Page 2 - Margot Patrick News Today

Russian buyers tend to cluster in a few US hubs and use their homes as primary residences, rather than rental properties.

UBS Group AG is buying online wealth adviser Wealthfront for $1.4 billion to reach the young rich and manage more money for people through their devices, the company said Wednesday.

The Credit Suisse version of ‘Partygate’ has claimed the scalp of a celebrated banker

Provided by Dow Jones By Margot Patrick UBS Group AG said it lost $774 million from the implosion last month of Archegos Capital Management, a bigger hit than analysts expected, deepening the damage caused by the fund. Switzerlands biggest bank by assets said it lost the money from closing out a U.S. funds trades. It took $434 million off net profit in the quarter, which overall was up 14% at $1.82 billion because of a surge in investment banking revenue from stro...

Provided by Dow Jones By Emily Glazer, Maureen Farrell and Margot Patrick Credit Suisse Group AG amassed more than $20 billion of exposure to investments related to Archegos Capital Management, but the bank struggled to monitor them before the fund was forced to liquidate many of its large positions, according to people familiar with the matter. The U.S. family investment firms bets on a collection of stocks swelled in the lead-up to its March collapse, but parts ...

Provided by Dow Jones By Margot Patrick Credit Suisse Group AG said it would issue new shares after losses from Archegos Capital Management wiped out a strong first quarter, highlighting the damage caused by the collapse of the investment firm. On Thursday, the bank said it placed notes that convert to stock in six months to counter damage to its capital position from the loss and new charges imposed by the Swiss financial regulator. The offering will be based on ...

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Provided by Dow Jones By Juliet Chung and Margot Patrick Investor Bill Hwang set off a storm in the stock market in March when his firm, Archegos Capital Management, and its banks, began liquidating huge positions in blue-chip companies, according to people familiar with the transactions. The sales sent individual stocks swooning and have left at least three banks with major damage. Credit Suisse said on April 6 that it would take a $4.7 billion hit because of the meltd...

By Patricia Kowsmann and Margot Patrick European banks are using the pandemic to make changes investors have wanted for years: slash jobs, shut branches and force customers online. Germanys second-largest lender, Commerzbank AG, said Thursday that it would cut a third of its domestic staff and almost half of its bricks-and-mortar presence after pressure from U.S. shareholder Cerberus Capital Management. Bank mergers under way in Italy and Spain are expected to close thousands of ove...

Provided by Dow Jones By Margot Patrick UBS Group AGs focus on the worlds rich is helping it power through the coronavirus pandemic with some of the best financial results in global banking, but a cloud over new Chief Executive Ralph Hamers is threatening to throw Switzerlands largest lender off course this year. UBS on Tuesday ramped up a share buyback program after 2020 net profit rose 54% from gains in its banking and wealth management units. The bank said it i...