The probe also exposed evidence showing a “significant connection” between Credit Suisse and so-called ratlines —networks that helped Nazi war criminals and collaborators escape after World War II
From Jeff Bezos' plans to pare stake in Amazon.com to a brewing partnership between Nissan and Honda, here's a look at some of the major developments from across the world.
The lender is reviewing the accounts with a balance of around $2 million or less, said the people, who asked not to be identified discussing private information. Many of the accounts are in the Asian business hubs of Singapore and Hong Kong, the people said.
The court has directed SpiceJet to pay $1.25 million to Credit Suisse by March 15, in addition to the monthly instalments. Singh has been asked to be in the court on the next date of hearing
The court however made it clear that it would continue to monitor the loan repayment and would not dispose off the case.
The court also directed SpiceJet CMD Ajay Singh to be present personally in court for the next hearing on October 20
The development comes a day after SpiceJet assured that its chairman and promoter Ajay Singh will make Rs 100 crore payment to media baron Kalanithi Maran in compliance with an earlier Delhi High Court order.
The budget airline also noted that it would make a payment of $1.5 million in the Credit Suisse case, in accordance with a court directive.
In May 2022, SpiceJet and Credit Suisse entered into an agreement to resolve a payment dispute, which arose after the airline failed to clear dues to SR Technics, a Switzerland-based company that provides aircraft maintenance services. SpiceJet defaulted on dues amounting to $20 million.
UBS's second-quarter results should leave shareholders very happy. Headline net profit was $29 billion for the three-month period, ensueing UBS has more than enough capital for its enlarged balance sheet, and the bank also reported strong wealth management inflows and a decent performance in investment banking
The announcement came as UBS posted its second-quarter income statement, presenting its first results since the mega-merger that rocked Swiss banking was finalised in June.
The bank’s rescue of its rival is looking more profitable by the day. That naturally riles debtholders wiped out in the process
If it is proved that SpiceJet has willfully failed to comply with its orders, the Supreme Court has the powers to punish the cash-strapped airline and Singh
Swiss officials, afraid that Credit Suisse could collapse with possibly catastrophic consequences for the global financial system, arranged a rushed marriage in March with UBS, the nation's largest bank.
UBS plans to cut about two-thirds of Credit Suisse’s dealmakers in Asia. Over half the latter's 45,000-strong workforce worldwide could get pink slips. The experience of Lehman bankers laid off in 2008 suggests this is only a temporary setback: Today they are portfolio managers at top hedge funds, MDs at Tier-I banks, and partners at accounting and consulting firms
The Zurich-based bank may announce global leadership changes internally on August 7, without details on the cuts, one of the people said.
UBS Group AG is set to restructure its investment banking division, integrating Credit Suisse teams after an emergency takeover. Changes include personnel shifts in dealmaking groups and potential exits of certain bankers. CEO Sergio Ermotti aims to unify the two entities, with job cuts estimated at 30,000-35,000.
Drastically different cultures means the two Swiss banks’ integration can’t possibly be smooth or pleasant. With the conservative UBS planning to dispose of billions of dollars in loans Credit Suisse had extended in Asia, there is no guarantee that the latter's bankers who are being retained can shine at UBS
The report noted that the Swiss media have speculated about between 30,000 and 35,000 job cuts across the world
The case is likely to come up for hearing again in the third week of August
UBS was fined a total of $387 million by the Fed and the Bank of England over Credit Suisse's failure "to adequately manage" the risk posed by the US family investment fund Archegos, despite repeated warnings, the Fed announced in a statement.
The parliamentary commission of inquiry said, "The main task is to examine the legality, expediency and effectiveness of the management of the competent authorities and bodies in the context of the Credit Suisse crisis and to draw up a report."
Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts, with almost all activities at risk, people familiar with the matter said.
Mihir Doshi, managing director and country chief executive of Credit Suisse since 2006, will take over as the head of the combined business from July 1, a spokesperson for the lender said on Monday.
The Swiss bank announced the closing of the deal in an open letter in local and international newspapers on Monday. The takeover of Credit Suisse ends the lender’s 167-year independent existence.