Page 18 - First Boston News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Credit Suisse, once one of the stalwarts of the global financial system, is no more. While the end came quickly, the decay was years in the making.

Small banks and a number of lawmakers are already raising red flags about who should fund a new deposit safety net and warning that it would incentivize poor management.

Investors are still spooked after UBS bought its Swiss peer, with confidence in the banking sector in short supply.

(Bloomberg) -- As the demise of Credit Suisse Group AG reverberated from Sydney to New York City on Monday, workers were given a clear message: get back to work. Promised bonuses and pay increases will still be paid after a tumultuous week that ended in the 166 year-old lender being taken over by its largest rival UBS Group AG, the bank said in a memo to staff that urged them to continue “business as usual.” UBS reminded employees not to divulge any business secrets to their new colleagues, as long as the emergency acquisition hammered out in crisis talks over the weekend hadn’t closed. ...

Accomplished Wall Street investment banker Ray McGuire has been named president of financial advisory and asset management firm Lazard Ltd.