|
Lindemannlaw
On 19 March 2023, Swiss bank UBS Group AG agreed to buy Credit Suisse for billion ( billion) in an all-stock deal brokered by the government of Switzerland and the Swiss Financial Market Supervisory Authority. The Swiss National Bank supported the deal by providing more than billion ( billion) in Market liquidity, liquidity to UBS following its takeover of Credit Suisse's operations, while the Swiss government provided a guarantee to UBS to cover losses of up to billion ( billion) over the short term. Additionally, billion ( billion) of Contingent convertible bond, Additional Tier 1 bonds were written down to zero. Credit Suisse is a globally Systemically important financial institution, systemically important bank whose investment banking unit, Credit Suisse First Boston, First Boston, had been recently tarnished by a series of high-profile scandals. The 2023 United States banking crisis, banking crisis in the United States had caused fear ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contingent Convertible Bond
A contingent convertible bond (CoCo), also known as an enhanced capital note (ECN), is a fixed-income instrument that is convertible into equity if a pre-specified trigger event occurs. The concept of CoCo has been particularly discussed in the context of crisis management in the banking industry. It has been also emerging as an alternative way for keeping solvency in the insurance industry. Concept The concept of "No Fault Default" was proposed by Professor Robert Merton in 1990 as a guarantee that gives holders "contractual right to seize the firm's assets (or its equity interest) whenever the value of assets is below the value of its guaranteed debt." The specific idea of "Contingent Convertible Bonds" as an avoidance mechanism for financial distress was proposed by an Olin Fellow at the Harvard Law School, and published in the ''Harvard Law Review'' in 1991. These concepts may have served as inspiration to the instrument used during the 2008 financial crisis. The trigger an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Suisse
Credit Suisse Group AG (, ) was a global Investment banking, investment bank and financial services firm founded and based in Switzerland. According to UBS, eventually Credit Suisse was to be fully integrated into UBS. While the integration was yet to be completed, both banks are operating separately. However, on May 31, 2024, it was announced that Credit Suisse ceased to exist. Headquartered in Zürich, as a standalone firm, it maintained offices in all major financial centres around the world and provided services in investment banking, private banking, asset management, and shared services. It was known for strict Bank secrecy, bank–client confidentiality and Banking in Switzerland, banking secrecy. The Financial Stability Board considered it to be a Systemically important financial institution, global systemically important bank. Credit Suisse was also a primary dealer and Forex counterparty of the Federal Reserve in the United States. Credit Suisse was founded in 185 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Swiss Bank
Banking in Switzerland dates to the early 18th century through Switzerland's merchant trade and over the centuries has grown into a complex and regulated international industry. Banking is seen as very emblematic of Switzerland and the country has been one of the largest, if not largest, offshore financial centers and tax havens in the world since the mid-20th century, with a long history of banking secrecy, security and client confidentiality reaching back to the early 1700s. Starting as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of a landmark federal law, the Federal Act on Banks and Savings Banks. These laws were used to protect assets of persons being persecuted by Nazi authorities but have also been used by people and institutions seeking to illegally evade taxes, hide assets, or to commit other financial crime. Controversial protection of foreign accounts and assets during World War II sparked a s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greensill Capital
Greensill Capital was a financial services company based in the United Kingdom and Australia. Its main business was the provision of supply chain finance, supply chain financing and related services. The company was founded in 2011 by Lex Greensill. It filed for United Kingdom insolvency law, insolvency protection on 8 March 2021. History The firm was founded in 2011, with an initial focus on supply-chain finance. The company had since diversified its revenue streams, offering conventional banking services through a German subsidiary, Greensill Bank (:de:Greensill Bank, de), the offering of bonds based on debt it has purchased, and through funds managed with partner organisations including Credit Suisse. American private equity firm General Atlantic invested $250 million in Greensill in 2018. In 2018 Greensill was subject to extended media coverage and a call from British City grandee Lord Myners for a formal investigation of the company's involvement in scandal at Anglo-Swiss a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Archegos Capital
Archegos Capital Management was a limited partnership family office that managed the personal assets of Bill Hwang, at one time managing over $36 billion in assets. On April 27, 2022, Hwang was indicted and arrested on federal charges of fraud and racketeering. On March 26, 2021, Archegos defaulted on margin calls from several global investment banks, including Credit Suisse and Nomura Holdings, as well as Goldman Sachs and Morgan Stanley. The firm had large, concentrated positions in ViacomCBS, Baidu, Vipshop, Farfetch, and other companies, and the firm's use of total return swaps had helped to hide its high exposure from lending banks. Its derivative contracts "exposed the firm to severe losses when the trades went bad." The ''Wall Street Journal'' reported that Hwang lost $8billion in 10 days, while Bloomberg News reported that Hwang lost $20billion in 2 days. The fate of Archegos has been compared to the meltdown caused by Long Term Capital Management. History Formerly of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shareholders' Meeting
