plans to fully absorb Credit Suisse's century-old Swiss division and slash thousands of jobs across Switzerland, as it seeks to redress its recently-swallowed rival.
Switzerland's largest bank, which was strongarmed into a $3.25-billion takeover of its closest domestic rival in March to keep it from going under, said it aimed to complete most of the integration by the end of 2026, with more than $10 billion in cost savings by then.
"Two and a half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in history," UBS chief executive Sergio Ermotti said.
The announcement came as UBS posted its second-quarter income statement, presenting its first results since the mega-merger that rocked Swiss banking was finalised in June.
Analysts described the picture painted as positive, while investors also seemed enthused, sending UBS's share price soaring by almost five percent to open at 23.25 Swiss francs ($26.4).
The results were strong for UBS, which posted a towering net profit of $29.2 billion. Credit Suisse took a $10.1 billion loss over the same period.
<h2>Full integration</h2>
Credit Suisse had been plagued by scandals prior to the takeover, which was precipitated by fears that a crisis in regional US banks would cross the Atlantic.&nbsp;
Investors and employees alike have been particularly eager for any clues as to the fate of Credit Suisse's Swiss division, which was the unit that best withstood the multiple crises wracking the bank.
But questions have been rife over whether it could continue to operate independently due to the significant overlap with UBS's business in Switzerland.
The answer was no.
"Our analysis clearly shows that full integration is the best outcome for UBS, our stakeholders and the Swiss economy," Ermotti said.
"Our goal is to make the transition for clients as smooth as possible," he said.
"The two Swiss entities will operate separately until their planned legal integration for 2024 with the gradual migration of clients onto UBS systems expected to be completed in 2025."
Until then at least, UBS said it would maintain all of Credit Suisse's extensive sponsorship of sporting and other events and causes in Switzerland.
<h2>Job cuts 'unavoidable'&nbsp;</h2>
Speaking to analysts after the announcement, Ermotti acknowledged that the plan would lead to significant layoffs, but stressed that "cuts were unavoidable regardless of the selected scenario".
The decision to integrate Credit Suisse's business would result in "around 1,000 redundancies", he said, adding that the overall restructuring was "expected to lead to about 2,000 additional redundancies in Switzerland over the next couple of years".
Ermotti stressed that UBS was "committed to minimising the impact on employees", and would provide financial support and retraining opportunities to those affected.
They would also benefit from "a quite healthy Swiss job market", he said.
<h2>Credit Suisse suffers $10 bn loss&nbsp;</h2>
Ermotti also emphasised to analysts that UBS's analysis of Credit Suisse's business showed "the necessity of the decisive actions taken over the weekend" in March when Swiss authorities forced through the merger.
"It was not just a matter of liquidity drying up. Credit Suisse's business model, and business ... was deeply flawed, and its reputation severely damaged," he said.
"The bank was no longer in a position to continue on its own."
Even before the results were released, it was obvious the merger combined two banks pulling in diametrically different directions.
While Credit Suisse in recent years has been racking up towering losses, posting a massive 7.3-billion Swiss franc ($8.3 billion) net loss in 2022, UBS reported a $7.6 billion net profit.
And Thursday's announcement showed that Credit Suisse's woes had continued to pile up, with the former second largest bank in Switzerland showing a pre-tax loss of 8.9 billion Swiss francs ($10.1 billion) in the second quarter.
UBS meanwhile has continued to project strength, announcing earlier this month that it does not need the billions in support offered by the Swiss government and the central bank to go through with the takeover.
But its $29.2-billion profit in the second quarter was heavily distorted by the gigantic takeover, which brought with it a string of exceptional items, and was not comparable with the year-ago quarter.

UBS said that Credit Suisse Shares and American Depository Shares would be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE) after the merger

UBS likely to complete takeover of Credit Suisse by June 12: Report

UBS said that Credit Suisse Shares and American Depository Shares would be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE) after the merger

Multinational Investment bank UBS on Monday has said that it will complete the takeover of Credit Suisse as early as 12th June, reported Reuters. The merger would create a giant balance sheet of $1.6 trillion and will oversee assets worth around $5 trillion.
&ldquo;UBS expects to complete the acquisition of Credit Suisse by as early as 12 June 2023. At that time, Credit Suisse AG will be merged into UBS Group AG&rdquo;, said UBS in a statement that was accessed by Reuters. The biggest bank in Switzerland further added that Credit Suisse Shares and American Depository Shares would be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE). &nbsp;&nbsp;
After the merger is completed, Credit Suisse shareholders will get one UBS share for every 22.48 shares they held. UBS CEO Sergio Ermotti on Friday had warned of job cuts after the Credit Suisse takeover. However, as per Business Today, the bank is also looking to retain over 100 Credit Suisse Group investment bankers across Asia and employ around 1,20,000 people worldwide.
In a deal orchestrated by regulators, banking giant UBS is taking 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.

