ZURICH—UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbor Credit Suisse—a surprise move to take advantage of the Swiss banker’s experience rebuilding the bank after the global financial crisis. The trader turned corporate problem fixer faces the tough challenge of laying off thousands of staff, cutting back Credit…
Sergio Ermotti Returns as UBS CEO to Steer Credit Suisse Takeover
March 29, 2023
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UK Banking System Faces ‘Very Heightened Tension’: BoE Governor
March 28, 2023
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The UK financial system is in a period of “very heightened tension and alertness” for further turmoil in the banking sector, Bank of England Governor Andrew Bailey has said. The UK banking system remains in “a strong position” but the central bank has to be “very vigilant,” Bailey told the Treasury Committee in the House…
The Fed’s Dilemma: Fight Inflation or Save Failing Banks
March 25, 2023
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The Federal Reserve has painted itself into a corner with its fight against inflation, and some experts say it now has no coherent plan for how to get out of it. Having kept interest rates near zero for more than a decade and expanded its balance sheet to $9 trillion to stimulate the economy, the…
Swiss Central Bank Hikes Interest Rates Despite Credit Suisse Turmoil
March 23, 2023
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The Swiss National Bank (SNB) raised its interest rates by 50 basis points despite the turmoil over the Credit Suisse collapse. The SNB made the announcement on March 23, bringing its borrowing rate to 1.5 percent, for its fourth consecutive hike, which was is in line with analysts’ predictions Swiss interests rates were negative 75 percent…
Bank Failures Highlight Risks of Using ESG in Americans’ Pension Funds
March 22, 2023
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President Joe Biden used his veto power on Monday to block a bipartisan action from Congress that would have prevented pension fund managers from investing retirees’ money according to environmental and social-justice criteria. “There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses,” Biden…
Troubled Credit Suisse Has Chinese Communist Party-Linked Member on Its Risk Committee
March 22, 2023
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Credit Suisse bank, which collapsed last week, revealed on its website that it had a CCP-affiliated member on its board of directors. Shan Li, according to the bank’s website, is a board member with long extensive ties to the Chinese Communist Party (CCP), with senior roles on the bank’s risk management team, Asia advisory council, and…
Swiss Suspend Bonus Payouts to Credit Suisse Staffers
GENEVA—Switzerland’s government said Tuesday that it’s ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS. The Swiss Department of Finance says federal law allows the government to set “remuneration-related measures” in cases involving Switzerland’s biggest banks. Late last…
When One Zombie Eats Another: Why UBS’s Rescue of Credit Suisse Changes Nothing
March 21, 2023
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Commentary What happens when one zombie eats another? All the disgusting and fetid zombie parts of the consumed simply move to the consumer. The same is true of zombie banks. When one zombie bank—full of death and corruption but better at hiding it due to superior cosmetics—eats its more visibly ill and compatriot zombie bank,…
US Taxpayers Could Be On the Hook for Credit Suisse Bailout, Expert Warns
March 21, 2023
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Following an emergency announcement on Sunday evening, the Federal Reserve loaned the Swiss National Bank (SNB) $101 million through its dollar swap facility. If the loan is not repaid by next week, U.S. taxpayers will foot the bill, a macroeconomic analyst told The Epoch Times. With its announcement over the weekend, the Fed—in coordination with…
Credit Suisse Taken Down by Endless Stream of Scandals
The collapse of Credit Suisse, the Swiss banking giant that ended its 167-year history on Monday morning in a state-sponsored takeover by rival bank UBS, was not the result of mismanaging liquidity or interest rate risk like Silicon Valley Bank, but rather death by a thousand self-inflicted cuts. The past decade featured an endless parade…
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