Tag: Credit Suisse

The loss protection agreement will remain in effect until either all assets covered by the guarantee are realised, or until terminated by UBS.

Following completion, Credit Suisse shares and American Depositary Shares (ADS) will be delisted from both the Swiss and New York stock exchanges.

UBS said it is “evaluating all options for Credit Suisse’s Swiss business”; group financial chief to depart following closing of transaction.

The group reported a net profit of $1 billion and total revenues of $8.7 billion, down 52% and 7%, respectively, impacted by declines in asset management and investment banking.

Despite increases in total revenues, Credit Suisse reported declines within its investment bank, equities and fixed income and sales trading divisions.

At Credit Suisse’s Annual General Meeting held on 4 April, senior members of staff apologised for the demise of the 167-year-old bank and unpacked the events that led to the UBS acquisition.

Equity and bond markets have both been hit by the fallout from the forced Credit Suisse sale, while the ripple effect could have a far broader impact on long-term market liquidity. To conclude a crazy week, we bring you a quick round-up of what this means across the asset classes – and why bank funding may never be the same again.  

Avenues could include challenging the Swiss government, suing FINMA, or suing Credit Suisse – with AT1s recovering slightly as the market prices in the hope of legal redress.  

A $2.5bn Credit Suisse security has escaped the recent write-down by virtue of some unique Tier 2 features, leading to a substantial bounce in value – and a renewed focus on the importance of reading the fine print.