EFG AM signals Swiss expansion with new appointment
Damian Burkhardt’s focus will be on ‘driving the growth agenda’ of group’s Swiss Equities franchise
Banks
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A year on from fall of Credit Suisse and SVB: European and US banks diverge
European banking has recovered but turmoil persists among US regional banks, writes Hannah Williford
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UniCredit reports better-than-expected Q1 results
UniCredit has released its results for the first three months of 2023, noting its net operating profit in Germany jumped nearly 80% between quarters. The Italian banking giant revealed earlier this week its net operating profit within Europe’s largest economy jumped from €481m in Q4 2022 to €864m in Q1 2023, an increase of 79.8%.…
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Credit Suisse-related lawsuits pick up pace
The lawsuits over UBS’s ‘shotgun wedding’ rescue of Credit Suisse are growing in number. US law firm Quinn Emanuel Urquhart & Sullivan has already been instructed by key holders of Credit Suisse’s ‘additional tier one’ (AT1) capital instruments to represent them in discussions with the Swiss authorities and in any possible litigation. Now, however, it…
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Banking sector weighs UBS-Credit Suisse fall-out
The implications of UBS’s takeover of Credit Suisse last month is continuing to roil the Swiss financial space, according to reports throughout the country’s media. UBS will look to shed between 25,000 and 36,000 roles within the company, with 11,000 of those being in Switzerland, Sonntags Zeitung has reported. The newspaper went on to note…
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Do Europe’s banks have a problem – or is the problem them?
The fallout from Credit Suisse’s takeover by UBS is continuing to be felt across Europe. The move, which saw UBS step in to scoop up its former rival following months of speculation over Credit Suisse’s business affairs, has led to regulators in Europe saying they would look to write down the investments of shareholders as…
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The ‘shotgun wedding’ of Credit Suisse and UBS
The ongoing volatility in the global banking sector has seen UBS take on Credit Suisse – a move likened around Europe to a ‘shotgun wedding’, with the role of the gun-toting parent being assumed by the Swiss government. Under the terms of the deal, the cumulative financial risk the general public is shouldering to save…
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Silicon Valley Bank collapse ripples across Europe
The collapse of Silicon Valley Bank (SVB) in the US has already had a ripple-effect across Europe, even as the long-term impact of the implosion remains murky. Late last week, the US bank – home to deposits for many of the country’s start-up tech firms – revealed it was looking to sell off assets in…
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European banks ‘ripe’ for activist investor engagement
Smaller companies have been the traditional target but that could be set to change
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Forex cartel banks hit with €344m antitrust fine
Information was exchanged in a chatroom called Sterling Lads
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Why community banks can drive returns from the US recovery
Sector’s post financial crisis bounce back has been largely overlooked
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Blacklisted banks to handle debt products again
EU has been forgiving of banks that once contained cartels