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The Latest Breaking News from Credit Suisse

Credit Suisse loses 440 million US dollar claim against SoftBank Group

In early 2021, Credit Suisse found itself exposed to the collapse of Greensill Capital.

Evening Standard

‘Hopelessly insolvent’: how ‘saviour of steel’ Sanjeev Gupta’s global empire unravelled

This week’s collapse of the tycoon’s Yorkshire operations brought relief for some. It echoes insolvency steps at 15 of his companies

The Guardian - UK

IMF Urges Swiss To Strengthen Bank Resilience

The International Monetary Fund on Tuesday urged Switzerland to strengthen the resilience of its banks and address the flaws exposed by the collapse of Credit Suisse.

International Business Times

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Credit Suisse was ‘warned’ about Greensill three years before firm collapsed

Anonymous messages questioned judgment of senior managers in dealing with Greensill, says Swiss regulator

The Guardian - UK

Lex Greensill says SoftBank managers ‘felt threatened’ by his links to founder

Financier tells court he travelled to Tokyo ‘often weekly’ for mentoring sessions with Masayoshi Son

The Guardian - UK

Exclusive: Sauber stalwart Zehnder on 601 consecutive F1 races

In Imola, Sauber celebrated its 600th grand prix, from its humble Formula 1 beginnings in 1993 through a rollercoaster of manufacturer and independent stints before morphing into the Audi works team next year. One man was there for every single race, and as Sauber celebrated its anniversary, so did long-time…

Autosport

Interview: Sauber talisman Beat Zehnder on 601 consecutive races in F1

Motorsport

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‘I knew I would die in jail’: how the right-hand man of Georgia’s de facto ruler ended up on the run

Giorgi Bachiashvili worked for billionaire Bidzina Ivanishvili for over a decade – but their spectacular falling out ended with a trial

The Guardian - UK

Why did rumours of a coup sweep Ivory Coast this week?

Tensions over upcoming elections and the barring of an opposition candidate are mounting.

Al Jazeera

Credit Suisse to Pay $511 Million for Helping US Taxpayers in Hiding Money Offshore

Credit Suisse will pay $511 million for helping wealthy Americans hide $4 billion in offshore accounts.

International Business Times

UBS to pay hundreds of millions to settle Credit Suisse US tax probe

UBS agreed to pay hundreds of millions of dollars to settle the US tax probe into Credit Suisse after a two-year investigation. UBS said that it was "not involved in the underlying conduct and has zero tolerance for tax evasion".

Euronews

Credit Suisse admits scheme to hide more than $4 billion in offshore accounts for ultra-rich Americans

Credit Suisse’s services unit agreed to pay $511 million in fines, penalties, restitution, and forfeitures, authorities said.

Fortune

Former Credit Suisse CEO nominated to run in Ivory Coast presidential election

Tidjane Thiam, a former banker, has won a near-unanimous vote to represent the Democratic Party of Ivory Coast in the forthcoming presidential election

The Independent UK

UBS Profit Beats Forecast As Credit Suisse Merger Nears End

Switzerland's biggest bank posted a net profit of $770 million for the last three months of 2024, compared with a $279 million loss in the same period a year earlier as it wrestled with the weight of integrating its closest domestic rival.

International Business Times

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Evening Standard

The never ending saga of the Georgian billionaire and the Swiss banks

Bidzina Ivanishvili is pursuing litigation in Bermuda, Singapore and Switzerland

International Business Times

Credit Suisse Collapse Probe Slams Banking Regulator

Switzerland's financial regulator was ineffective in tackling the scandals at Credit Suisse, where executive mismanagement scuppered the bank and nearly triggered a global financial crisis, a Swiss inquiry concluded Friday.

The Independent UK

Democrats’ failure to punish CEOs for 2008 crash contributed to Trump’s rise, says top Obama aide

Rahm Emanuel criticized the Democrats for being ‘blind to the rising sea of disillusionment’ that has been simmering for years in America

International Business Times

UBS Smashes Forecasts With $1.4 Bn Net Profit

Swiss banking giant UBS said Wednesday it earned a net profit of $1.4 billion in the third quarter, beating analyst expectations.

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Investors Business Daily

UBS Stock Surges Toward Buy Point After Earnings

UBS stock surged Wednesday after the Swiss bank beat Q2 estimates. UBS is on track to hit its cost savings goal after Credit Suisse deal.

The Guardian - UK

Big UK banks need to do more to be ready for potential failure, says Bank of England

BoE warns lenders including Barclays and Standard Chartered in effort to prevent social media-driven runs

Evening Standard

Bank of England seeks action from Britain's biggest banks on crisis plans

Threadneedle Street eyes lessons to be learned after SVB and Credit Suisse demise

International Business Times UK

UK Finance Worker Steals £75,000 From Dead Clients To Fund Gambling Addiction And Lavish Lifestyle

Casagrande wasn't charged with the financial fraud until after he'd been sent to prison and subsequently released for the drug charges.

The Independent UK

Former Mozambique finance minister on trial in US over 'tuna bond' scandal that spurred debt crisis

The “tuna bond” scandal that shook Mozambique’s economy is washing into a U.S. court

Fortune

Archegos speculator Bill Hwang could spend the rest of his life behind bars after his disastrous bets ushered in the demise of Credit Suisse

Federal jury finds Hwang lied to lenders over the size and scope of his bets on stocks like ViacomCBS in order to juice returns, causing $10 billion in combined losses.

International Business Times

Archegos Founder Bill Hwang Guilty In Multibillion-dollar Fraud Case

The founder of US investment firm Archegos, Bill Hwang, was found guilty Wednesday of fraud and market manipulation in a case focused on the fund's 2021 implosion that cost major banks billions of dollars.

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