FT News Briefing UBS’s Credit Suisse challenge
Apr 25, 2023
US President Joe Biden gears up for his reelection campaign, while UBS faces challenges after its takeover of Credit Suisse, including significant client withdrawals. The podcast highlights the implications of Britain's corporate tax landscape and the booming luxury market, with LVMH becoming the first European company to reach a $500 billion valuation. As China’s middle class expands, the luxury goods sector exhibits resilience and growth, hinting at promising trends for the global market.
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UBS Challenges
- UBS faces challenges integrating Credit Suisse after a hasty rescue.
- Client retention is crucial, as wealthy clients often diversify and may withdraw funds.
Final Report
- Credit Suisse's final earnings report was a simple press release with no earnings call.
- This anticlimactic approach is unusual, especially given its significance.
UK Corporate Taxes
- UK Chancellor Jeremy Hunt admitted corporate taxes are too high.
- He suggested economic growth as a solution for lowering the tax burden.