It is bewildering to me that UBS has given Credit Suisse CEO Ulrich Koerner a board seat and made him responsible for ‘operational continuity’. The fire department doesn't usually give arsonists jobs.

The lowdown

• 🔥 UBS replaces CFO and adds Credit Suisse CEO Ulrich Koerner to the board.

• ⚤ Goldman Sachs to pay $215 million to settle gender discrimination lawsuit brought by former female employees.

• 🛫 Ryanair orders 300 aircraft from Boeing in a deal worth up to $40 billion.

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Regulator looking at Deloitte’s audit of Joules

Another day, another Big Four firm under investigation for an audit. This time Deloitte is under investigation by the UK regulator over its audit of clothing retailer Joules.

Joules fell into administration last year after coming unstuck due to falling sales and supply chain woes (here is a brief timeline). The company was purchased by Next and the company’s founder Tom Joule in a combined bid worth £41 million. Next with 74% and Tom Joule with a 26% stake.

Deloitte was paid an audit fee of £225,000 for FY21 and had been Joules’ auditor since it floated on London’s Aim in 2016 - back when companies would actually choose to list on the LSE.

The content we're consuming today

• Bloomberg: Webtoons Are South Korea’s Latest Viral Cultural Export ($).

• The Dig: Is the Price Really Right?

• Liberty Street Economics: Are There Too Many Ways to Clear and Settle Secured Financing Transactions?

Off-balance sheet items

• The Eurovision Song Contest is underway with 10 countries going through to the final. To help you keep up with the contest this year, Popbitch has put together a useful guide.

The bottom line