However, Credit Suisse weathered the 2008 financial crisis without assistance, unlike UBS.Īs part of the deal, approximately 16 billion francs ($17.3 billion) in higher-risk Credit Suisse bonds will be wiped out, leaving investors with hefty losses. It has significant trading desks around the world, caters to the rich through its wealth management business, and is a major mergers and acquisitions adviser. UBS is bigger but Credit Suisse wields considerable influence, with $1.4 trillion assets under management. ![]() “Markets are very nervous, and I think an additional accident in Switzerland would have fueled a lot of problems,” he said.Ĭredit Suisse is among 30 financial institutions known as globally systemically important banks, and authorities were worried about the fallout if it were to fail. bank collapses and the danger to Credit Suisse was “an international banking crisis in the making.” Tobias Straumann, an economic history professor at University of Zurich, said the merger was the right move because the U.S. But concerns about risks to the deal, losses for some investors and Credit Suisse’s falling market value could renew fears about the health of banks. failures have raised questions about other potentially weak global financial institutions, sweeping up the already beleaguered Swiss bank.Ĭredit Suisse has faced an array of troubles in recent years, including bad bets on hedge funds, repeated shakeups of its top management and a spying scandal involving UBS.Īnalysts and financial leaders say safeguards are stronger since the 2008 global financial crisis and that banks worldwide have plenty of available cash and support from central banks. The result is an inclusive workplace.Many of Credit Suisse’s problems were unique and unlike the weaknesses that brought down Silicon Valley Bank and Signature Bank in the U.S., including high interest rates. In addition, diversity training has been incorporated into the mandatory training requirements for every employee in the division. It has also instituted an internship program that recruits diverse students from local colleges and law schools for summer and year-round internships. ![]() In its first yearand- a-half, the diversity committee fostered communications within the legal division by sponsoring luncheons and building its own web page. The Legal Division’s diversity committee is mandated to increase the diversity of the division by reaching out to a diverse pool of candidates. The specific legal division’s goals are to establish diversity accountability and metrics, expand diversity training and education, increase female and minority representation at all levels, and leverage diversity as a mechanism to break down the barriers among people of diverse race, ethnicity, nationality, religion, and sexual orientation. The Firm Diversity Council’s mission is to facilitate cultural change with an emphasis on inclusion throughout the firm and to expand the firm’s presence among a diverse group of potential clients. The legal division implements its own companywide diversity efforts through the Firm Diversity Council, which is composed of 18 senior executives from various business divisions and a corporate diversity executive. Working on a corporate diversity commitment, Chief Legal Officer Theodore Levine and his senior management team have developed highly effective initiatives to incorporate diversity into the fabric of its legal division. UBS PaineWebber has set diversity as a priority.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |