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The Latest Breaking News from UBS

Credit Suisse rescue receives initial snub from Swiss parliament

Switzerland's parliament on Tuesday failed to approve the 109 billion Swiss francs ($120.5 billion) of financial guarantees used to rescue Credit Suisse last month, in a first-round vote that was largely symbolic given the state had committed the funds.

Reuters

The strange case of SVB Capital

Hundreds of pages of bankruptcy filings reviewed by Term Sheet outline the bizarre limbo the VC unit finds itself in.

Fortune

Credit Suisse failure 'would have crashed Swiss economy'

GENEVA: Switzerland’s finance minister says the country’s economy probably would have collapsed had Credit Suisse gone bankrupt.

Bangkok Post

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The Swiss banking giant that just took over Credit Suisse isn’t afraid of empty office buildings. A wave of defaults doesn’t mean a tsunami, it says

Commercial real estate “headlines are worse than reality,” wrote UBS analysts in a report published on Thursday.

Fortune

‘Too big to fail’ cannot be a licence to behave badly

City Voices: Time to get tough with the big banks

Evening Standard

Swiss cut up to $66M in bonuses for top Credit Suisse execs

The Swiss government says it’s ordered cuts to the bonuses of top executives of Credit Suisse worth tens of millions combined as the troubled bank heads toward a forced merger with rival UBS

The Independent UK

UBS bosses urged to avoid job cuts and hikes in their pay after Credit Suisse deal

Shareholders line up at AGM to criticise creation of $5tn mega-bank after takeover of smaller rival

The Guardian - UK

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Swiss regulators defend rescue of Credit Suisse via UBS deal

The head of the Swiss financial regulator has defended the rescue of Credit Suisse through a controversial takeover by rival bank UBS as the best solution with least risk of spreading a wider crisis and severe damaging Switzerland’s standing as a financial center

The Independent UK

Treasury and business department postpone meetings with CBI after sexual misconduct claims – as it happened

Talks between Royal Mail and union end without a deal; UBS faces investors over merger with Credit Suisse

The Guardian - UK

‘I am truly sorry’: Credit Suisse chairman grovels with police security at his side as he apologizes for wiping out billions in shareholder value

“I apologize that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you,” Axel Lehmann said at the bank’s final shareholder meeting.

Fortune

Financial turmoil will be felt for years, says JP Morgan boss

Jamie Dimon says downfalls of Silicon Valley Bank and Credit Suisse have undermined confidence

The Guardian - UK

Furious Credit Suisse investors say bank’s board should be ‘put behind bars’

Shareholders lash out during final AGM as boss apologises for crisis that led to takeover of lender by UBS

The Guardian - UK

Credit Suisse shareholders get last crack at annual meeting

Once-venerable Credit Suisse could be heading into a firestorm as shareholders meet for what is shaping up to be their last crack at managers

The Independent UK

Delaying NatWest share sales doesn’t matter. Just get the best price

A formal date can concentrate minds, yet the priority must be the achievement of value for the public purse

The Guardian - UK

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The Independent UK

Swiss prosecutors probe Credit Suisse ahead of UBS takeover

The Swiss attorney general’s office says it has opened a probe into the events surrounding embattled bank Credit Suisse, which is to be taken over by rival UBS

Bangkok Post

Rebalance your portfolio

Investors have been keeping an eye on assets offering a decent return this year amid global market volatility and an economic slowdown.

The Guardian - UK

Switzerland’s attorney general to investigate Credit Suisse takeover

Inquiry to focus on whether emergency state-backed UBS takeover breached criminal law

The Independent UK

Credit Suisse takeover hits heart of Swiss banking, identity

Analysts say the UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center

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Fortune

'Stakeholderism' is a reaction to rising statism

The UBS-Crédit Suisse merger is a very Swiss tale–but it shows how governments are reclaiming power over the economy.

The Independent UK

Asia stocks mostly rise after Wall St rally, bank fears ease

Asian shares are mostly higher following a rally on Wall Street as worries over banks following the collapses of several lenders in recent weeks recede

Financial Times

How rising interest rates are exposing bank weaknesses

Recent collapses in US and Europe highlight new threats to lenders and upend conventional wisdom

Chicago Sun-Times

Credit Suisse violates deal on rich clients’ tax evasion

The Senate Finance Committee finds that troubled Credit Suisse failed to report secret accounts held by U.S. citizens trying to avoid paying taxes.

Barchart

Stocks Rally as Risk Appetite Returns

What you need to know… The S&P 500 Index ($SPX ) (SPY ) Wednesday closed up +1.42%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +1.00%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed up +1.87%. Stock indexes Wednesday rallied moderately as waning banking concerns...

France 24

US accuses Credit Suisse of violating tax evasion deal

US lawmakers say the embattled bank Credit Suisse has violated the terms of a plea deal related to tax evasion. A two-year investigation suggests the lender has continued to conceal the bank accounts of wealthy Americans. Meanwhile, UBS has brought back former CEO Sergio Ermotti to lead its takeover of…

Barchart

Strength in Tech Stocks Boosts Market Sentiment

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.99%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.66%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.36%. U.S. stock indexes this morning are moderately higher. Strength...

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