Page 4 - Margot Patrick News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 the bank's share price in the coming days and could raise close to $2 billion in fresh capital. ...

POLITICO Get the Morning Money newsletter Email Sign Up By signing up you agree to receive email newsletters or updates from POLITICO and you agree to our privacy policy and terms of service. You can unsubscribe at any time and you can contact us here. This sign-up form is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. 04/09/2021 08:00 AM EDT Editor’s Note: Morning Money is a free version of POLITICO Pro Financial Services' morning newsletter, which is delivered to our subscribers each morning at 6 a.m. The POLITICO Pro platform combines the news you need w...

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 meltdown. What is Archegos Capital? Archegos is the family investment vehicle owned by Mr. Hw...

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. Germany's 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 overlapping branches. Business consulting firm Kearney predicts one-quarter of Europe's 165,000 bank b...

Provided by Dow Jones By Margot Patrick UBS Group AG's focus on the world's 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 Switzerland's 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 is meeting all of its financial targets and is anticipating lower levels of bad loans from the pan...