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Rivals eye Swiss riches after Credit Suisse failure
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?
EDITOR'S PICKS
The Fed chair has made a remarkable, virtually unconditional surrender to opponents of his plan for Basel III implementation in the US. The tactical withdrawal is embarrassing, but it makes strategic sense.
After less than two years, S&P is scrapping its ESG credit indicators and America’s anti-woke politicians are thrilled. But this may not be the win they think it is.
Outbound Chinese M&A deal-flow has slowed to a crawl even as inbound activity remains steady. So focus in the region is moving elsewhere: to rising India, steady-and-lucrative Australia and even Japan, where once-bloated conglomerates are streamlining portfolios under intense pressure from activist shareholders.
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.
Opinion
President Javier Milei campaigned on cuts – and that is what he has delivered. But like all extreme diets, the approach is unsustainable. Time to rethink the plan.
There almost certainly won’t be a Truss/Kwarteng-style meltdown in the US Treasury market – just persistent inflation, high rates, volatility and likely some form of monetary financing.
Reports that the long-rumoured deal has been agreed suggest growing optimism among Argentine bankers about the new administration.
Encumbered by an impotent fiscal policy and a sluggish stock market, bank lending could be China’s only route to economic recovery.
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Long Reads / Mag / Most Read / Ad
Rivals eye Swiss riches after Credit Suisse failure
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?
Sustainability finance frontier still moving to Scope 3
The decision by the US SEC to drop mandatory Scope 3 reporting weakens global emissions reporting standards. However, many corporate issuers are already using Scope 3 performance targets on sustainability-linked transactions for non-regulatory reasons. Are the debt and equities markets leading companies onto ESG ground upon which regulators fear to tread?
How Japan’s stock market reform inspires Asia
Stock market reform has not only revitalized the country's capital markets but has also permeated the real economy. Countries like Korea are quickly following suit. Interestingly, China also seems to be drawing inspiration.
European corporates find eager buyers in hyperactive bond market
A wall of liquidity among investors has helped to drive a busy start to the year for bond issuers, as they rush to capture tight spreads.
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What They Said
WHAT THEY SAID
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These days, corporate treasurers must do almost as much work analysing the true capabilities of their banks as banks do in knowing their corporate customers
Paul Taylor, head of international commercial banking at Bank of America, says the competitive landscape has changed -
A big potential issue is our clients’ ability to get the information that we need and to fund trades, all within timeframes outside the US
Pete Cherecwich, president of asset servicing at Northern Trust, summarises the challenge of T+1 -
It’s becoming a spaghetti plate. It’s very complicated and you don’t create any synergies
Martina Weimert, EPI chief executive, denies that the payments initiative has relatively little to show for its four years of design and development
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