Today will be remembered as the day that UBS swallowed its Swiss banking peer Credit Suisse.
In a deal that no one could have seen coming just a week ago, things moved at lightning speed over the weekend as Credit Suisse battled waning confidence from customers and investors.
There’s plenty of early grumblings, stretching from hybrid investors’ wipeout, shareholders’ haircut, generous government support – and of course bankers’ unpaid bonuses.
From what we hear, the local heads were at pains to drill into their staff that none of what had happened over the weekend was their fault.
Fortunately, the Aussie bankers got paid their bonuses last week, even though there should be some sleepless nights ahead on incentives trapped in deferred shares and the slicing and dicing that UBS’s big bosses would have in their minds.
Lastly on Credit Suisse, we look at its institutional equities market share. The unit was well known (and well used) among fundies, and it would be interesting to see if they make the move to UBS or scatter to other big brokers in the market.
There’ll be fewer investment banker pitchbooks flying around the market once Credit Suisse shuts shop, but the most noticeable difference in Australia will be via the equities market.
The knives - or should it be strikes? - are out for AMP Ltd’s ahead of the company’s annual general meeting, with the Australian Shareholders’ Association taking aim against the company’s remuneration report.
Rural medical practices business Ochre Health has parked its IPO ambitions as equity capital markets remain testy and asked Highbury Partnership to instead find it a buyer willing to take a controlling stake.
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