An annual general meeting (AGM, also known as the annual meeting) is a meeting of the general membership of an organization. These organizations include membership associations and companies with shareholders. These meetings may be required by law or by the constitution, charter, or by-laws governing the body. The meetings are held to conduct business on behalf of the organization or company. Purpose An organization may conduct its business at the annual general meeting. The business may include electing a board of directors, making important decisions regarding the organization, and informing the members of previous and future activities. At this meeting, the shareholders and partners may receive copies of the company's accounts, review fiscal information for the past year, and ask any questions regarding the directions the business will take in the future. At the annual general meeting, the president or chairman of the organization presides over the meeting and m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Axel Lehmann
Axel P. Lehmann (born 1959) is a Swiss business executive. From January 2022 to June 2023, he was chairman of the Credit Suisse Group. Early life Lehmann was born in 1959, and is a Swiss citizen. He earned an MBA and a PhD from the University of St. Gallen. He is an adjunct professor at the university. Career Lehmann worked for 20 years in insurance, briefly at Swiss Life before joining Zurich Insurance Group, where he was chief risk officer from 2009 and 2015. He was a non-executive director of UBS from 2009 to 2015 before joining the bank full-time, and in 2016 he appointed its chief operating officer. He was president of UBS Switzerland from 2018 and 2021. In October 2021, Lehmann became a board member of Credit Suisse as head of its risk committee. In January 2022, Lehmann succeeded António Horta-Osório as chairman of Credit Suisse Credit Suisse Group AG (, ) was a global Investment banking, investment bank and financial services firm founded and based in Switz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tidjane Thiam
Tidjane Thiam (; born 29 July 1962) is an Ivorian businessman, and the executive chairman of Freedom Acquisition Corp. He was the chief executive officer (CEO) of Swiss bank Credit Suisse from March 2015 to February 2020. He was the chief financial officer of British banking group Prudential from 2007 to 2009, and then its CEO until 2015. In 2019, Thiam became a member of the International Olympic Committee (IOC). Born into a prominent political family in the Ivory Coast, he had dual Ivorian and French nationality between 1987 and 2025. He studied advanced mathematics and physics in France before joining the management consultants McKinsey & Company in 1986, where he worked until 1994. From 1994 to 1999 he worked in the Ivory Coast first as chief executive of the National Bureau for Technical Studies (BNETD). Following the 1999 Ivorian coup d'état, he resumed a private sector career and rejoined McKinsey in Paris from 2000 to 2002, then worked as a senior executive for Aviva ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Basel III
Basel III is the third of three Basel Accords, a framework that sets international standards and minimums for bank capital requirements, Stress test (financial), stress tests, liquidity regulations, and Leverage (finance), leverage, with the goal of mitigating the risk of bank runs and bank failures. It was developed in response to the deficiencies in financial regulation revealed by the 2008 financial crisis and builds upon the standards of Basel II, introduced in 2004, and Basel I, introduced in 1988. The Basel III requirements were published by the Basel Committee on Banking Supervision in 2010, and began to be implemented in major countries in 2012. Implementation of the Fundamental Review of the Trading Book (FRTB), published and revised between 2013 and 2019, has been completed only in some countries and is scheduled to be completed in others in 2025 and 2026. Implementation of the Basel III: Finalising post-crisis reforms (also known as Basel 3.1 or Basel III Endgame), int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Toxic Asset
A toxic asset is a financial asset that has fallen in value significantly and for which there is no longer a functioning market. Such assets cannot be sold at a price satisfactory to the holder. Because assets are offset against liabilities and frequently leveraged, this decline in price may be quite dangerous to the holder. The term became common during the 2008 financial crisis, in which toxic assets played a major role. When the market for toxic assets ceases to function, it is described as "frozen". Markets for some toxic assets froze in 2007, and the problem grew much worse in the second half of 2008. Several factors contributed to the freezing of toxic asset markets. The value of the assets was very sensitive to economic conditions, and increased uncertainty in these conditions made it difficult to estimate the value of the assets. Banks and other major financial institutions were unwilling to sell the assets at significantly reduced prices, since lower prices would force them ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Wall Street Journal
''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscription model, requiring readers to pay for access to most of its articles and content. The ''Journal'' is published six days a week by Dow Jones & Company, a division of News Corp. As of 2023, ''The'' ''Wall Street Journal'' is the List of newspapers in the United States, largest newspaper in the United States by print circulation, with 609,650 print subscribers. It has 3.17 million digital subscribers, the second-most in the nation after ''The New York Times''. The newspaper is one of the United States' Newspaper of record, newspapers of record. The first issue of the newspaper was published on July 8, 1889. The Editorial board at The Wall Street Journal, editorial page of the ''Journal'' is typically center-right in its positio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2008 Financial Crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners and financial institutions that led to the 2000s United States housing bubble, exacerbated by predatory lending for subprime mortgages and deficiencies in regulation. Cash out refinancings had fueled an increase in consumption that could no longer be sustained when home prices declined. The first phase of the crisis was the subprime mortgage crisis, which began in early 2007, as mortgage-backed securities (MBS) tied to U.S. real estate, and a vast web of Derivative (finance), derivatives linked to those MBS, collapsed in value. A liquidity crisis spread to global institutions by mid-2007 and climaxed with the bankruptcy of Lehman Brothers in September 2008, which triggered a stock market crash and bank runs in several countries. The crisis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
