The Swiss decision has led some Credit Suisse AT1 bondholders to consider legal action and has created uncertainty for bondholders around the world. “We wanted to make it very clear to investors, to avoid being misunderstood: we have no choice but to respect this hierarchy,” the chairman of the EU’s Single Resolution Board told CNBC. … Read more
Sergio Ermotti will replace current CEO Ralph Hamers, who is expected to remain at UBS to advise the bank during the transition period to ensure a smooth transfer, UBS said in a statement Wednesday. The move will be effective April 5, UBS said in a statement. Ermotti was CEO of UBS Group for nine years, … Read more
27 minutes ago European stocks open higher European stocks were up on Monday morning, with the Stoxx 600 index up 0.5% at 8.20am London time. Oil and gas stocks climbed 1.44%, mining stocks 1.36% and banks continued to regain positive momentum, up 1.2%. See the table… Stoxx 600 index. An hour ago Bailey: British banks … Read more
Saudi National Bank Chairman Ammar al-Khudairy has resigned from his post. He will be replaced by the managing director and CEO of the SNB group, Mohammed al-Ghamdi. Al-Khudairy’s resignation comes days after his mid-March comments that SNB was unlikely to increase its stake in Credit Suisse, at a time when the European lender was battling … Read more
In the wake of recent market volatility and sharp falls in share prices, Morgan Stanley warned that the European banking sector was “not as attractive as it used to be”. Shares of Deutsche Bank fell on Friday as concerns over the stability of European banks lingered after the forced acquisition of troubled Credit Suisse by … Read more
A branch of Deutsche Bank AG in the financial district of Frankfurt, Germany, Friday, May 6, 2022. Alex Kraus | Bloomberg | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever they are. Like what you see? … Read more
Pandemic-related emergency funding for the Supplemental Nutrition Assistance Program, formerly known as food stamps, ended this month in most states. For retailers like Kroger, Walmart and Dollar General, falling SNAP dollars will put pressure on discretionary sales. Add to that lower tax refunds on average this year, and buyers will have less money to split. … Read more
The surge in deposits moving from small banks to large institutions, including JPMorgan Chase and Wells Fargo, has slowed to a trickle in recent days, CNBC has learned. Deposit flight, which has rocked global markets and forced regulators to intervene to protect bank customers, began to improve around March 16, people with knowledge of the … Read more
German Chancellor Olaf Scholz said Deutsche Bank was profitable after shares fell more than 10% during European trading. Ludovic Marine | AFP | Getty Images BRUSSELS — European leaders made a point of stressing on Friday that the region’s banking sector was stable and solid after German Banksudden slide as markets opened for trade. German … Read more
Wall Street downgrades European banks after tensions in the sector led to the emergency merger of Switzerland’s two biggest lenders. Simultaneously, investment bank Citi also modernized the tech sector on the continent, saying it preferred “quality growth” in the face of weaker growth rates and deteriorating fundamentals. In a March 22 note to clients, Wall … Read more
