UBS’s Credit Suisse challenge
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 25 April 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
US President Joe Biden is expected to announce on Tuesday that he’s running for re-election, UBS could lose customers as a result of its takeover of Credit Suisse, and the French luxury group LVMH became the first European company to hit a $500bn market value.
Mentioned in this podcast:
Biden prepares to take his case for a second term to American voters
Hunt admits UK business taxes are too high as government pressed on strategy
Credit Suisse suffered $69bn in outflows during first-quarter crisis
LVMH becomes first European company to hit $500bn market value
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:10.4 | Good morning from the Financial Times. |
| 0:12.0 | Today is Tuesday, April 25th, and this is your FT News Briefing. |
| 0:19.2 | Joe Biden is expected today to announce that he wants a second term in office |
| 0:23.7 | and Credit Suisse released its final earnings report ever. |
| 0:28.0 | And the results could mean trouble for UBS. |
| 0:31.3 | Plus, we'll talk about the growing fortune of the conglomerate behind Gucci, Dior, |
| 0:35.4 | and Dom Perignon. |
| 0:37.1 | LVMH is the king. I mean, the company has basically lapped the competition. |
| 0:41.9 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:44.5 | There could be a Biden Trump rematch next fall. |
| 0:57.9 | Joe Biden is expected to announce as early as today that he's running for a second term as |
| 1:02.8 | U.S. President. Former President Donald Trump has already put his hat in the ring and he's |
| 1:07.6 | currently the leading Republican candidate. Biden has been signaling for a while now that he's |
| 1:13.2 | going to seek a second term. His official launch removes any doubt that he'd run again and also |
| 1:18.6 | allows him to begin aggressive fundraising. |
| 1:27.6 | Switzerland's biggest bank, UBS, reports earnings today. We'll get an idea of how the lender was |
| 1:32.9 | affected by last month's banking panic. Now, we do know it has a tricky road ahead. |
| 1:38.7 | It has to integrate Credit Suisse into its business. Swiss authorities persuaded UBS to buy |
| 1:44.3 | its smaller rival in a hasty rescue all while wealthy clients were pulling their money out |
| 1:50.0 | last month. Yesterday, we got a sense of how bad it was, Credit Suisse said last quarter customers |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Forhecz Topher, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Forhecz Topher and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.