As confidence in the banking sector faltered, central banks called for more

NEW YORK, March 26 (Reuters) – Some investors and analysts are calling for more coordinated interventions by central banks to restore financial stability as they fear the turmoil in the global banking sector will continue amid rising interest rates. After the collapse of two US lenders this month and the Swiss government-orchestrated takeover of troubled … Read more

Credit Suisse risks disciplinary action, says the Swiss regulator

ZURICH, March 26 (Reuters) – Swiss financial regulator FINMA said it was considering disciplinary action against managers at Credit Suisse (CSGN.S) after Switzerland’s second largest bank had to be bailed out by UBS (UBSG) last week .S). FINMA president Marlene Amstad told Swiss newspaper NZZ am Sonntag it was “still open” whether a new procedure … Read more

Goldman Sachs sees risk of ‘permanent destruction’ in demand for AT1 bonds

NEW YORK, March 20 (Reuters) – The Swiss authorities’ decision to cancel Credit Suisse’s Additional Tier 1 (AT1) bonds could reduce demand for these types of bonds in the long term, a strategist at Goldman Sachs, but the risk of contagion across credit markets was limited due to the relative niche nature of the asset … Read more

PIMCO lost $340 million writing off Credit Suisse AT1 bonds – source

NEW YORK, March 20 (Reuters) – Bond giant PIMCO lost about $340m on a class of Credit Suisse bonds wiped out by its takeover by UBS (UBSG.S), with the US investment manager’s overall exposure to the Swiss lender running low in billions, said a source familiar with the situation. Swiss authorities on Sunday decided to … Read more