AT1s rallied on news that UBS will redeem a key deal in January. But with refinancing costs higher than coupon re-sets, the pressure now passes to other big banks.

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.

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.

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.

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.

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.

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.

Private companies are doing everything they can to avoid down rounds, raising new equity at lower valuations than past deals, but can’t hold the line for much longer.

The Swiss bank is still paying for its misdeeds, but this might be a taste of what’s to come for others.

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.

Trading update does little to answer concerns around underlying performance and a slowdown in wealth management.

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.

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.

The Swiss firm’s decision to sell specialist Zurich-based wealth manager Wergen & Partner is the latest in a series of M&A deals. Expect more activity as private banks expand into new markets, or exit non-core markets to focus resources and invest in technology.

Ralph Hamers is quietly imposing his vision on UBS, axing senior titles to simplify the structure and eyeing a new US digital bank for affluent customers.

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.

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.

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.

As conventional banks, asset managers and regulators embrace crypto, the institution warns this large and volatile asset class poses new risks to the world financial system.

Adewale Ogunleye was rich and already retired from American Football when he learned what a basis point was. He’s now head of a new UBS wealth segment called Athletes & Entertainers that helps sports icons and singers plan their financial future.

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.

The Swiss bank claims a resilient performance lies beneath the meagre returns after de-risking post-Archegos and Greensill, but big questions remain.

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.

We are at the peak of the hype cycle for central bank digital currencies, now being touted as one of the most fundamental innovations in the history of central banking. It is time for central banks and governments to be honest with unenthused populations. CBDC can’t deliver all the many promised improvements. As we come to design choices, there will be trade-offs. We might get improved payments but less credit. We could see greater financial inclusion but will lose privacy. Are the few benefits really worth the risk of disrupting the financial system?

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.

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.

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.

UBS has applied to buy out two minority investors in its China joint venture, boosting its stake in Beijing-based UBS Securities to 67%. The bank’s strong and long-standing relationship with the owner of the other 33%, a division of Beijing local government, is a timely reminder that there is no one right model for success in China.

Rob Karofsky will become sole president of the investment bank at UBS, ending his ‘odd couple’ partnership with co-president Piero Novelli.

UBS’s wealth management team had another stellar year despite the Covid crisis – and once again the Swiss lender takes the top spot in Euromoney’s private banking survey.