Credit Suisse's Troubled Past is UBS's Present: UBS is making headlines almost on a weekly basis with scandals and financial misdeeds inherited from Credit Suisse. Looking ahead, headline writers are unlikely to be any less busy. Skandale Affaeren
Although the big bang failed to materialize today, it's likely to be coming soon. According to media reports, regulators in Switzerland, the US, and the UK have been working their way through the thicket of the Archegos debacle. Credit Suisse, which was involved in the bankruptcy of the New York-based financial firm in the spring of 2021, is facing hundreds of millions of dollars in fines.That, at least, is the theory.
Meanwhile, another civil suit is set for September in the UK. Investors who bought over $600 million worth of the «Tuna Bonds» filed the claims in London in late 2020. In the same year, the Office of the Attorney General of Switzerland opened criminal proceedings on suspicions of money laundering to shed more light on the Mozambique scandal. The charges are being brought against unknown persons.
At home, the Geneva prosecutor's office continues to push ahead with criminal proceedings against the bank related to the case. In April Credit Suisse scored a victory, succeding in the Swiss federal court by narrowing the scope of investigators.Meanwhile, the US Senate is pressing for a new tax fraud investigation against Credit Suisse in response to tips from whistleblowers, leaving yet a sword of Damocles hanging over Barbara Levi, the legal chief of the combined UBS Group.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS CFO Gives Ex-Credit Suisse Bankers Big ResponsibilitiesUBS CFO Gives Ex-Credit Suisse Bankers Big Responsibilities: Within the space of six months, Credit Suisse twice teetered on the brink of insolvency. Despite that, the new treasurer of the combined UBS is being recruited from… MirkoBianchi Treasurer
Read more »
Nach Übernahme – Credit-Suisse-Verwaltungsrat wird UBS-TreasurerNach Übernahme: Credit-Suisse-Verwaltungsrat wird UBS-Treasurer: Gemäss einer internen Mitteilung des neuen UBS-Finanzchefs Todd Tuckner übernimmt CS-Verwaltungsrat Mirko Bianchi per 1. Juli den Posten als Group Treasurer der Grossbank.
Read more »
Credit-Suisse-Verwaltungsrat Bianchi wird UBS-TreasurerCredit-Suisse-Verwaltungsrat Verwaltungsrat Mirko Bianchi erhält einen Spitzenposten bei der UBS und wird zum 1. Juli Group Treasurer der Grossbank. Bianchi hat jahrelang mit UBS-Chef Ermotti zusammengearbeitet.
Read more »
The Duel of UBS and Credit Suisse Star Analysts BeginsThe Duel of UBS and Credit Suisse Star Analysts Begins: The integration of Credit Suisse into UBS is leading to a major shake-up in their respective research departments. The future of star analysts is also uncertain. ubs creditsuisse
Read more »
Credit-Suisse-Übernahme – UBS trifft Vorkehrungen für den StellenabbauDie Grossbank vereinheitlicht die Sozialpläne für Mitarbeitende der UBS und der Credit Suisse. Wie viele Arbeitsplätze tatsächlich verloren gehen, ist aber immer noch unklar.
Read more »
Credit Suisse Sticks UBS with the Bill for Archegos FiascoCredit Suisse Sticks UBS with the Bill for Archegos Fiasco: UBS is facing fines in the hundreds of millions of dollars stemming from Credit Suisse's Archegos debacle. US, UK, and Swiss regulators have completed their investigations. UBS creditsuisse
Read more »