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UBS has brought Sergio Ermotti back as chief executive to steer its takeover of Credit Suisse. Ermotti, who was chief executive for nine years before stepping down in 2020, will replace Ralph Hamers, UBS said on Wednesday. Hamers will remain as an adviser during a transition period, the Swiss bank said. UBS said it acted

Switzerland’s private banks are seeking to poach key staff and clients from Credit Suisse as steep job and bonus cuts force bankers into the market following the takeover by UBS. Julius Baer, Pictet, Lombard Odier, EFG and LGT are among Swiss wealth managers sounding out disgruntled Credit Suisse bankers, people familiar with ongoing conversations have

Some banks will struggle to issue a form of risky bonds used to bolster their capital and others will pay a much higher price for them after similar debt held by Credit Suisse was wiped out in its forced sale, investors have warned. Swiss regulators’ decision to write down $17bn worth of Credit Suisse’s additional

Your browser does not support playing this file but you can still download the MP3 file to play locally. After the collapse of Silicon Valley Bank, markets were anxious, and the prestigious, yet scandal-ridden Credit Suisse looked as if it could be next to fall. But over the span of a single weekend, the Swiss

The UK’s largest asset manager has warned that businesses and financial markets are failing to price in the risks of climate change, telling investors to “strap in” and prepare for a “bumpy ride”. Legal and General Investment Management, which oversees more than £1.2tn in assets, said a delayed shift to a low-carbon economy could leave

When First Citizens Bank agreed over the weekend to buy most of what is left of Silicon Valley Bank, there was one thing it absolutely did not want. Though SVB, whose March 10 failure shook the global banking sector, was best known for serving venture capitalists and techies, First Citizens’ purchase agreement went out of

The strategy doesn’t sound a subtle one: pay up or blackout. This winter, as hundreds of thousands of UK households were reading by torchlight to reduce electricity demand at peak times, some traders are alleged to have taken a somewhat less collaborative approach to the energy crisis. Both the government and the opposition have called

Mike Pence must testify to a grand jury about conversations he had with Donald Trump relating to the former president’s attempt to overturn the results of the 2020 presidential election, according to a person familiar with the matter. Judge James Boasberg in the US District Court for the District of Columbia ruled that Pence, Trump’s

Italy’s rightwing government has approved a draft law that would ban domestic production of lab-grown meat as it seeks to protect the country’s traditional culinary heritage and powerful agribusiness interests. The draft law, which must still be approved by parliament before it can take effect, prohibits the cultivation of meat from cells in Italy, though

Jamie Dimon, the longtime chief executive of JPMorgan Chase, will be interviewed under oath over his bank’s decision to retain the late sex offender Jeffrey Epstein as a client, said people familiar with the matter. The sworn deposition, due to take place behind closed doors in May, is the latest development in two high-profile cases

Scotland’s finance secretary Kate Forbes is to leave the country’s devolved government after being offered a more junior role by incoming first minister Humza Yousaf. Yousaf narrowly defeated Forbes in a bitter Scottish National party leadership election that ended on Monday and her departure from the government risks deepening divisions exposed during the contest. The

A top Republican has accused US regulators of being “asleep at the wheel” in the period leading up to the implosion of Silicon Valley Bank, in the first of two bruising congressional hearings intended to shed light on the failings that led to the lender’s collapse. Tim Scott, the top member of the party on

Alibaba is planning to split into six business units in a radical break-up that comes after a crackdown by Beijing on China’s tech giants. The shake-up would put a separate chief executive and board in place for each unit, the company said, and could lead to some of the mini Alibabas adopting separate public listings.

So, who, or what, is to blame? Why, 15 years after the start of the last financial crisis, might we be seeing that of another? For many, it is the fault of a long period of ultra-low interest rates imposed by central banks. For others, the cult of the bailout is at fault. We do

The writer is the Lowy Distinguished Fellow at the Council on Foreign Relations, former US ambassador to Israel and author of ‘Master of the Game’  For the time being, the crisis in Israel is over. Prime Minister Benjamin Netanyahu has paused his government’s effort to curb the independence of the Supreme Court, just when it

Television sports presenter Gary Lineker has won an appeal against HM Revenue & Customs after being accused of avoiding £4.9mn in unpaid tax. Judge John Brooks ruled that the BBC Match of the Day and BT Sport presenter was a freelancer who had direct contracts with the two broadcasters, for work carried out between 2013

The governor of the Bank of England has dismissed the prospect of an imminent financial crisis, describing last week’s dumping of European bank shares as investors “testing out” lenders and insisting the world is not “at all in the place” it was before the 2008 crash. Appearing before the cross-party Treasury select committee on Tuesday,

US stocks slipped in morning trade on Tuesday as investors reassessed prospects for the banking sector following weeks of uncertainty over its health. The blue-chip S&P 500 fell 0.1 per cent and the tech-heavy Nasdaq was 0.6 per cent lower. Bank stocks were steady, with the KBW Nasdaq Bank index up 0.2 per cent, while

Germany’s antitrust watchdog has launched a probe into Microsoft to assess its power in the market, in a move that could presage a regulatory crackdown against the US tech giant. The federal cartel office, or Bundeskartellamt, on Tuesday said it would examine whether Microsoft should be designated of “paramount significance for competition across markets”.  The

Jeremy Hunt, UK chancellor, is to pump more money into the NHS to fund a new pay deal for heath workers, in a surprise move that comes despite the Treasury’s previous focus on efficiency savings to fund the offer. Steve Barclay, health secretary, said on Tuesday that the pay deal would be fully funded. “I

Imagine for a moment that Emmanuel Macron had left the retirement age well alone. In this other France, the president chose to economise on defence instead. Fewer troops. Humbler ambitions in the Pacific. A budget nearer 1 than 2 per cent of national output. Would the republic now be aflame with protests? There would be