Quinn Emanuel to represent Credit Suisse AT1 bondholders as lawsuit inches closer April 3, 2023 Litigation specialists Quinn Emanuel have been instructed by a group of Credit Suisse bondholders to represent them in discussions with Swiss authorities and to prepare for “possible litigation” to recover losses from the forced takeover of Credit Suisse by UBS. Quinn Emanuel received a mandate from AT1 bondholders to represent them on Thursday last week, [...]
UK pushes back Natwest share sale plan after banking volatility April 3, 2023 The Treasury has pushed back its deadline to sell a chunk of its remaining shares in Natwest by another two years after the lender’s share price slumped last month amid the recent turmoil in the banking sector. The government will now have until 11 August 2025 to gradually sell up to 15 per cent of [...]
HSBC versus Asian shareholders: Bank’s chiefs warn Hong Kong investors against ‘risky’ break-up April 3, 2023 HSBC’s top brass hit back at shareholder proposals to spin off the bank’s Asian business and pay fixed dividends, as it sought to quieten shareholders’ discontent about the bank’s business model. At a meeting of investors in Hong Kong, Reuters reported that HSBC chair Mark Tucker warned a restructuring or spin-off of HSBC’s Asia business [...]
Numis revenue to fall 14 per cent as it maintains a gloomy outlook for 2023 April 3, 2023 City broker Numis said today that its revenue has taken another hit from weak capital markets as it warned that things are unlikely to improve this year. In a trading update, Numis said revenue in the first half of the 2023 financial year is expected to be about £64m, around 14 per cent lower than [...]
Deal or no deal? Peel Hunt blames bank bailouts and inflation as it expects to be ‘marginally loss making’ April 3, 2023 Peel Hunt warned that the impact of recent bank bailouts might impact its pipeline as the City broker continues to struggle amidst the dearth of deals. In a trading statement at the end of its financial year, the investment bank said it has seen a “gradual improvement” in its pipeline. However, it said “execution risk [...]
The must-have accessory for global finance chief execs? A first class flight to Beijing April 3, 2023 A flurry of top financial executives have visited China for the first time since the COVID-19 pandemic as global financial giants seek to cement their relations with Beijing at the start of President Xi Jinping’s new term. Goldman Sachs CEO David Solomon, HSBC CEO Noel Quinn and Standard Chartered boss Bill Winters are among the [...]
FTSE 100 close: Shell and BP lift London higher as OPEC production cut boosts oil giants April 3, 2023 London’s FTSE 100 was dragged up by its oil giants at the beginning of the week, as OPEC’s cut to production saw BP and Shell climb. The capital’s premier index closed up 0.54 per cent at 7,673.00 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
Tell Sid 2.0: Archie Norman’s plan to rebuild shareholder capitalism in a digital age April 3, 2023 THE M&S chair Archie Norman wants digital AGMs and a more streamlined approach to investor communications as part of an effort to bring shareholder capitalism into the digital age. Norman has written to business secretary Kemi Badenoch on behalf of the ‘share your voice’ campaign, supported by the Quoted Companies Alliance and shareholder lobby groups. The City grandee [...]
UBS could cut tens of thousands of jobs following Credit Suisse takeover April 2, 2023 UBS may cut as much as a third of its workforce following its takeover of Credit Suisse, Swiss newspaper Tages-Anzeiger reported this weekend, as the bank considers its options for delivering the deal. At the end of 2022, the bank employed around 125,000 people, where approximately 30 per cent of those were based in Switzerland. [...]
Swiss prosecutors probe UBS-Credit Suisse deal ahead of bank’s AGM April 2, 2023 The Swiss Federal Prosecutor has opened an investigation into the state brokered takeover of Credit Suisse by UBS, according to the Financial Times. The newspaper reported that the prosecutor is looking into possible breaches of Swiss criminal law by government officials, regulators and bank executives. “The Federal Prosecutor’s office wants to proactively fulfil its mission [...]
