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The turmoil in the banking ecosystem from the United States as it concerns Silicon Valley Bank (SVB) stirred a ripple effect that was felt in Switzerland. The shares of Swiss multinational banking giant UBS Group AG (SWX: UBSG) are seeing a mild slump today after the firm revealed that its net
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It is said that the new CEO is equipped as the “best pilot” to navigate the current business challenges. Investment banking company UBS has named former UBS Group CEO Sergio Ermotti as the new CEO to oversee the Credit Suisse takeover. UBS bought Credit Suisse for $3.2 billion last week as
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Switzerland’s troubled Credit Suisse and its rescuer, USB, are subject to an investigation into whether bankers helped Russian oligarchs evade Western sanctions, according to a media report. Some major U.S. banking institutions are also under scrutiny within the probe initiated by the Justice Department, sources say. Credit Suisse, US Banks Investigated
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UBS and Credit Suisse both saw their shares spiral after the former agreed to an emergency rescue of the latter. Shares of Swiss banking giants UBS and Credit Suisse plunged substantially following a takeover of the latter. On Monday morning, UBS secured a 3 billion Swiss franc ($3.2 billion) bailout of its troubled domestic rival amid
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UBS Group doubled its initial offer and agreed to buy its competitor Credit Suisse for nearly $2 billion on March 19, in a historical deal for the two biggest banks in Switzerland, the Financial Times reported.UBS previously put a $1 billion offer on the table on March 18, but the
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The Swiss National Bank (SNB) and Switzerland’s financial regulator reportedly believe that the acquisition of investment bank Credit Suisse by UBS, Switzerland's largest bank, is the “only option” to prevent a “collapse in confidence” in Credit Suisse.According to a March 18 Financial Times report citing three people familiar with the
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After Credit Suisse Group AG announced it would borrow 50 billion Swiss francs from the Swiss National Bank, UBS Group AG is reportedly considering acquiring the banking giant. However, UBS is requesting that the government issue a backstop to protect against any losses if it purchases Credit Suisse. According to
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A recent report published by market strategists from the investment bank and financial services company UBS says that the upcoming Mt Gox payouts won’t destabilize bitcoin’s value. While a new supply will come to the market, UBS strategists insist that “it would be less concentrated.” UBS Market Strategists Believe Mt Gox
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While 850,000 bitcoin went missing from the exchange in 2014, it's not that amount that’s potentially being disposed of, because the exchange has recovered 142,000 BTC along with 143,000 in Bitcoin Cash (BCH) and 69 billion Japanese yen ($510 million), representing about 20% of the hack. Source
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Bank of America, Goldman Sachs, JPMorgan, and UBS have shared their predictions about the Federal Reserve raising interest rates further. Bank of America and Goldman Sachs, for example, now expect the Fed to raise interest rates three more times this year. Major Banks Predict More Fed Rate Hikes As the U.S. Federal
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