Three news to start your week: June 12
UBS completes Credit Suisse takeover
(Reuters)
UBS announced that it had finished its emergency takeover of Credit Suisse, creating a big Swiss bank with a balance sheet of $1.6 trillion and more power in wealth management.
UBS announced that it had finished its emergency takeover of Credit Suisse, creating a big Swiss bank with a balance sheet of $1.6 trillion and more power in wealth management.
When UBS CEO Sergio Ermotti and Chairman Colm Kelleher announced the most significant banking deal since the 2008 global financial crisis, they said it would bring challenges and "many opportunities" for clients, workers, shareholders, and Switzerland.
The group will manage assets worth $5 trillion, giving UBS a leading place in key markets where it would have taken years to grow in size and reach before. The merger also ends Credit Suisse's 167-year past, which scandals and losses have marked in recent years.
JPMorgan agrees to settle with Epstein accuser in class action lawsuit
(Financial Times)
JPMorgan Chase has decided to settle one of two shocking lawsuits about its 15-year relationship with Jeffrey Epstein. The lawsuit claimed the bank made money from human trafficking by ignoring multiple internal warnings about their former client's sex crimes.
The agreement was reached just hours after a federal judge decided that the case, initially brought by a single Epstein accuser using the name Jane Doe, could be expanded to include hundreds of women who say the disgraced financier also abused them.
With this deal, JPMorgan is one step closer to ending two complex legal cases that have been making bad news for the biggest bank in the US and embarrassing some of its top executives.
George Soros gives control of his $25 billion foundation to his son
(The New York Times)
After decades of running one of the most well-known and politically active financial companies, George Soros is giving his $25 billion Open Society Foundations to his son Alex.
The move is another way that Wall Street's old guard is making plans for the future. But the switch is especially interesting because it involves the elder Soros, who has been a boogeyman of the right for a long time as he gives $1.5 billion a year to liberal causes without shame.
In December, Alex Soros, the second-youngest of George's five children, was chosen to lead the organization. He is also the head of the Soros super PAC and the only family member on the investment committee of the private investment management firm Soros Fund Management.
