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The U.S. is investigating Russian clients acquired by UBS during its takeover of Credit Suisse, amid heightened scrutiny of the bank"s compliance with sanctions. OFAC has engaged with UBS regarding the management of these accounts, emphasizing the need to address potential risks to avoid penalties. Swiss regulators are also monitoring UBS"s anti-money laundering practices closely.
UBS"s integration of Credit Suisse"s investment banking division is progressing smoothly, according to Jens Haas, head of the Swiss business area. He noted that the combined team operates effectively, with no significant cultural issues or client losses reported. The division is now larger and well-positioned for future market developments.
Antoine Martin, Vice-Chairman of the Swiss National Bank (SNB), stresses the importance of banks holding sufficient collateral to prepare for crises, supporting the Federal Council's proposals to enhance too-big-to-fail regulations. He emphasizes the need for strong relationships with the Financial Market Supervisory Authority and the Federal Council to ensure financial stability. Regarding the Swiss Franc, Martin expresses a calm outlook, indicating that recent developments are neither surprising nor problematic, while hinting at potential future interest rate cuts.
Tidjane Thiam, former CEO of Credit Suisse and current president of the PDCI, faces serious allegations of espionage that threaten his political aspirations in Côte d'Ivoire. Accusations include overseeing the surveillance of businessman Damien Dernoncourt and other executives, raising doubts about his integrity and suitability for leadership. As investigations continue, Thiam must confront his controversial past to gain the trust of Ivorian citizens.
Claude Maurer, the chief economist for Switzerland at Credit Suisse, is set to leave UBS this November. In a LinkedIn post, he described his transition to UBS as a ‘special experience’ and noted that he will continue his professional journey elsewhere starting next month. Maurer has been with Credit Suisse since June 2021, following 16 years as head of Swiss macro analysis and strategy.
The EU Court of Justice has upheld an 11.9 million euro fine against Credit Suisse for colluding with other banks in the bond market, violating competition rules. The court also confirmed a 4 million euro penalty against Crédit Agricole, while Deutsche Bank avoided sanctions by disclosing the cartel"s existence. The investigation, initiated in August 2015, revealed that traders from the involved banks coordinated on pricing and shared sensitive trading information through chat rooms on Bloomberg terminals.
The Court of Justice of the EU has upheld a fine of €11.9 million against Credit Suisse for colluding with other banks in the bond market, violating competition rules. The cartel, which included Crédit Agricole and others, operated from 2010 to 2015, with traders sharing sensitive information through chat rooms on Bloomberg terminals. Deutsche Bank was not penalized as it disclosed the cartel"s existence to authorities.
The European Court of Justice has upheld a fine of €11.9 million against Credit Suisse for its involvement in a bond cartel, originally sanctioned by the European Commission in 2021. The court also confirmed a €3.9 million fine on Credit Agricole, while Bank of America faced a €12.6 million penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities.
The Court of Justice of the European Union has upheld a fine of €11.9 million against Credit Suisse for its involvement in a bond cartel, originally imposed by the European Commission in 2021. The ruling also confirmed a €3.9 million fine on Credit Agricole, while Bank of America faced a €12.6 million penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities.
The General Court of the European Union has upheld the Commission"s decision to impose cartel fines on Crédit Agricole and Credit Suisse. Crédit Agricole S.A., a leading European banking group, is the top financier of the French economy, managing EUR 835 billion in deposits and EUR 516.3 billion in loans as of the end of 2023. Its net banking income is derived from retail banking (30.1%), corporate and investment banking (30.1%), asset management and insurance (25.9%), and specialized financial services (13.9%).
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