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After depositors fled the wreckage of the US regional banks in 2023 and customers started jumping overboard from a sinking Credit Suisse, even more banks could have been dragged into a systemic crisis. But UBS, rebuilt after the global financial crisis as a strong, sustainable and well-managed institution, responded to the rescue call from a fellow G-Sib. It rescued Switzerland as a financial centre, stopped the panic from spreading and struck a good deal for its own shareholders. Credit Suisse was not a gift. The integration will be tough. But UBS has got off to a good start and could soon relaunch its own growth story.
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Andrea Orcel’s long-awaited debut as a bank chief executive has won over the markets, largely thanks to capital returns. But his plans for UniCredit go far beyond balance-sheet management and costs. He now sees a chance to demonstrate growth.
EDITOR'S PICKS
HSBC’s choice of a new CEO to replace Noel Quinn was long flagged. Elhedery’s fortune is to be handed the reins of power in an extended period of calm for the UK lender, which benefited immensely from Quinn’s calm stoicism. But deteriorating Sino-US relations mean that turbulence for the London- and Hong Kong-listed lender is sure to return.
The bank’s decision to sell a large minority stake in Credit Suisse’s former China JV to BSAM, a Beijing-based fund it has known for decades, is a setback for Ken Griffin’s Citadel Securities. The US firm is still committed to expanding in China’s troubled market.
Basel-endgame pushback has reduced the urgency for US banks to relieve capital, but investor appetite for significant risk transfer trades is spilling over to Europe.
The Siena-based bank has a better bill of health and is once again a target in Italy.
Opinion
UK pension schemes have made clear their opposition to reduced investors protections, while the FCA may come to regret pushing through its new listing regime.
S&P’s regional bank index has just pushed past its March 10, 2023, level, reflecting where these stocks were immediately before the collapse of SVB last year. Those stocks are rising sharply and investors are seeing huge profits, so is this a sign that regional banks have finally emerged from their crisis?
President Xi Jinping’s ‘great rebalancing’ is creating a two-speed China: one a stodgy economy; the other full of export-focused corporate superstars. To serve the latter, China’s banks must invest overseas by buying assets or opening branches – and they need to do so fast.
Tyler Dickson’s departure from Citi must rank as one of the most predictable moves in investment banking this year, even if where he has ended up is perhaps less obvious. Elsewhere, Citadel Securities is apparently set to make an offer that some of the Street might find difficult to refuse.
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SocGen moves beyond French troubles in CIB
France’s political and banking troubles obscure good momentum in Societe Generale’s corporate and investment bank. Yes, capital is constrained, but the bank says it is moving in the right direction.
StanChart’s De Giorgi on moving from investment banker to CFO
Diego De Giorgi’s arrival at Standard Chartered has coincided with important changes at the bank. He talks to Euromoney about the transition from investment banker to chief financial officer, and how the firm can further leverage its advantages amid growing profitability and geopolitical risk.
Commerzbank’s corporate business inches back to growth
After years of retrenchment, Commerzbank’s head of corporate clients Michael Kotzbauer tells Euromoney of a tentative return to growth. The bank has dodged Germany’s commercial real estate slump but is having to adapt to a worsening geopolitical backdrop. Capital and cost efficiency remain big priorities.
NowCM’s new co-CEO on why finance finds innovation so tough
The latest in a string of big appointments at debt capital markets-focused fintech NowCM is a reflection of how the firm must increasingly institutionalize itself as it grows. Markus Sauerland tells Euromoney why change is so difficult in the financial world.
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What They Said
WHAT THEY SAID
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Credit Suisse was not a gift that was given to us. It is a prize that still needs to be won
UBS’s chief executive Sergio P Ermotti on what may prove to be the opportunity, not deal, of the century -
I am Italian. I have an Italian passport, I speak the language and I’m from Rome, but I left when I was 21 and only came back when I was 58, so I have an international outlook
UniCredit’s chief executive Andrea Orcel still has a soft spot for the city -
2023 showed why you need to be ready for the unexpected and underscored the importance of strong relationships in banking
JPMorgan's Doug Petno, referring to the full-blown US regional banking crisis that blew up in March 2023
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