Active Stocks

Thu Nov 30 2023 12:13:43

Reliance Industries share price
2,384.5 -0.67%

Tata Motors share price
698.8 -1.87%

Tata Steel share price
128.25 0.43%

ICICI Bank share price
932.15 -0.77%

HDFC Bank share price
1,545.45 -0.89%

Business News/ Companies / News/ UBS winds down Credit Suisse global markets business: Report

Back

UBS winds down Credit Suisse global markets business: Report

1 min read 30 Aug 2023, 05:19 PM IST Join us

Reuters

Increases in positions, or maturity extensions, will now not be possible for clients at Credit Suisse, which trades a wide variety of assets from stocks to currencies. Existing positions will continue to be serviced.

FILE - A traffic light signals green in front of the logos of the Swiss banks Credit Suisse and UBS in Zurich, Switzerland, March 19, 2023. (Michael Buholzer/Keystone via AP, File) (AP) — FILE - A traffic light signals green in front of the logos of the Swiss banks Credit Suisse and UBS in Zurich, Switzerland, March 19, 2023. (Michael Buholzer/Keystone via AP, File) **(AP)**

Credit Suisse said it will reduce the volume of new markets business from Sept. 22 while UBS integrates its former rival, the bank said in a letter sent to clients, as the 166-year-old firm winds down trading in global securities.

Increases in positions, or maturity extensions, will now not be possible for clients at Credit Suisse, which trades a wide variety of assets from stocks to currencies. Existing positions will continue to be serviced.

"Going forward, UBS shall focus on consolidating new client activity through UBS legal entities," the letter seen by Reuters on Wednesday said.

The move is a further step along UBS's tricky path to absorbing its fallen rival in the first-ever merger of two global systematically important banks.

UBS will report its second-quarter earnings on Thursday, its first results since taking over Credit Suisse earlier this year.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.