The Latest Breaking News from UBS

Banking is the confidence trick at the heart of capitalism, but preserving the trick has meant that banks have become arms of the state.

Banks are in the news again. Two bank failures in the US, and the forced takeover of Credit Suisse by UBS in Switzerland, have triggered the worst turmoil in the banking sector since the 2008 financial crisis. There’s talk of a lack of trust, of a collapse in confidence, of…

Credit Suisse had earlier written in an internal memo that it would pay outstanding bonuses as it tries to stick to "business as usual."

Switzerland’s government says 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

Investment banking roles expected to be worst hit at Credit Suisse in London

The recent collapse of Silicon Valley Bank (SVB) – the failure of the biggest US lender since the 2008 global financial crisis – has created waves across the global banking system. The subsequent collapse of another US institution, Signature Bank, the US$30 billion (£24.5 billion) lifeline given to First Republic…

First Republic Bank led financials higher early Tuesday as regulators work to soothe fears of a bank crisis. UBS, regional bank stocks rise.

City Comment: The concern now must be that the banking is in the hands of one gigantic institution

Investors are looking ahead to a brace of potentially explosive interest rate decisions later in the week