Credit Suisse crisis: UBS Chairman points at failure of board, management, shareholders

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UBS Securities bullish on GAIL's profitability and potential stock re-rating; raises target price by over 26% UBS has been making quick progress on integrating Credit Suisse since it agreed to buy the smaller rival in an emergency takeover ten months ago in what was the biggest banking sector tie-up since the financial crisis. Still, the acquisition comes with a raft of potential difficulties from closing out positions to managing the legal liabilities inherited from Credit Suisse, the Bloomberg report added.

"I don't think the regulators had sufficient powers. Has been pleasantly surprised by the culture of Credit Suisse employees who moved to UBS.

2024 Will be the hard year of heavy lifting," the Reuters report quoted Kelleher. Also Read | How did Credit Suisse collapse amid nationalisation plans by injecting $57.6 billion? “At Credit Suisse, we have had net new money in deposit channels and wealth management channels," Kelleher further added, as quoted by Reuters.

Investors are urging UBS to capitalize on the Credit Suisse deal, with Cevian Capital AB, holding a stake of approximately 1.3%, expressing confidence in the bank's potential to achieve a return of over 20% on tangible equity after the integration concludes, according to the Bloomberg report. While Kelleher acknowledged that the fusion of Credit Suisse is progressing well, he noted in the interview that the completed portion so far has been "the relatively easy bit." In contrast, he anticipates that 2024 will be "a very hard year of heavy lifting," he said, as quoted in the report.

UBS intends to merge Credit Suisse's legal entity into UBS by the middle of the year. Kelleher mentioned, "We can really start attacking those allocated and stuck costs" once this