As per a regulatory filing with US authorities, UBS anticipates that the acquisition of struggling rival Credit Suisse will improve its revenue by close to $35 billion, although this is less than expected $57 billion in profit

UBS foresees $35 billion gain from Credit Suisse deal

As per a regulatory filing with US authorities, UBS anticipates that the acquisition of struggling rival Credit Suisse will improve its revenue by close to $35 billion, although this is less than expected $57 billion in profit

The state-brokered bailout of Credit Suisse, according to UBS, is expected to result in an accounting gain of $35 billion, which is less than some had anticipated. Separately, the bank also reported $17 billion in asset writedowns and litigation provisions, as per a report by Financial Times.&nbsp;
The Swiss lender provided its initial financial impact estimates for the merger, the largest bank deal since the financial crisis, for the first time in a US regulatory filing on Wednesday. The merger is estimated to take up to four years to complete due to its complexity.
Because it acquired its rival for a small portion of the book value of its assets, UBS claimed that it should record a $34.8 billion accounting gain on the acquisition. The $3.5 billion acquisition price is subtracted from the approximately $38 billion fair value of the net assets to arrive at the so-called "negative goodwill" amount.
Due to a number of reasons, including changes in the fair market value of assets, pension liabilities, and adjustments made because the two lenders used different accounting rules, this is less than the hypothetical $57 billion in profit it could have achieved.
Nevertheless, UBS will receive a paper profit from the negative goodwill, which it can use to offset the deal's multiple losses and integration expenses. Regulator Finma and the Swiss government controversially allowed the bank to write off $17.1 billion of new tier one bonds, which are convertible debt securities that have sparked litigation from investors.
According to the document, UBS will write down $13 billion of Credit Suisse's assets, reserve $4 billion for legal and regulatory expenses, and indicate that there will be an additional restructuring charge once the deal closes, as reported by Financial Times.

Credit Suisse reported that more over $68 billion had been taken out of it in the first three months of 2023, which are likely its last quarterly results before being absorbed by competitor UBS

Over $68 bn withdrawn from Credit Suisse ahead of UBS takeover

Credit Suisse reported that more over $68 billion had been taken out of it in the first three months of 2023, which are likely its last quarterly results before being absorbed by competitor UBS

More than $68 billion was withdrawn from Credit Suisse in the first three months of 2023, the bank said Monday in what are likely its final quarterly results before it is absorbed by rival UBS.
Switzerland's long-time second-largest bank saw 61.2 billion Swiss francs ($68.6 billion) withdrawn in the first quarter alone.
At the same time, the bank saw its net profit swell to 12.4 billion francs, up from a significant loss a year earlier, after holders of high-risk Credit Suisse debt were wiped out in the emergency takeover deal.
Investors had been eagerly awaiting the results as they seek clues to the magnitude of the challenges facing UBS, which was strongarmed last month by Swiss authorities into the mega merger.
Credit Suisse said the 'significant net asset outflows' were particularly heavy in the second half of March, as it was engulfed by panic prior to the hastily arranged takeover by its larger domestic competitor.
'These outflows have moderated but have not yet reversed as of April 24, 2023,' the bank said in its earnings statement.
Credit Suisse had suffered a string of scandals over several years, and after three US regional banks collapsed in March unleashing market panic, it was left looking like the weakest link in the chain.
Over the course of a nerve-wracking weekend, Swiss authorities organised an emergency rescue, pressuring UBS to agree to a $3.25-billion mega-merger on the evening of March 19.
Justifying the move to parliament earlier this month, Swiss President Alain Berset said that 'without intervention, Credit Suisse would have found itself, in all likelihood, in default on March 20 or 21'.
In 2022, Credit Suisse suffered a 7.3-billion-franc loss, with 110.5 billion francs in outflows in the final quarter alone.
That stood in stark contrast to the $7.6 billion profit raked in by UBS last year.
Monday's quarterly report will likely be Credit Suisse's last one, depending on how long it takes to finalise the merger with UBS, which will present its results Tuesday.

After completing its acquisition of Credit Suisse Group AG, UBS Group AG will reduce its workforce by 20% to 30%, eliminating up to 36,000 jobs globally, according to the Swiss newspaper Sonntagszeitung, which cited a top manager at UBS.

UBS to Cut Staff Up to 30%;  eliminating up to 36,000 jobs globally

After completing its acquisition of Credit Suisse Group AG, UBS Group AG is likely to reduce its workforce by 20% to 30%, eliminating up to 36,000 jobs globally, according to the Swiss newspaper Sonntagszeitung, which cited a top manager at UBS.
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UBS Group AG will reduce its workforce by 20% to 30% after completing its takeover of Credit Suisse Group AG, as reported by a local paper SonntagsZeitung. This comes at a time when Swiss prosecutors began gathering evidence as part of a potential criminal probe into the transaction.
According to the Swiss newspaper, which cited an unnamed senior manager at UBS, up to 11,000 workers will be laid off in Switzerland and another 25,000 globally. By the end of 2022, the two lenders together employed almost 125,000 people, with about 30% of them living in Switzerland.&nbsp;
The newspaper's estimate of layoffs dwarfs the 9,000 that Credit Suisse revealed prior to UBS's rescue of it. Given the significant overlap between the competitors, the ultimate total was predicted to be a multiple of that amount.&nbsp;
UBS has publicly stated that it will be as transparent as it can regarding employment cuts. Even though it was obvious that there would be large layoffs, the lender considers talent retention to be a significant execution risk for the takeover.

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>

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