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Luisa Vieira

The Graphic Truth: Who holds the most global wealth?

Swiss authorities are investigating the mega-acquisition of Credit Suisse, the country's second-largest bank, by UBS, its largest. The deal, worth a measly $3.5 billion, would reportedly make UBS the world's top bank wealth manager, with over $4 trillion in assets under management.

Both Credit Suisse and UBS manage assets that are well beyond their institutional size because they are mostly global banks that invest on behalf of wealthy global clients. But the merger won’t turn them into one of the world’s biggest banks by assets – the size of what a bank has on its balance sheet.

If a bank goes belly up, what's vulnerable are not the assets but rather the deposits, which are normally insured by governments up to a certain limit, and the role of managing investments can easily be taken over by another wealth manager. We take a look at the world's top five banks by overall assets compared to the amount of wealth they invest for their clients.

A pair of glasses with blood on them in the aftermath of deadly shelling in Kostiantynivka, Ukraine.


What We’re Watching: Russia hits eastern Ukraine, Finland's election results, UBS-Credit Suisse probe, European leaders prepare for Xi meeting

Russia’s defense chief says more ammo is on the way

At least six Ukrainians were killed Sunday in the eastern city of Kostyantynivka as Russian forces continued their onslaught on the nearby city of Bakhmut in hopes of occupying the entire Donetsk region in the Donbas.

The attack on residential buildings in the industrial city comes as Russian forces in eastern Ukraine appear increasingly depleted and desperate – and unfolded just days after President Vladimir Putin announced a spring conscription, confirming that 147,000 more soldiers will be called up this month in anticipation of a fresh Ukrainian offensive.

Later on Sunday, a prominent Russian nationalist and military blogger was killed when a St. Petersburg cafe was hit in a targeted attack. Russian authorities have since arrested a woman, reportedly an anti-war activist, who – records show – spent time in jail for participating in an anti-war protest.

It’s clear that Russia’s defense establishment is jittery: In recent days, Defense Minister Sergei Shoigu addressed Russia’s depleting ammo reserves, telling high-ranking military officials that “necessary measures are being taken to increase” stockpiles.

This comes after the British military announced that Russia’s failure to make advancements in Bakhmut was largely due to artillery ammunition shortages that are causing Russian forces to ration their rounds, which hardly sounds like a winning military strategy. Still, it remains unclear exactly how Moscow is planning to rapidly increase its stash of short precision weapons.

Crucially, the Washington-based Institute for the Study of War reported in recent days that amid stagnation on the battlefield, a reshuffle amongst Russian senior commanders could soon be in the cards.

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An illustrative stock chart and Credit Suisse logo displayed on a phone screen.

Jakub Porzycki via Reuters Connect

Europe now feels the US financial panic

It's been hell week for banks on either side of the Atlantic. Days after the collapse of Silicon Valley Bank and Signature Bank sent shockwaves through the US financial system, now Credit Suisse, a major European bank, is in serious trouble.

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International passengers arrive at Melbourne Airport after Australia reopened its international borders to vaccinated travelers.

AAP Image/Joel Carrett via REUTERS

Hard Numbers: Australia reopens, Somali suicide blast, Queen tests positive, Credit Suisse leak, Indian death sentences

23: Australia reopened on Monday to (vaccinated) foreign travelers 23 months after closing its international borders. Restrictions gradually eased for citizens last year, but the latest move is great news for long-separated loved ones and Australian tourism.

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