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Credit Suisse faced a staggering loss of nearly $1 billion due to poor trades made in 2012, leading to a tumultuous restructuring under CEO Tidjane Thiam. Despite initial hopes for recovery, the bank reported a $3 billion loss in 2015, marking its first annual deficit since the financial crisis, and continued to struggle with legal issues and regulatory scrutiny. Thiam"s efforts to implement a new strategy were met with skepticism, as he grappled with a complex internal environment and external pressures, ultimately questioning the bank"s viability.
A lawsuit has been filed in the US against UBS and former Credit Suisse CEO Tidjane Thiam, alleging that Thiam ordered the surveillance of a man due to a secret relationship with his ex-wife between 2016 and 2019. The plaintiff claims damages of at least USD 15 million, with the case linked to the broader shadowing scandal at Credit Suisse. UBS shares rose by 4.27% amid the ongoing legal developments.
A French businessman is suing UBS and its subsidiary Credit Suisse for at least $15 million, alleging he was surveilled between 2016 and 2019 due to a relationship between his ex-wife and former CS CEO Tidjane Thiam. The lawsuit, filed in Washington, claims Thiam ordered the surveillance, which CS attempted to conceal. The US court recently rejected UBS's motion to dismiss the case, adding another chapter to the bank's shadowing scandal that led to Thiam's departure in 2019.
A lawsuit has been filed against UBS in the USA by a French businessman, alleging that former Credit Suisse CEO Tidjane Thiam orchestrated a surveillance program against him from 2016 to 2019 due to personal motives related to his divorce. The plaintiff claims to have suffered significant emotional and financial harm, seeking at least $15 million in damages. This espionage scandal, uncovered in 2019, ultimately led to Thiam's resignation.
Rob Karofsky and Iqbal Khan have been appointed co-leaders of UBS's Global Wealth Management division, tasked with enhancing profitability and integrating Credit Suisse. UBS reported a return to profit in Q1, with revenues rising significantly, while a new division, GWM Solutions, aims to streamline services for wealthy clients. The integration of Credit Suisse is on track for completion by 2026, amid scrutiny of the crisis that led to its acquisition.
Tidjane Thiam, former CEO of Credit Suisse, allegedly ordered the surveillance of his girlfriend's ex-husband shortly after taking office in 2016, a plan that remained hidden until the 2019 exposure of another spying incident. The ongoing trial in Washington, where the ex-husband claims $15 million in damages, reveals a troubling culture of espionage within the bank, suggesting that such practices may have been prevalent even before Thiam's tenure. UBS, as the legal successor, now faces the fallout from these revelations, tarnishing its reputation in the critical U.S. financial market.
A lawsuit against UBS in the U.S. alleges that Credit Suisse, under former CEO Tidjane Thiam, conducted extensive espionage against a French businessman from 2016 to 2019. The plaintiff claims the surveillance was motivated by personal and financial interests related to his divorce, seeking at least $15 million in damages for emotional distress and financial loss. This case highlights the ongoing legacy issues UBS faces following the espionage scandal that led to Thiam's resignation.
UBS is set to revise its recovery and emergency plans following the acquisition of Credit Suisse, as mandated by FINMA. The Swiss Financial Market Supervisory Authority has deferred the yearly approval of these plans, citing the need for UBS to enhance its integration efforts to ensure resolvability.FINMA has identified obstacles stemming from the merger that affect UBS's solvency as of December 31, 2023, and is urging the bank to improve its crisis readiness. Meanwhile, UBS has reaffirmed its long-standing partnership with the Mercedes-AMG PETRONAS Formula One Team, emphasizing shared values of innovation and teamwork.
Sabine Keller-Busse faces significant challenges in Personal & Corporate Banking at UBS Switzerland, particularly after the Credit Suisse takeover, as she aims to restore profitability while managing diverging stakeholder interests. Meanwhile, Iqbal Khan oversees Swiss Wealth Management, which is highly profitable, complicating Keller-Busse's position as a potential successor to CEO Sergio Ermotti. The bank emphasizes a shared responsibility for wealth management success, despite the competitive dynamics between the divisions.
UBS has renewed its partnership with the Mercedes-AMG Petronas Formula 1 team, which has been in place since 2011, coinciding with the team's impressive record of seven drivers' and eight constructors' championships. Iqbal Khan, Co-Chairman of UBS Global Wealth Management, emphasized the shared values of innovation and teamwork that underpin this collaboration. The recent Singapore Grand Prix attracted around 250,000 fans, although the Mercedes team did not secure a podium finish, with Lando Norris from McLaren taking first place.
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