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Iqbal Khan is emerging as a leading candidate to succeed Sergio Ermotti as CEO of UBS, following a dynamic five-month tenure as head of Asia, where he engaged extensively with clients and secured key mandates from major Chinese firms. Despite his achievements, Khan's past at Credit Suisse raises concerns, particularly regarding high-risk investment strategies that contributed to the bank's downfall. Critics suggest he must adopt a more cautious approach to align with Swiss banking traditions.
Iqbal Khan, former head of Credit Suisse's International Wealth Management, left the bank just before its significant issues arose, including the collapse of the Greensill funds, which led to a $10 billion freeze in client assets. Despite his senior role, Khan was not implicated in any wrongdoing by Finma, as investigations revealed systemic failures in the bank's management of the funds, with many former executives facing scrutiny. The Greensill debacle, alongside the Archegos bankruptcy, marked a critical decline for Credit Suisse, impacting its reputation and leadership.
Around a thousand employees at Credit Suisse are affected as UBS completes its acquisition, marking the end of CS's 167-year history. The Swiss parliament debates the emergency takeover, while a Parliamentary Commission of Inquiry investigates the circumstances surrounding it. UBS has also terminated federal guarantees, and numerous complaints regarding the financial terms of the takeover have been filed.
The Zurich cantonal government will ban the purchase of new Rottweilers starting in 2025 due to safety concerns following serious bite incidents. Current owners must apply for a license to keep their dogs, as Rottweilers are deemed to pose a higher risk compared to other breeds.In related news, the Parliamentary Investigation Committee (PUK) is set to release its report on the downfall of Credit Suisse, covering events from 2015 to the emergency merger with UBS. The findings will be presented to Parliament, highlighting the management of authorities during this crisis.
UBS's acquisition of Credit Suisse, finalized on March 19, 2023, marked the end of a turbulent era for the latter, which faced significant financial challenges, including massive losses and client withdrawals. The Swiss government and the Swiss National Bank provided substantial support, including liquidity assistance and guarantees totaling CHF 109 billion. The Financial Market Supervisory Authority, Finma, is now exploring additional crisis management options following the merger.
Lex Greensill
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