RALPH HAMERS

Credit Suisse’s chief executive officer Ulrich Koerner, AT1 Bondholders, Credit Suisse’s Top Shareholders, and even the Swiss government itself are among the big losers of the UBS Group- Credit Suisse $3.3 billion deal.

Switzerland awoke on Monday to a new era after UBS agreed to take over the ailing Credit Suisse, with a bank employee association saying it was "deeply shocked". The Swiss Bank Employees Association, in a statement to Reuters, demanded that UBS keep job cuts to it an "absolute minimum".

Hi Fabrique Group, a luxury cotton fabric manufacturer, today announced the acquisition of Tessitura Monti India Private Limited (TMIPL), an Indian subsidiary of Tessitura Monti Spa, Italy, for an undisclosed amount. Singhvi Dev & Unni LLP acted as the sole financial advisor for the transaction. The Monti group was established in Italy in 1911 and is currently the finest manufacturer of processed luxury and high value cotton fabric in the world.

FINMA, the Swiss regulator, said the decision would bolster the bank's capital. The move reflects authorities' desire to see private investors share the pain from Credit Suisse's troubles.

UBS Chairman Colm Kelleher said it’s too soon to know a job-cut number, but UBS indicated it will be significant. The firm said in a statement on Sunday it plans to cut the combined company’s annual cost base by more than $8 billion by 2027. That’s almost half of Credit Suisse’s expenses last year.

Korean Air said earlier this month that it was halting a plan to increase flights to China due to Seoul's cautious stance towards Chinese travellers. South Korea like many other countries now requires travellers from China, Macau and Hong Kong to provide negative COVID test results before departure. Flight Master data showed that on Sunday, China had a total of 245 international flights, combining inbound and outbound, compared with 2,546 flights on the same day in 2019, representing a fall of 91%.

Despite concerns around inflation, high energy prices, and geopolitical tensions, UBS saw a strong inflow of new money, attracting $17 billion in net new fee generating assets in wealth management and $18 billion of net new money in asset management.

UBS' performance comes after some U.S. rivals earned overall less money in the quarter due to drops in deal making and the selling of investment products. JPMorgan Chase & Co and Morgan Stanley both reported that investment banking revenues more than halved.

Tom Naratil, who co-leads the private banking business with Khan, may keep his regional role as the head of UBS's business in the Americas, people with knowledge of the deliberations said. No final decisions have been made and the plans could still change, they said.

Pre-tax profits on its wealth management business, the bank's traditional pillar, surged 47 percent from the same period a year ago to $1.2 billion, driven by the good performance of the financial markets and an increase in commissions.

Second-quarter net profit of $2.01 billion, up from $1.23 billion in the same quarter a year ago, far outpaced expectations for $1.34 billion in a poll of 20 analysts compiled by the bank.

New chairman, Antonio Horta-Osorio, announced a strategic review in late April, telling investors he would take time in reaching hard decisions that lay ahead.

Former Chief Executive Sergio Ermotti, who left the bank in October, was awared a total 13.3 million francs in salary and bonuses for the first ten months of the year, the Swiss bank's annual report showed on Friday.

UBS Chief Executive Sergio Ermotti, who is due to be replaced by ING head Ralph Hamers in November, was awarded a total 12.5 million Swiss francs ($12.8 million) in salary and bonus for 2019, down from 14.1 million francs the year before, the Swiss bank's annual report showed on Friday.

UBS, the world's largest wealth manager, lowered its medium-term profitability targets in January under pressure from low interest rates and other difficult market conditions. Ermotti took over the helm of UBS in late 2011 and oversaw a massive restructuring of the bank after turmoil during the 2008 financial crisis.

Kendrick Lamar earned 11 nominations for the 2016 Grammys, both Taylor Swift and The Weeknd tie for second with 7 nominations.

Predator turned prey — that seems to sum up the case of Kotak Bank and ING, a role reversal that came about six years after the meltdown of 2008.