Sergio Ermotti faces the daunting task of integrating two globally systemic banks. The returning UBS boss’s first big decision, though, has a more domestic focus. The Swiss bank is under pressure to offload Credit Suisse’s local business to ease a political backlash in its home market. By avoiding immediate layoffs, and arguing that the division might not be viable on its own, he might be able to get away with keeping it.
Japan's top lenders aim to carve out a larger presence in U.S investment banking as they look to make better use of their massive balance sheets by winning a bigger slice of deals, executives say.
Morgan Stanley's board will focus on the selection of CEO James Gorman's successor at its summer and fall meetings, a person familiar with the situation said, while the outgoing boss looks to clear the decks by resolving major regulatory matters.
China's new offshore listing rules for domestic companies have left bankers and lawyers who work on listings unsure how to take on liabilities and avoid breaching tightened confidentiality rules, Asia's largest financial lobby group said on Tuesday.
UBS Group is looking to cut more than half of Credit Suisse's workforce from next month as a result of the bank's takeover, Bloomberg News reported on Tuesday.