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04/09/2021 08:00 AM EDT
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How Biden s infrastructure plan crashed with corporate America
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By Juliet Chung and Margot Patrick Investor Bill Hwang set off a storm in the stock market in March when his firm, Archegos Capital Management, and its banks, began liquidating huge positions in blue-chip companies, according to people familiar with the transactions. The sales sent individual stocks swooning and have left at least three banks with major damage. Credit Suisse said on April 6 that it would take a $4.7 billion hit because of the meltdown. What is Archegos Capital? Archegos is the family investment vehicle owned by Mr. Hwang, a former protégé of hedge-fund titan Julian Robertson. Mr. Hwang was a so-called Tiger cub, an offshoot of Mr. Robertson s Tiger Management. Mr. Hwang founded Tiger Asia in 2001. Based in New York, it went on to become one of the biggest Asia-focused hedge funds, running more than $5 billion at its peak. In 2008, it was one of a swath of funds that suffered losses related to the s
By Patricia Kowsmann and Margot Patrick European banks are using the pandemic to make changes investors have wanted for years: slash jobs, shut branches and force customers online. Germany s second-largest lender, Commerzbank AG, said Thursday that it would cut a third of its domestic staff and almost half of its bricks-and-mortar presence after pressure from U.S. shareholder Cerberus Capital Management. Bank mergers under way in Italy and Spain are expected to close thousands of overlapping branches. Business consulting firm Kearney predicts one-quarter of Europe s 165,000 bank branches will be gone in three years. Banks are one of Europe s economic weak links, and they have been slow to change. Compared with U.S. peers, European banks struggle to make enough money to support lending growth. They came into the Covid-19 crisis still digesting a mountain of bad loans from the sovereign-debt crisis that started more than a decade ago.
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By Margot Patrick UBS Group AG s focus on the world s rich is helping it power through the coronavirus pandemic with some of the best financial results in global banking, but a cloud over new Chief Executive Ralph Hamers is threatening to throw Switzerland s largest lender off course this year. UBS on Tuesday ramped up a share buyback program after 2020 net profit rose 54% from gains in its banking and wealth management units. The bank said it is meeting all of its financial targets and is anticipating lower levels of bad loans from the pandemic than many rivals because of its safer lending to Swiss borrowers and the global rich.
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