creditsuisse
The Swiss National Bank announced on Thursday morning that it would be cutting interest rates to 1.25%, a further decrease of 25 basis points. This is mainly due to the central bank anticipating that although inflation did increase slightly in April, coming up to 1.4% in May, it is now expected to come down to about 1.3% for the rest of the year, as inflationary pressures reduce. Furthermore, if interest rates remain constant at 1.25%, the central bank also conditionally expects inflation in 2025 to touch 1.1% and in 2026 to come down once more to 1%. Regarding their interest rate decision tod...
Euronews (English)
UBS has offered to repay former Credit Suisse customers funds that were invested in Greensill Capital, a firm that collapsed in 2021. $900 million (€840 million) has been set aside for the compensation, and investors will be able to recoup 90% of the value of their lost assets. The offer will remain open until the end of July. UBS has been working to mop up Credit Suisse's legacy since it acquired the lender one year ago. The collapse of the rival bank was largely brought on by the failure of supply chain financing firm Greensill Capital, which accounted for funds worth $10 billion (€9.3 billi...
Euronews (English)
Swiss bank UBS AG has announced a restructuring of its board ahead of its merger with Credit Suisse. The merger takes place on May 31, 2024. The changes are subject to final regulatory approval and effective mostly from July 1, 2024, UBS said on Thursday. Iqbal Khan would assume the role of president of UBS Asia-Pacific, effective September 1, and become co-president of global wealth management. Rob Karofsky would become president of UBS Americas and co-president of global wealth management. George Athanasopoulos and Marco Valla would join as co-presidents of the investment bank. Damian Vogel ...
DPA International
Swiss bank UBS AG has announced a restructuring of its board ahead of its merger with Credit Suisse. The merger takes place on May 31, 2024. The changes are subject to final regulatory approval and effective mostly from July 1, 2024, UBS said on Thursday. Iqbal Khan would assume the role of president of UBS Asia-Pacific, effective September 1, and become co-president of global wealth management. Rob Karofsky would become president of UBS Americas and co-president of global wealth management. George Athanasopoulos and Marco Valla would join as co-presidents of the investment bank. Damian Vogel ...
DPA Breaking News
Swiss bank UBS AG has announced a restructuring of its board ahead of its merger with Credit Suisse. The merger takes place on May 31, 2024. The changes are subject to final regulatory approval and effective mostly from July 1, 2024, UBS said on Thursday. Iqbal Khan would assume the role of president of UBS Asia-Pacific, effective September 1, and become co-president of global wealth management. Rob Karofsky would become president of UBS Americas and co-president of global wealth management. George Athanasopoulos and Marco Valla would join as co-presidents of the investment bank. Damian Vogel ...
DPA
UBS, a major Swiss bank, posted a 71% increase in its first quarter net profits, bringing its gains up from last year's $1.03 billion to $1.76 billion. Earnings per share were $0.52, up from prior year's $0.32. Operating profit before tax was $2.38 billion, compared to $1.50 billion a year ago. Underlying profit before tax was $2.62 billion, compared to $1.57 billion last year. Total reported revenues reached $12.74 billion, 46% higher than $8.74 billion in the prior year. Group underlying revenues were $12.0 billion. The company said it aims to achieve around $1.5 billion in gross cost saving...
DPA International
UBS, a major Swiss bank, posted a 71% increase in its first quarter net profits, bringing its gains up from last year's $1.03 billion to $1.76 billion. Earnings per share were $0.52, up from prior year's $0.32. Operating profit before tax was $2.38 billion, compared to $1.50 billion a year ago. Underlying profit before tax was $2.62 billion, compared to $1.57 billion last year. Total reported revenues reached $12.74 billion, 46% higher than $8.74 billion in the prior year. Group underlying revenues were $12.0 billion. The company said it aims to achieve around $1.5 billion in gross cost saving...
DPA
UBS, a major Swiss bank, posted a 71% increase in its first quarter net profits, bringing its gains up from last year's $1.03 billion to $1.76 billion. Earnings per share were $0.52, up from prior year's $0.32. Operating profit before tax was $2.38 billion, compared to $1.50 billion a year ago. Underlying profit before tax was $2.62 billion, compared to $1.57 billion last year. Total reported revenues reached $12.74 billion, 46% higher than $8.74 billion in the prior year. Group underlying revenues were $12.0 billion. The company said it aims to achieve around $1.5 billion in gross cost saving...
DPA Breaking News
By Mohammed Kudrati The Reserve Bank of India [RBI] today kept its benchmark policy repo range unchanged at 6.5% for the first time after six bi-monthly rate hikes since 2022. This move was voted on unanimously at the bi-monthly meeting its six-member Monetary Policy Committee. In his address, Governor Shaktikanta Das, however, said that the RBI would be ready to adapt to any circumstances and said that the pause was for this meeting only. "Let me emphasise that the decision to pause on the repo rate is for this meeting only", he said. He explained this pause by citing financial turbulence abr...
BOOM Live
By Mohammed Kudrati The collapse of five banks over 12 days has caused shockwaves throughout global financial markets. These five banks are spread across the United States and Europe. There is little to link them directly, except the general trends of central banks raising interest rates to combat inflation and COVID-19 pandemic-era easy money policies. However, their near simultaneous troubles have led to regulators across the globe hurriedly taking measures to prevent further crisis. Though not all of these five banks have failed, and a larger domino effect is yet to be observed; the pace of...
BOOM Live
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