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LATEST ARTICLES
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After a decade of restructuring, EFG International ramped up hiring last year – above all from Credit Suisse. Chief executive Giorgio Pradelli talks about the firm’s scope to lead a wave of Swiss-bank consolidation, while doubling down on new wealth from the Middle East and Asia.
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Credit Suisse’s domestic bank was arguably the failed group’s best and strongest division. One year after the rescue, UBS is not the only one trying to feast on its domestic wealth-management and corporate-banking leftovers. Other Swiss and international players also hope to benefit from the longer-term fallout in Switzerland. Will the rush to pick up the remnants of the fallen champion pay off?
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Chinese fintech Ant Group has offered UBS a reported $250 million for Credit Suisse’s China joint venture, outbidding Citadel Securities. It is a timely reminder that despite its current malaise, Asia’s largest economy is still a great long-term place to invest.
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A $3.5 billion deal attracts $36 billion of demand, answering the question of whether Swiss banks can return to this market after Credit Suisse's collapse.
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Bidding $2.5 billion for the bulk of Credit Suisse’s sub-Saharan Africa ultra-high net-worth private bank book 18 months ago has been a ‘game changer’ for Barclays in the region, the UK bank’s Africa market head Amol Prabhu tells Euromoney.
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Euromoney receives the world's least necessary regulatory communication.
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The former Credit Suisse chief is championing Africa.
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An odd legal case trying to pin the blame for Credit Suisse additional tier-1 (AT1) bond losses on former chief executive Brady Dougan and other veteran managers could complicate the task of recovering losses for holders of $17 billion of bonds that were wiped out in the takeover by UBS.
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When Credit Suisse is taken over by UBS, it’s likely that the new parent’s appetite for structured private credit will be significantly different to that of the institution it is absorbing. Two banks in particular are waiting for the opportunity that follows.
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Bankers are hopeful that they may soon be able to issue new AT1 deals again as the secondary market recovers from the Credit Suisse write-down.
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Indonesia is one of the world’s brighter prospects right now: growth, demographics, infrastructure momentum, inflation under control, more equity raised in the first quarter in Jakarta than New York. Banks are positioning to benefit – while keeping an eye on next year’s elections.
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UBS’s acquisition of Credit Suisse will further reduce the number of large international private banks in Brazil. Julius Baer has been quick to take advantage of this.
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UBS will face pressure to spin off Credit Suisse’s Swiss bank and may yet lose more private-banking assets. Coping with this will make managing down illiquid and hard-to-value markets positions look easy.
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The two bank’s investment banking franchises look enticingly well-matched. But how much business and how many bankers will still be around after the merger?
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As soon as the ink was dry on the agreement to take over Credit Suisse, UBS chairman Colm Kelleher rushed to bring ex-CEO Sergio Ermotti back to run the bank and the deal. Execution risk is off the charts, and the nerves of shareholders, employees and taxpayers are jangling.
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Credit Suisse pioneered the family office business in Asia back in 2010 when few people even knew what this rarefied service involved: nowadays, this branch of private banking attracts scores of competitors and is responsible for one of the biggest investment booms in the region.
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“Deciding how and when to pass wealth on to future generations can be difficult to navigate.” So it is that Credit Suisse, in drily understated Swiss fashion, frames the immensely complex challenge of how to successfully transfer wealth from one generation to the next.
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The Credit Suisse deal may have merely accelerated Hamers’ anticipated departure.
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The failure of venture capital’s favourite bank is bad news for a sector reliant on new injections of cheap capital to sustain loss-making growth.
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What will UBS’s post-merger sustainable finance strategy look like?
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First Abu Dhabi Bank’s recent interest in a bid for Standard Chartered and an ill-fated investment in Credit Suisse by Saudi National Bank have put the spotlight on Middle East banks as potential acquirers of international firms.
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It has been over a decade and a half since a Chinese financial institution bought or invested in a Western counterpart. Beijing sees the West’s banking system as incomprehensibly chaotic and messy, and its own – albeit flawed – as a bastion of stability.
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Hong Kong conference moves along. Nothing to see here.
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Will the fall of Credit Suisse be a seismic moment for private banking? Probably not – the reality is that wealthy clients need their financial advisers too much. Wealth is flighty for sure, but it usually alights nearby at a more stable lender.
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UBS’s integration of Credit Suisse will be a long and uncertain process, but keeping the latter’s Swiss universal bank may mean the deal eventually comes good.
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Bankers have been at pains to stress how different the world is today from the dark days of 2008: higher capital; more liquidity; lower credit risk and all that. But while individual banks may be safer than they were, collectively they arguably now face a worse existential crisis. Societies face awkward questions about how they value the utility of the banking sector – and how they should pay for it.
