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credit suisse collapse attributed to internal failures and ineffective oversight
The Swiss parliamentary committee has concluded that Credit Suisse is solely responsible for its dramatic collapse in spring 2023, citing 33.7 billion Swiss francs in losses over twelve years while paying out 39.8 billion in bonuses. Although the Financial Market Authority's supervision was deemed ineffective, no misconduct by authorities was found. The bank was sold to UBS in an emergency sale amid fears of a global financial crisis, following significant losses and failed attempts to stabilize its finances.
DIE WELT
Swiss Franc Credit Suisse Real Estate Fund Siat The Saudi National Bank Swiss National Bank USA CHE SAU Isabelle Chassot Show more
Finance & Economy, News Article
11:51 20.12.2024
credit suisse collapse attributed to internal failures and regulatory shortcomings
The Swiss parliamentary committee has concluded that Credit Suisse is primarily responsible for its dramatic collapse in spring 2023, citing a staggering 33.7 billion francs in losses while paying out 39.8 billion francs in performance bonuses over twelve years. While the Financial Market Authority's supervision was deemed ineffective, the committee found no direct misconduct by the authorities. The emergency sale of Credit Suisse to UBS, prompted by fears of a global financial crisis, ultimately averted wider financial turmoil.
Pnp.de
Swiss Franc Credit Suisse Real Estate Fund Siat The Saudi National Bank Swiss National Bank USA CHE SAU Isabelle Chassot Show more
Finance & Economy, News Article
11:49 20.12.2024
credit suisse collapse attributed to bank failures not supervisory shortcomings
A Swiss parliamentary committee has concluded that Credit Suisse is solely responsible for its dramatic collapse in spring 2023, citing significant financial mismanagement, including losses of 33.7 billion francs while paying out 39.8 billion francs in bonuses. The committee criticized the Financial Market Authority (FINMA) for ineffective supervision and insufficient assertiveness, highlighting the need for better regulations for systemically important banks. Following the bank's difficulties, Credit Suisse was sold to UBS in an emergency sale amid fears of a global financial crisis.
t-online
Swiss Franc Credit Suisse Real Estate Fund Siat USA CHE Isabelle Chassot
Finance & Economy, News Article
11:47 20.12.2024
credit suisse collapse attributed to internal failures and supervisory shortcomings
A parliamentary investigation has concluded that Credit Suisse is responsible for its dramatic collapse in spring 2023, citing 33.7 billion Swiss francs in losses over twelve years while paying out 39.8 billion in bonuses. The report criticized the Financial Market Authority for ineffective supervision and insufficient capital requirements. Following its struggles, Credit Suisse was sold to UBS in an emergency sale amid fears of a global financial crisis.
@tagesspiegel
Euro United States Dollar Swiss Franc Credit Suisse Real Estate Fund Siat The Saudi National Bank Swiss National Bank USA CHE SAU Isabelle Chassot Show more
Finance & Economy, News Article
11:47 20.12.2024
credit suisse collapse attributed to internal failures and regulatory shortcomings
The Swiss parliamentary committee has concluded that Credit Suisse is solely responsible for its dramatic collapse in spring 2023, citing significant financial mismanagement, including losses of 33.7 billion Swiss francs while paying out 39.8 billion in bonuses. While the Financial Market Authority (FINMA) was criticized for ineffective supervision and lax capital requirements, the committee found no misconduct on the part of the authorities. The bank was sold to UBS in an emergency sale amid fears of a global financial crisis, following substantial losses and failed recovery efforts despite external support.
Badische Zeitung
Swiss Franc Credit Suisse Real Estate Fund Siat The Saudi National Bank Swiss National Bank USA CHE SAU Isabelle Chassot Show more
Finance & Economy, News Article
11:46 20.12.2024
Indian stock market suffers largest drop in two years as indices plunge
The Indian stock market experienced a significant downturn, with the Sensex closing at 78,041.59, down 1.49%, and the Nifty at 23,587.50, down 1.52%. All sectoral indices fell, particularly the realty index, which dropped by 4%, contributing to a market capitalization loss exceeding ₹19 lakh crore. This marked the largest decline in two years, with both Nifty and Sensex falling over 4%.
bizzbuzz.news
Indian Rupee Nestlé India Limited Axis Bank Ltd ICICI Bank Ltd IndusInd Bank FUT, December 202 Tech Mahindra FUT, December 202 IND Show more
Finance & Economy, Market Report
11:46 20.12.2024
parliamentary report on credit suisse ubS merger affects market performance
A parliamentary investigation report on the Credit Suisse-UBS merger has highlighted the need for improved regulatory oversight and inter-agency coordination in Switzerland's financial sector. UBS's stock has reacted to these developments, trading at CHF 26.73 with a monthly decline of 5.73%, while remaining 22.39% above its yearly low. The report calls for legislative changes to prevent future crises involving systemically important banks.
aktiencheck.de
Euro Swiss Franc CHE
Finance & Economy, Market Report
11:45 20.12.2024
iran stock market rises on lower interest rates and deregulation measures
Iran's stock market has experienced a positive surge due to lower interest rates, the removal of price controls, and supportive government measures. The shift to a negotiated exchange rate has particularly benefited export-oriented companies, enhancing their profitability. Analysts predict this upward trend will continue, bolstered by ongoing support from the Ministry of Economy and increased financing for listed firms, contributing to national development.
Tehran Times
United States Dollar Apple Inc. IRN Pazakir Ali
Finance & Economy, Market Report
11:31 20.12.2024
parliamentary report reveals zero value of credit suisse shares before takeover
The Parliamentary Commission of Inquiry (PUK) has released a report detailing the chaotic events leading to the emergency takeover of Credit Suisse, revealing significant failures in coordination among authorities. The report starkly concludes that the value of Credit Suisse shares is effectively zero, highlighting the factors that contributed to the bank's downfall in March 2023.
Neue Zürcher Zeitung
Credit Suisse Real Estate Fund Siat CHE Beatrice Bosiger Thomas Fuster
Finance & Economy, News Article
11:30 20.12.2024
Netflix stock surges as UBS raises price target to 1040 dollars
Netflix's stock has surged to $906.81, buoyed by strong third-quarter results showing a 14.46% revenue increase to $9.78 billion and earnings per share of $5.52, surpassing expectations. UBS has raised its price target from $825 to $1,040, maintaining a "Buy" rating, as the company's market cap reaches $372.1 billion, reflecting a remarkable 93.30% year-over-year gain.
aktiencheck.de
United States Dollar Netflix, Inc. USA
Finance & Economy, Market Report
11:21 20.12.2024
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