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credit suisse collapse inquiry blames mismanagement not regulatory misconduct
An 18-month parliamentary inquiry into Credit Suisse's collapse found that long-term mismanagement by the bank's board and management, rather than misconduct by regulators, was the primary cause. The report criticized the Financial Market Supervisory Authority (FINMA) for its ineffective oversight and recommended reforms for banks deemed "too big to fail." The merger with UBS, prompted by fears of a global crisis, raised concerns about job security and competition in Switzerland.
France 24
United States Dollar Credit Suisse Real Estate Fund Siat CHE Colm Kelleher
Finance & Economy, News Article
10:35 20.12.2024
us inflation rises as federal reserve cuts rates amid economic uncertainty
Inflation in the U.S. rose to 2.4% year-on-year in November, while month-on-month inflation slowed to 0.1%. Despite this uptick, the Federal Reserve cut interest rates by 25 basis points, with concerns about future inflation driven by potential tariffs under President-elect Trump. The Fed now anticipates inflation will not reach its 2% target until late 2026.
lfm.ch
United States Dollar USA MEX CAN Donald Trump Jerome Powell Beth Hammack Show more
Finance & Economy, Market Report
10:35 20.12.2024
ubs upgrades fedex to buy with target price of 311 dollars
UBS has upgraded FedEx to a 'Buy' rating with a target price of $311. However, trading in financial instruments and cryptocurrencies carries significant risks, including potential loss of capital. It is crucial for investors to understand these risks and seek independent advice if needed.
Investing.com Deutsch
United States Dollar USA
Finance & Economy, Market Report
10:35 20.12.2024
ubs predicts weaker fourth quarter for abb but maintains 2025 outlook
UBS anticipates a challenging fourth quarter for ABB, projecting a 10% reduction in adjusted EBITA amid a tough market, leading to a 4-5% share reaction. While sales growth for 2024 is now expected to be below 5%, the 2025 outlook remains stable, with an operating margin target slightly above 18%.
ABC Bourse
Euro ABB Ltd CHE
Finance & Economy, Market Report
10:35 20.12.2024
ubs predicts weaker performance for abb in fourth quarter
UBS anticipates a weaker fourth quarter for ABB, as reported by Cercle Finance. BOURSORAMA, acting solely as a distribution channel, emphasizes that it has not influenced the analysis, which is provided for informational purposes only and carries no contractual value. The institution maintains a conflict of interest management policy to ensure objectivity in its investment recommendations.
Boursorama
Euro FRA
Finance & Economy, Market Report
10:35 20.12.2024
switzerland's secret meetings revealed in credit suisse collapse inquiry
Switzerland's response to the 2023 collapse of Credit Suisse was hampered by secretive meetings and deep-seated mistrust among officials, according to a lawmakers' inquiry. The report highlights a culture of secrecy that undermined the nation's reputation as a secure financial hub and exposed vulnerabilities in the global banking framework. Key ministers were left without crucial information due to undocumented informal gatherings led by figures like former National Bank president Thomas Jordan.
Devdiscourse
United States Dollar Credit Suisse Real Estate Fund Siat CHE Thomas Jordan
Finance & Economy, News Article
10:34 20.12.2024
credit suisse collapse inquiry criticizes banking regulator for ineffective oversight
A Swiss inquiry has criticized the financial regulator for its ineffectiveness in addressing the scandals that led to the collapse of Credit Suisse, which was exacerbated by executive mismanagement. Despite an 18-month investigation, the parliamentary commission found no evidence of misconduct by authorities contributing to the bank's downfall.
Wyoming Tribune Eagle
Credit Suisse Real Estate Fund Siat CHE Fabrice Coffrini
Regulatory & Legal, News Article
10:34 20.12.2024
parliamentary report highlights regulatory failures in credit suisse collapse
The Parliamentary Commission of Inquiry (CEP) has identified the former directors of Credit Suisse as primarily responsible for the bank's collapse and its merger with UBS, while criticizing the Swiss Financial Market Supervisory Authority (Finma) for not fully utilizing its regulatory powers. Business groups are advocating for enhanced public liquidity support for systemically important banks and cautioning against excessive regulation. Finma acknowledges the CEP's recommendations for increased authority, including centralized audit supervision and the ability to impose fines on major banks.
radiolac.ch
Credit Suisse Real Estate Fund Siat CHE
Finance & Economy, News Article
10:34 20.12.2024
credit suisse faces collapse as authorities push for urgent takeover by ubs
The PUK report reveals that Credit Suisse faced imminent insolvency, with its share value plummeting to zero, prompting urgent discussions among top officials about nationalization or a merger with UBS. Despite initial resistance from CS management regarding the proposed compensation, a takeover agreement was reached just hours later, averting a potential financial crisis.
Tippinpoint.ch
Swiss Franc United States Dollar Credit Suisse Real Estate Fund Siat CHE Thomas Jordan Marlene Amstad Axel Lehmann Sergio Ermotti Urban Angehrn Daniela Stoffel Show more
Finance & Economy, News Article
10:33 20.12.2024
us banks explore crypto custody services amid political shift
A shift in the US's stance on digital assets is anticipated under the upcoming Trump presidency, potentially leading major banks to adopt crypto custody services as a first step toward deeper involvement in the sector. Trump has nominated crypto advocate Paul Atkins to head the SEC, replacing skeptic Gary Gensler, and appointed David Sacks as the White House's lead on artificial intelligence and cryptocurrency.
thebanker.com
United States Dollar Apple Inc. USA Paul Atkins David O. Sacks Gary Gensler Show more
Regulatory & Legal, News Article
10:33 20.12.2024
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