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Credit Suisse crisis: UBS Chairman points at failure of board, management

Livemint

Livemint · 1y ago

Credit Suisse crisis: UBS Chairman points at failure of board, management

UBS Chairman, Colm Kelleher, criticized Credit Suisse for its leadership failures at all levels during an interview at the World Economic Forum in Davos. However, he expressed optimism for the merged UBS-Credit Suisse entity, citing potential higher returns on equity and a commitment to increased regulation. UBS aims for a 15% target ROE by the end of 2026, with the possibility of exceeding this. Kelleher also highlighted the need for stronger regulation and accountability in the wake of the Credit Suisse crisis.

Related News

SC orders SpiceJet to clear Credit Suisse dues by 15 March

Livemint

Livemint · 1y ago

SC orders SpiceJet to clear Credit Suisse dues by 15 March

The Supreme Court has ordered SpiceJet to settle all pending payments to Credit Suisse by 15 March. The court directed the airline to pay $1.25 million to Credit Suisse and summoned SpiceJet's chairman and managing director to appear before the court. The court questioned SpiceJet's capacity to finance the acquisition of bankrupt airline Go First while neglecting its overdue payments. Credit Suisse had filed a petition alleging intentional non-compliance with court directives and failure to settle outstanding dues. SpiceJet has recently garnered attention for a joint bid to acquire Go First.

360 ONE group gets CCI nod to acquire certain businesses of UBS

Economic Times

Economic Times · 1m ago

360 ONE group gets CCI nod to acquire certain businesses of UBS

The Competition Commission of India (CCI) has approved 360 ONE group's acquisition of certain businesses from Switzerland-based UBS AG. 360 ONE will acquire portfolio management services and other financial offerings from UBS's Indian subsidiaries, including Credit Suisse Securities. Additionally, CCI approved UBS's acquisition of a 4.95% stake in 360 ONE WAM. This transaction aims to enhance wealth management services and provide value to clients, employees, and shareholders of both companies.

SpiceJet pays $1.5 million to Credit Suisse

Livemint

Livemint · 1y ago

SpiceJet pays $1.5 million to Credit Suisse

SpiceJet has announced its commitment to comply with all court directives and obligations in the Credit Suisse case, agreeing to make a payment of $1.5 million as per court orders. To date, SpiceJet has already paid $8 million to Credit Suisse. The case relates to an outstanding debt of $3.9 million under a previous settlement agreement. Credit Suisse had initiated contempt proceedings against SpiceJet and its chairman and managing director, Ajay Singh, over alleged non-compliance with court orders.

'No more extensions, SpiceJet must pay Credit Suisse'

Livemint

Livemint · 1y ago

'No more extensions, SpiceJet must pay Credit Suisse'

The Supreme Court has ordered SpiceJet, a low-cost airline, to clear its outstanding dues to Credit Suisse by 15 March. SpiceJet has been directed to pay $1.25 million to Credit Suisse, with monthly installments. The court also summoned SpiceJet's chairman and managing director to appear before the court. This comes after Credit Suisse claimed that it was supposed to receive $15 million from SpiceJet by 15 February but received only $13.75 million. The court questioned SpiceJet's financial capacity to acquire bankrupt airline Go First while neglecting its overdue payments.

Are you ultra-rich, rich or merely affluent? It makes a difference for your bank

Livemint

Livemint · 8m ago

Are you ultra-rich, rich or merely affluent? It makes a difference for your bank

Morgan Stanley has found success in the wealth management sector, with its American wealth business now amounting to $4.6 trillion in client assets. In contrast, UBS's US wealth arm, even after merging with Credit Suisse, only has $2 trillion in client assets. UBS has announced plans to restructure its business and focus on catering to less wealthy individuals. However, serving ultra-high net worth clients is a different proposition than serving the mass affluent. Big banks risk being ill-equipped for the technology race in the mass-affluent market.

How much does SpiceJet need to pay Credit Suisse, and why?

Livemint

Livemint · 1y ago

How much does SpiceJet need to pay Credit Suisse, and why?

SpiceJet has paid ₹100 crore to former promoter Kalanithi Maran, settling a long-standing dispute. The Supreme Court ordered SpiceJet Chairman Ajay Singh to pay $500,000 towards a Credit Suisse installment by September 22 and an additional $1 million for a defaulted amount, with a warning of 'drastic action' if the payment is not made. Credit Suisse and SpiceJet have been embroiled in a legal battle since 2015, with the Madras High Court previously ordering the airline's winding-up, temporarily suspended following an appeal.

'No more extensions, SpiceJet must pay Credit Suisse'

Livemint

Livemint · 1y ago

'No more extensions, SpiceJet must pay Credit Suisse'

The Supreme Court has ordered SpiceJet, a low-cost airline, to pay its dues to Credit Suisse by 15 March. The court expressed concern over reports of SpiceJet's bid to buy Go First while neglecting its outstanding payments. SpiceJet has been directed to pay $1.25 million to Credit Suisse, as the bank had only received $13.75 million out of the $15 million owed by SpiceJet. The legal dispute between SpiceJet and Credit Suisse began in 2011 when the airline failed to make payments for aircraft servicing.

India court warns SpiceJet of 'drastic action' if Credit Suisse dues unpaid

Reuters · 1y ago

India court warns SpiceJet of 'drastic action' if Credit Suisse dues unpaid

SpiceJet, an Indian budget airline, has been ordered by the country's Supreme Court to pay $1.5 million to Credit Suisse by September 15th for unpaid dues. If the airline fails to make the payment, the court warned of unspecified "drastic action" at the next hearing on September 22nd. SpiceJet and Credit Suisse have been embroiled in a legal dispute since 2015 over unpaid dues. The airline recently faced financial challenges, including a separate order to pay $12 million to its former owner.

Behind Credit Suisse’s Fall: A Chairman’s Lasting Mark on the Culture

Livemint

Livemint · 1y ago

Behind Credit Suisse’s Fall: A Chairman’s Lasting Mark on the Culture

Credit Suisse's board, led by former chairman Urs Rohner, is being held responsible for the bank's downfall, with insiders and investors citing a flawed culture that led to a series of calamities. Rohner's tenure witnessed a sharp decline in the bank's stock, a string of scandals, and significant losses. Former executives and investors criticize Rohner for failing in risk management and resisting necessary changes. A Swiss parliamentary commission is examining the government's oversight of Credit Suisse's leadership.

Paytm Slumps 5% To Hit Lower Circuit; UBS Cuts Price Target

Inc42 · 1y ago

Paytm Slumps 5% To Hit Lower Circuit; UBS Cuts Price Target

Paytm's stock faced a downturn following the Reserve Bank of India's (RBI) restrictions on Paytm Payments Bank. Vijay Shekhar Sharma, the company's chairman, resigned, resulting in a 5% drop in Paytm's stock, now trading at INR 406.15. Foreign brokerage UBS has lowered Paytm's target price to INR 510 from INR 650, predicting increased marketing spend to regain lost customers and a potential permanent loss in business in FY25. The RBI's restrictions on Paytm Payments Bank include ceasing deposits, credit transactions, UPI facility, and other banking services.

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