Credit Suisse

Greece trails other Mediterranean EU countries in per capita wealth, according to the 14th edition of the Global Worth Report issued by Swiss Bank UBS, joined this year by Credit Suisse, which it acquired a few months ago. 

The fourteenth iteration of the "Global Wealth Report", published on Wednesday by Credit Suisse and UBS, illustrates that the European south has recovered from the effects of the pandemic.

The report also claims that there are 79,000 millionaires (in US dollars) in Greece. 

The European Central Bank (ECB) has announced it wants to monitor the liquidity of banks in the eurozone more frequently to reduce the future risk of a financial crisis.

Spain's BBVA and Bank of Cyprus reopened the market with the issuance of the first euro-denominated contingent convertible bonds (CoCo) since the rescue of Credit Suisse in March, in what is seen as an attempt to restore confidence in the banks' riskiest debt instruments.

UBS is set to finalise the takeover of Credit Suisse today, but the hardest part is yet to come: turning the arranged marriage of Switzerland's biggest banks into a success.

On June 5, the two Zurich-based banks announced that the merger should be completed on June 12.

A merger this complex could turn out to be a nightmare, particularly given how little time UBS has had.

Switzerland's biggest bank UBS on June 7 pushed back the publication of its quarterly results by over a month as it completes its acquisition of fallen rival Credit Suisse.

The bank pushed the publication of second quarter results initially planned for July 25, to Aug. 31.

Asian and European markets rose yesterday, tracking a rally on Wall Street fuelled by a strong rebound in U.S. regional banks and forecast-beating jobs data that eased fears over a recession in the world's top economy.    

The recent turbulence caused by the collapse of Credit Suisse, Silicon Valley Bank and First Republic Bank will probably not mark a new fiscal crisis, Deputy Head of Financial Sector and Market Analysis at the European Stability Mechanism (ESM), Paolo Fioretti, told the Delphi Economic Forum on Thursday.

More than $68 billion was withdrawn from Credit Suisse in the first three months of 2023, the bank said Monday in what are likely its final quarterly results before it is swallowed by rival UBS.    

Switzerland's long-time second largest bank saw 61.2 billion Swiss francs ($68.6 billion) withdrawn in the first quarter alone.    

In the 2015 movie "The Big Short," a disenchanted Wall Street banker portrayed by Steve Carell discovers that the until then roaring US housing market rests on flimsy foundations, years of precarious loan-giving, creating a bubble. Our banker, utterly disappointed by the inner rot of the "system," duly proceeds to bet against it and, in doing so, wins a fortune.