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UBS shareholders might find plenty not to like in what seems at first glance like a great deal. The bank is making itself more complex at a time when creditors and investors put a premium on simplicity and focus.
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Michael Klein can’t be expected to ‘devote significant time and attention’ to the unlikely prospect that UBS will allow a CS First Boston spin-off without being paid. Greensill-style invoices for Klein’s theoretical future services could be the answer.
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Credit Suisse came out of the global financial crisis in better shape than many peers. But fragility was never far away – in the years that followed its fortunes would swing back and forth, sometimes violently. Here is the bank’s route to 2023, explained through Euromoney’s own coverage.
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Unfortunately, while the SNB can provide ample liquidity that Credit Suisse doesn’t really need, it cannot provide the trust and credibility it sorely lacks.
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While the bank plans to spin off its troubled investment bank, the new worry is whether and how soon it can repair the wealth management business.
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The Greater China CEO represents a loss of seniority, experience and gravitas. And his is not the only exit from the Swiss bank’s Asia operations.
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Shareholders will be keenly watching two market levels for Credit Suisse shares in the weeks ahead: the theoretical ex-rights price and the subscription price for the capital increase that is under way.
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Credit Suisse directors may sigh with relief that shareholders have approved the latest capital raise, but they are already guiding to yet another big loss.
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After 12 years of near continuous restructuring and capital raising at Credit Suisse, the longest-serving chief financial officer of any G-Sib bank offers a few parting lessons.
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This year has seen banks report markdowns on leveraged finance commitments and related exposures, something that is hardly surprising given what has happened to yields. But even with syndicates struggling to offload some high-profile big deals, the troubles seem oddly muted so far.
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Credit Suisse has finally lifted the lid on its reorganization. But for all the frenzy of deal making it now plans, questions still remain over whether recasting the investment bank as a nostalgic partnership with a throwback name is the answer to the bank's strategic problems.
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Issuing bank debt used to be easy. But with many banks now crowding through the same narrow issuance windows, even high-quality issuers have barely covered the books on some deals. And as non-performing loans look set to rise, investors are worrying that the boon from higher rates won’t last.
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From Spacs and securitized products to executive compensation and supply-chain planning, Credit Suisse could split its investment bank into more than three parts.
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The market is awash with speculation over what Credit Suisse might do in its latest strategic reset, and what the future is for its perennially underperforming investment bank. But as talk mounts of radical cuts to come in that division, the real challenge lies elsewhere.
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A new chairman and chief executive at the Swiss bank once again struggle with how to build an investment bank for tomorrow from one that is floundering badly today.
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Raffael Gasser is a hybrid: part Zurich wealth manager, part Silicon Valley disruptor. He was tasked with crunching data to serve ‘classic’ PB customers who sit just below the ultra-wealthy segment and are often, curiously, overlooked. Here is how he got on.
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The bank’s commitment to Asia’s frontier markets is yielding strong results.
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The first three months of the year have been tough for many investment banking business lines, but Europe’s banks are putting up a good fight against the might of the US firms.
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The Swiss bank is still paying for its misdeeds, but this might be a taste of what’s to come for others.
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Credit Suisse is making heavy work of meeting its obligations under a 2017 RMBS settlement with the US Department of Justice. If it wants to make real progress, it will have to bite the bullet soon.
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The rates sell-off is making it more expensive for high-yield and high-grade borrowers to access the bond markets. Maturities on offer are shortening, and it could be about to get much worse.
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JPMorgan is named the world’s best wealth manager in Euromoney’s latest private banking and wealth management survey. It is testament to the US bank’s global strength in serving the wealthiest families, along with its drive to constantly transform itself and boost diversity as it hires the most talented relationship managers in core markets.
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Trading update does little to answer concerns around underlying performance and a slowdown in wealth management.
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Brought in to help clean up Credit Suisse, the high-profile Portuguese banker has been forced to quit to preserve what is left of its reputation.
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It took all of six days of the new year before the tone was set: XP Inc’s announcement of its acquisition of Banco Modal. The deal will need regulatory approval, but is being warmly endorsed by the target’s management and its minority shareholder, Credit Suisse.
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Covid barely dented the strength of the banking system and most banks have been steadily releasing the provisions they took. Euromoney talks to the leaders of our 25 reviewed banks and others about the challenges they face as the world normalizes.
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Credit Suisse’s hopes for 2021 were dashed by March, thanks to Greensill’s collapse and Archegos’s implosion. It really needs 2022 to go well.
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António Horta-Osório shifts more capital away from investment banking and into wealth management, while the executive team sells his risk management overhaul as a growth story.
