Sponsored by Credit Suisse

The Swiss banking giant UBS has been fined close to $400 million for misconduct by its recently-acquired subsidiary, Credit Suisse, the US Federal Reserve announced Monday.

Swiss banking group UBS plans to cut 35,000 jobs at Credit Suisse -- more than half its workforce -- as part of the emergency rescue takeover of its rival in March, according to a report by Bloomberg News on Tuesday.

Swiss banking giant UBS is expected to complete its takeover of crisis-hit domestic rival Credit Suisse as early as June 12, the two lenders said on Monday.

Credit Suisse pushed forward its result release to come out the day before those of UBS, as Switzerland's largest bank prepares to swallow its long-time main domestic rival.

The Swiss government has awarded an advisory mandate worth up to 8.7 million Swiss francs ($9.70 million) to Alvarez & Marsal Switzerland, linked to the rescue of Credit Suisse, according to state procurement platform Simap.ch on Monday.

Some of the investment bankers and wealth managers are expected to be poached by leading firms like Deutsche Bank AG, Citigroup Inc. and JPMorgan Chase.

Change of control approvals by regulators typically can take up to 60 working days to secure in Britain.

Senate probe findings worsened the Swiss investment bank's woes, pushing it to merge with regional rival UBS due to contagion from Silicon Valley Bank's collapse.

UBS and Credit Suisse were both among the 30 banks around the world deemed 'too big to fail' and therefore considered Global Systemically Important Banks.

Bitcoin investors are now bullish, especially as former Coinbase Chief Technology Officer Balaji Srinivasan predicted that the impending global banking crisis could take the world's largest crypto asset to $1 million in less than 90 days.

Switzerland's finance minister said the deal could likely lead to thousands of job cuts for Credit Suisse, as the embattled bank and UBS offer similar services.

UBS Group AG is seeking government guarantees of about $6 billion for a potential takeover of Credit Suisse Group AG, a person with knowledge of the discussions told Reuters on Saturday.

U.S. stocks closed higher Thursday, reversing early-session losses, on news that a group of big banks including Citigroup and Wells Fargo would deposit $30 billion to shore up regional lender First Republic Bank.

Credit Suisse lost almost a quarter of its value on Wednesday, dropping to a new record low after its largest investor said it could not provide the Swiss bank with more financial assistance.

Wall Street analyst Robert Kiyosaki pegged Credit Suisse as the next major bank to declare bankruptcy following Silicon Valley Bank.

Credit Suisse's Chairman, Axel Lehmann, waived his 1.5 million Swiss francs ($1.6 million) first-year payment due to the bank's disappointing annual performance.

Credit Suisse's CEO expressed confidence that the U.S. Congress will find no evidence the bank conspired to evade sanctions on Russia or its oligarchs.

McDonald's is prepared to launch another foray into the lucrative chicken sandwich battle later this month and hopes its lower price point can carry it to the top of the charts.

Fed directs Credit Suisse to boost money laundering controls

The two largest Swiss Banks, like most banks across Europe, are under pressure to cut costs

The allegations led to the ouster of Credit Suisse’s former CEO Tijdane Thiam

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Credit Suisse shares have dropped about 25% this year

CEO Markus Braun said his company may be a victim of fraudulent transactions and planned to file a complaint.

Credit Suisse: bankers will work from home more after crisis

A slew of experts expect the US economy to crater in the second quarter

UBS, Credit Suisse have submitted to regulatory pressure with respect to their dividend policy

Some of the largest banks in the UK have agreed to cancel or delay dividend payouts

Outgoing CEO 'proud' as Credit Suisse profits jump 69%