As an act of public-private crisis management, UBS Group’s rescue of Credit Suisse looks like undefineda ringing success.
UBS bought while the blood was flowing at crosstown rival Credit Suisse in March and bagged an enormous payday. Or did it?
Credit Suisse is still losing $2 billion every quarter, estimates Andreas Venditti, head of banks research at Bank Vontobel. The gaping wound is its investment bank, where revenue plummeted 78% year-over-year in the latest results, costs just 15%. UBS also added $4.5 billion in litigation provisions, preparing for the avalanche of lawsuits that followed Credit Suisse’s demise.
UBS boasts a well-regarded management with deep restructuring experience. Ermotti rescued UBS itself from dire straits after taking the helm in 2011, shrinking a deadweight investment bank and doubling down on private banking. UBS brought him out of retirement in April to repeat the trick with Credit Suisse.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
UBS CEO insists bank not too big after Credit Suisse takeover By ReutersUBS CEO insists bank not too big after Credit Suisse takeover
Leer más »
UBS CEO insists bank not too big after Credit Suisse takeoverThe new expanded UBS is not too big for Switzerland following the bank's emergency takeover of fallen rival Credit Suisse, Chief Executive Officer Sergio Ermotti said on Tuesday.
Leer más »
UBS may try to renegotiate deal terms with Apollo after sale of securitized products unit: BloombergUBS AG executives may seek to renegotiate the sale Credit Suisse’s securitized products unit (SPG) to Apollo Global Management Inc. partly because of the...
Leer más »
UBS downgrades this digital payments stock, slashes price targetUBS downgraded shares to neutral from buy, citing a limited growth outlook
Leer más »
UBS upgrades this restaurant tech stock that can rally nearly 40%The bank upgraded shares to buy from neutral in a Wednesday note.
Leer más »
Block shares lack upside, says UBS — but this rival stock could be a winnerBlock shares have lagged the broad market this year, and a UBS analyst doubts there's much upside ahead for the payment-technology name.
Leer más »