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Credit Suisse’s chief sustainability officer is no ESG ideologue. She is at heart a hard-nosed investment banker who sees a once-in-a-lifetime opportunity to guide clients to a more sustainable future.
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Credit Suisse is stacking its board with risk management experts, but banks need to do more than fight the last war they lost.
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David Wildermuth, the new chief risk officer at Credit Suisse, may have much of the heavy lifting done by the time he arrives at his desk in Zurich.
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The Swiss bank claims a resilient performance lies beneath the meagre returns after de-risking post-Archegos and Greensill, but big questions remain.
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More focus on keeping a client happy than keeping the bank solvent; a risk management department that wasn’t tough enough and enabled bad practice; a willful reduction in margin; and two co-heads who each believed the other ran the relevant business. The report into Credit Suisse’s Archegos debacle makes grim reading.
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António Horta-Osório receives a knighthood in the Queen’s Birthday Honours.
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Krafton’s forthcoming record-breaking listing is just one example of a new economy deal that is propelling primary issuance volumes in South Korea. Just wait until the chaebol join the party with their own spin-offs and EV battery deals.
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Most speakers at Isda’s annual meeting avoided mentioning the Archegos Capital Management blow-up. IOSCO head Ashley Alder didn’t get the memo.
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With Greensill and Archegos, António Horta-Osório has more on his plate than a medieval King. But Credit Suisse’s new chair could do something that would placate doubters and please investors: pivot firmly to Asia.
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Employees in the wealth management and investment banking businesses will be sizing up the risks to their own future financial wellbeing of staying with the firm.
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A sign of too much risk and exposure in a frothy market or just two banks that didn’t have their risk management in order? Prime brokerage has become a profitable mainstay for several banks but, as Archegos shows us, it punishes the distracted
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Raising capital may have been painful, but it is the sensible thing to do. There were bigger surprises when the bank announced first-quarter results.
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The storms buffeting Credit Suisse represent big trouble for the Swiss bank. Its new chairman may install a new CEO and set a new strategic course, but with big European banks gearing up for consolidation, Credit Suisse just put itself on the block.
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António Horta-Osório makes no apology for the unbridled optimism that has defined his 10 years running Lloyds Banking Group. Critics say he leaves it over-exposed to Brexit and dwindling interest margins. But, as he prepares to move to Switzerland to become chairman of Credit Suisse, Horta-Osório tells Euromoney that Lloyds’ greatest days could still be ahead of it.
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Thomas Gottstein’s first year in charge of Credit Suisse began with a pandemic. The second has been overshadowed by events surrounding a key client, Greensill Capital, whose collapse revives lingering questions about the bank’s operating model.
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Eagerly courted high-growth private companies will likely go to experienced Spac sponsors that know the route to high valuations.
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The former head of Credit Suisse has a network of wealthy investors to provide patient capital to a target and a vision for growth from his time at Prudential.
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Less charismatic chief executives will serve Europe’s banks well in the 2020s – unless it simply means that more power will reside with their chairmen.
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Must all former chief executives eventually form a special purpose acquisition company?
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It’s easier to reach your destination if you know where you’re going.
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Investors are locked in meetings with European growth companies that may go public in 2021, with Spacs now making it easier to list and raise substantial capital.
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Jean Pierre Mustier and António Horta-Osório join Tidjane Thiam as the outsiders who rescued national champions before departing.
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As the outsiders – those foreign nationals who turned around Europe’s largest banks – move on, it is not immediately obvious how well Lloyds’ António Horta-Osório fits Credit Suisse.
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Despite Covid, M&A can still be done at scale within countries, even in the stricken aviation sector – though it helps to have a powerful force such as Korea Development Bank behind the scenes.
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It is the time of year when global banks publish their wealth reports. This year they make for compelling reading. Euromoney takes the best of these reports and examines the outlook for 2021.
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Private banking is a business based on personal relationships and trust – and it’s hard to truly connect with someone on Zoom. So long as the pandemic persists, this presents a substantial challenge to wealth managers, who can only grow their businesses by bonding with wealthy clients and winning new mandates.
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Tidjane Thiam is no longer running Credit Suisse, but the clever appointment of Christian Meissner to bridge its private banking and investment banking teams, delivering new services to super-wealthy clients, shows his dream lives on.
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The former president of Brazil’s central bank spent six months cooling off before joining Credit Suisse.
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Credit Suisse has hired several big guns in the battle for the banking market in Brazil. Chief among them is Ilan Goldfajn, ex president of the central bank of Brazil.
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A decade ago, European banks were mainstays on stock sales such as Ant’s – now they're conspicuous by their absence.
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The chairman of UBS seems determined to force a wave of European banking consolidation. A merger of his firm with Credit Suisse may not be possible, but other deals are likely.
