Credit Suisse

A Singapore court on Friday ordered Credit Suisse to pay an ex-Georgian prime minister $926 million for failing in its duty to safeguard his assets, in another blow to the fallen banking giant.

Among the many concerns over the new megabank created by the merger of UBS and the beleagured Credit Suisse is how it will affect jobs and competition in Switzerland's banking sector.

The US Federal Reserve called for greater banking oversight while admitting to its own failures in a widely-anticipated report published Friday into the collapse of Silicon Valley Bank (SVB) last month.

Tens of billions were withdrawn from Credit Suisse in the first three months of 2023, the bank's earnings report showed Monday, providing clues to the towering challenges ahead as UBS prepares an emergency takeover.

Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing.

The failure of banking giant Credit Suisse and its emergency takeover does not mean the downfall of Switzerland, President Alain Berset said Tuesday, insisting bankruptcy would have had disastrous consequences.

Before the merger, UBS and Credit Suisse had employed slightly more than 72,000 and 50,000 people, respectively.

Embattled Swiss banking giant Credit Suisse has failed to disclose more than $700 million in previously undeclared accounts since 2014, in violation of a plea deal with the US Department of Justice, a Senate committee said Wednesday.

Silicon Valley Bank is being largely acquired by another US lender in the latest fallout from three weeks of turbulence in the financial sector.

The chairman of Saudi National Bank, which was the main shareholder of Credit Suisse before its buyout this month, has resigned, a statement said on Monday.

Swiss financial regulator Finma is probing how to hold bosses at Credit Suisse to account following its emergency takeover by rival UBS, a media report said on Sunday.

UBS Group AG wealth boss Iqbal Khan is working the phones and criss-crossing the globe to thwart the potential loss of top Credit Suisse Group AG bankers and clients as competitors seek to exploit the turmoil surrounding the Swiss lender.

The speed at which depositors fled Silicon Valley Bank this month - withdrawing $42 billion in 24 hours - has left authorities confronting a new risk: the social media-driven bank run.

The Swiss government is "temporarily suspending" deferred remuneration granted in the years up to 2022, according to a statement Tuesday.

Global shares leapt on Tuesday after the rescue of Credit Suisse stemmed a rout in equities and whetted risk appetite, although financial system uncertainties limited buying as investors awaited the outcome of a Federal Reserve meeting.

A Singapore court on Friday ordered Credit Suisse to pay an ex-Georgian prime minister $926 million for failing in its duty to safeguard his assets, in another blow to the fallen banking giant.

Among the many concerns over the new megabank created by the merger of UBS and the beleagured Credit Suisse is how it will affect jobs and competition in Switzerland's banking sector.

The US Federal Reserve called for greater banking oversight while admitting to its own failures in a widely-anticipated report published Friday into the collapse of Silicon Valley Bank (SVB) last month.

Tens of billions were withdrawn from Credit Suisse in the first three months of 2023, the bank's earnings report showed Monday, providing clues to the towering challenges ahead as UBS prepares an emergency takeover.

Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing.

The failure of banking giant Credit Suisse and its emergency takeover does not mean the downfall of Switzerland, President Alain Berset said Tuesday, insisting bankruptcy would have had disastrous consequences.

Before the merger, UBS and Credit Suisse had employed slightly more than 72,000 and 50,000 people, respectively.

Embattled Swiss banking giant Credit Suisse has failed to disclose more than $700 million in previously undeclared accounts since 2014, in violation of a plea deal with the US Department of Justice, a Senate committee said Wednesday.

Silicon Valley Bank is being largely acquired by another US lender in the latest fallout from three weeks of turbulence in the financial sector.

The chairman of Saudi National Bank, which was the main shareholder of Credit Suisse before its buyout this month, has resigned, a statement said on Monday.

Swiss financial regulator Finma is probing how to hold bosses at Credit Suisse to account following its emergency takeover by rival UBS, a media report said on Sunday.

UBS Group AG wealth boss Iqbal Khan is working the phones and criss-crossing the globe to thwart the potential loss of top Credit Suisse Group AG bankers and clients as competitors seek to exploit the turmoil surrounding the Swiss lender.

The speed at which depositors fled Silicon Valley Bank this month - withdrawing $42 billion in 24 hours - has left authorities confronting a new risk: the social media-driven bank run.

The Swiss government is "temporarily suspending" deferred remuneration granted in the years up to 2022, according to a statement Tuesday.

Global shares leapt on Tuesday after the rescue of Credit Suisse stemmed a rout in equities and whetted risk appetite, although financial system uncertainties limited buying as investors awaited the outcome of a Federal Reserve meeting.