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UNBELIEVABLE: 5 | History Defined

Credit Suisse investors sue after facing billions in losses

A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses

The Independent UK

Credit Suisse faulted over probe of Nazi-linked accounts

U.S. lawmakers have accused the embattled Swiss bank Credit Suisse of limiting the scope of an internal investigation into Nazi clients and Nazi-linked accounts

The Independent UK

Bank of England considers bolstering protection for savers

Governor reveals review of payout policy after failures of Silicon Valley Bank and Credit Suisse in March

The Guardian - UK

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Credit Suisse rescue rebuked by half of Swiss parliament

Switzerland’s lower house of parliament has issued a searing — though symbolic — rebuke of an emergency plan spearheaded by the executive branch to prop up embattled Credit Suisse and shepherd it into a takeover by Swiss banking rival UBS

The Independent UK

IMF forecasts inflation could remain high until 2025, affecting global growth

During its annual Spring Meeting in Washington, the International Monetary Fund has revised its forecasts upward to 7 percent for global inflation this year and 4.9 percent in 2024. Those figures, above the target rate of 2 percent, will be contributing factors in slowing down growth, including for developing economies.…

France 24

Credit Suisse rescue package rejected by Swiss parliament

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.

Reuters

UBS mulls retaining Credit Suisse unit serving India’s rich

NEW DELHI: UBS Group AG is considering retaining Credit Suisse Group AG’s private banking unit in India after the emergency rescue of its smaller rival last month, paving the way for a potential return to the market.

The Times of India

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IMF warns deeper financial turmoil would hit growth

The International Monetary Fund has trimmed its 2023 global growth outlook slightly as higher interest rates cool activity.

The New Daily

Alibaba unveils chatbot as China tightens rules on AI

Alibaba is the latest tech company to enter the artificial intelligence race, as it unveils its own chatbot, Tongyi Qianwen. But it could face restrictions before even launching, as authorities in Beijing have outlined draft regulations to govern AI, including the stipulation that such platforms will reflect the core values…

France 24

Weeks after his ‘big failure’ losing almost $2 billion on SVB, Sweden’s top pension fund chief sacked ‘with immediate effect’

Magnus Billing urged Alecta to “take actions based upon the lessons learned.” The action was his dismissal.

Fortune

Twin threats of rising rates and deglobalisation leave IMF spooked

Fund is more cautious about world economic outlook after turmoil at Silicon Valley Bank and Credit Suisse

The Guardian - UK

Swiss lawmakers pick apart Credit Suisse woes ahead of deal

Switzerland’s parliament is opening a special session to scrutinize the state-imposed takeover of Swiss bank Credit Suisse by rival UBS

The Independent UK

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

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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Fortune

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.

The Times of India

Raghuram Rajan says banking system is headed for more trouble

Raghuram Rajan — the former International Monetary Fund chief economist who predicted the global financial crisis more than a decade ago — warned that the banking system is headed for more turmoil after the rescues of Silicon Valley Bank and Credit Suisse.

Evening Standard

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

City Voices: Time to get tough with the big banks

The Independent UK

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

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The Guardian - 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

Fortune

The world of finance faces an ethics check

No sentiment has been more palpable recently than a general distaste of bankers and their ethics.

The Independent UK

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

Fortune

‘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.

The Guardian - UK

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

Fortune

Saudi Arabia discloses investment in dozens of VCs

Saudi Arabia has invested in technology and other sectors in a bid to diversify the country’s economy away from oil.

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

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