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The banking-as-a-service provider enjoys a boost as older banks accelerate digital transformation. It also harbours ambitions to become a cross-border clearing bank.
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Thomas Gottstein looked uncertain when stepping up to succeed Tidjane Thiam in February, but his response to the pandemic, including a scheme with the government, central bank and other lenders to save Swiss SMEs, demonstrated why he was appointed. He is now reshaping the bank Thiam handed over to him.
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Environmental, social and governance (ESG) investing is moving beyond a compliance-focused cancel culture, giving US banks an undeserved chance to win market share from European firms.
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And the joint global coordinator is C█████ Sui███?
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Axe falls on relationship after 30 years following Jarden's expansion in Australia.
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BBVA is the big winner in Latin America in this year's Euromoney Awards for Excellence.
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The pandemic and following market crisis during 2020 has seen many high net-worth individuals across central and eastern Europe return to the safety and security of large international banks. Among those benefiting from this flight to safety has been Credit Suisse, which has seen increases in net new assets over the first few months of the year.
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Early on in the coronavirus crisis, Credit Suisse’s senior management was instrumental in the design and implementation of Switzerland’s scheme of government-guaranteed loans. The scheme was so successful that other countries later moved to bring their programmes in line with it.
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Credit Suisse wins the award for Latin America’s best bank for wealth management.
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UniCredit is the region’s best bank in this year’s Euromoney Awards for Excellence.
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In a region where the greatest amount of wealth is in the hands of entrepreneurs, it is a ‘bank for entrepreneurs’ that many of those wealthy individuals need and that is Credit Suisse. It wins the award this year for Asia’s best bank for wealth management.
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DBS reaffirms its best bank status in the region in this year’s Euromoney Awards for Excellence.
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Freshly empowered European bank chairmen are making perplexing lurches as they search for new chief executives. A random CEO generator might help.
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If Credit Suisse's board felt able to fire a chief executive who was not personally involved in spying, how will Barclays respond if its own CEO falls foul of a personal regulatory probe?
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New CEO Thomas Gottstein will change neither the strategy nor the structure at Credit Suisse, but rather focus on growth in every division.
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The ouster of Tidjane Thiam has caused more shock outside Switzerland than within, where the insiders who needed him to fix Credit Suisse have been quite ruthless in expelling him now the job is done.
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UBS Global Wealth Management retains the top spot; JPMorgan is a standout, too.
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Pressure on wealth management profits will become fiercer in the decade ahead as low interest rates prevail. Business heads say global expertise, proximity to clients, technology and providing sustainable investing opportunities will help them win more business.
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Best Private Banking Services Overall Net-worth-specific services: Mega HNW (>$250m) UHNW (>$30mln-$250mln) HNW ($5mln-$30mln) Super Affluent ($1mln-$ 5mln) Capital Markets and Advisory ESG/Impact Investing Family Office Services International Clients Investment Management Next Generation Philanthropic Advice Research and Asset Allocation Advice Serving Business Owners Data Management and Security Innovative or Emerging Technology Adoption
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Lender lures China Merchants Bank’s head of private banking to oversee the Swiss bank’s onshore wealth management ops.
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‘Business as usual’ has been tough for the Swiss bank to achieve over the last 12 months. Management faces a challenge to show the bank will not just survive but thrive.
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It's that time of year again, when we round up what senior management said about your business line in their quarterly earnings calls.
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Iqbal Khan replaces Martin Blessing as UBS co-CEO of Global WM; costs still plague both firms.
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Private banks across the world are changing fast, placing greater emphasis than ever on a host of key factors. The best wealth managers are busy boosting inclusivity, emphasising technology and security, and ensuring they are on-point when it comes to meeting compliance needs.
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Didn’t have time to go through your investment banking rivals’ results announcements? Don’t worry, we’ve done it for you, business by business.
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Our review period was a difficult one for private banking operations in the region, as it was worldwide: the fourth quarter wiped out huge chunks of revenues and assets for some international and local players, and it was a year that required sound individual advice for clients.
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The M&A business has been another bright spot for European investment banks over the past year. Western Europe’s best bank for advisory, Credit Suisse, has made particularly good use of that opportunity under investment banking and capital markets chief executive Jim Amine.
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For the second year running Credit Suisse is Latin America’s best bank for wealth management, this year bolstered by the completion of a three-year turnaround across the whole bank.
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DBS named world’s best bank in Euromoney Awards for Excellence 2019; JPMorgan is the world’s best investment bank; Erste’s Treichl recognized as banker of the year.
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With a new strategy of regionalization, integration and innovation, Credit Suisse’s wealth management business has set itself apart from its peers and brought the ethos of Swiss personalized service to an international platform.