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(Bloomberg) Swiss parliament is approaching a deal to push through government guarantees for UBS Group AG’s takeover of Credit Suisse Group AG after a upper houses compromise was met with approval in the lower chamber. “The majority of our party will vote for this proposal if the government will pursue higher capital ratios and restricted bonuses,” Social Democrat lawmaker Roger Nordmann said in the lower house in Bern on Wednesday. The stricter stance on banks is “a major development,” he said. The 200-member lower house late on Tuesday voted against the 109 billion francs ($120 billion) in guarantees. While that was a symbolic vote that can’t stop the deal, it clashed with the upper house’s approval earlier in the day. As a stalemate would force the bill to fail, the upper house earlier today adopted amendments in line with what their lower-house colleagues had demanded. Those provisions seek to adjust the law to limit the risks systemically relevant banks pose to tax ....
UBS Group is bringing back Sergio Ermotti as chief executive to oversee the historic acquisition of Credit Suisse, tapping a Swiss insider with extensive restructuring experience to replace Ralph Hamers after just over two years. ....
(Bloomberg) The $54 billion lifeline won by Credit Suisse Group AG on Thursday gives it a fighting chance to rebuild its business. Some clients aren’t waiting around to find out how that goes. In Asia, several ultra-wealthy clients continued to cut back their exposure amid the tumult this week. In the Middle East, some customers asked the bank to convert cash deposits into treasury bills and bonds. An executive at a rival European bank said they’re seeing some deposits shifting from Credit Suisse, although the amount isn’t yet sizable. Such attrition, if widespread, will make the overhaul that Chief Executive Officer Ulrich Koerner and his team are overseeing that much harder. Stemming the months-long exit of clients is critical to righting the battered Swiss bank, which saw net outflows hit 110.5 billion francs ($119 billion) in the fourth quarter. “We want to get back all what we lost,” Koerner said at an investor conference on Tuesday. “And once we are there, we go bey ....