Credit Suisse foresees $4.7B charge over hedge fund default
3 years, 8 months ago

Credit Suisse foresees $4.7B charge over hedge fund default

Associated Press  

GENEVA — Swiss bank Credit Suisse on Tuesday announced the departure of two top executives and said it expects a one-time charge of 4.4 billion Swiss francs in connection with a previously announced default of a U.S. hedge fund on margin calls. “The significant loss in our prime services business relating to the failure of a U.S.-based hedge fund is unacceptable,” CEO Thomas Gottstein said. “Serious lessons will be learned.” The bank said it has launched two investigations “to be carried out by external parties,” and said Brian Chin, the head of Credit Suisse’s investment bank, and chief compliance and risk officer Lara Warner will leave the bank. News reports identified the hedge fund as New York-based Archegos Capital Management, whose default also ensnared Japan’s Nomura.

Bank Credit Suisse  default  47b  share  margin  foresees  charge  swiss  loss  suisse  credit  francs  hedge  bank  fund

History of this topic

What Switzerland should have done to save Credit Suisse
4 days, 13 hours ago

What Switzerland should have done to save Credit Suisse

Live Mint  

Switzerland might have averted the collapse of Credit Suisse, its second largest bank, if the country’s financial regulator took a harder line overseeing it and enforcing capital rules, a parliamentary report found Friday. UBS said Friday it didn’t receive regulatory concessions like Credit Suisse did, and now holds additional capital since the merger. The parliamentary report traced Credit Suisse’s problems …

Switzerland lays out new ‘too big to fail’ rules in wake of Credit Suisse banking turmoil last year
8 months, 2 weeks ago

Switzerland lays out new ‘too big to fail’ rules in wake of Credit Suisse banking turmoil last year

Associated Press  

GENEVA — The Swiss government Wednesday announced steps to bolster its “too big to fail” rules aimed at avoiding potentially disastrous fallout from banking sector turmoil after woes last year at Credit Suisse before it was taken over by rival UBS. Finance Minister Karin Keller-Sutter told reporters that the measures will aim to protect taxpayers — who were briefly on …

Swiss bank UBS reports pretax loss in 4Q, plans share buybacks after Credit Suisse deal wraps up
10 months, 2 weeks ago

Swiss bank UBS reports pretax loss in 4Q, plans share buybacks after Credit Suisse deal wraps up

Associated Press  

GENEVA — UBS on Tuesday reported a fourth-quarter pretax loss of more than $750 million as the Swiss banking giant continued to integrate its longtime rival Credit Suisse after a government-orchestrated merger. “While our progress over the next three years will not be measured in a straight line, our strategy is clear.” The bank said net new assets came in …

Swiss financial regulator gets a new leader as UBS-Credit Suisse merger sparks calls for reform
11 months ago

Swiss financial regulator gets a new leader as UBS-Credit Suisse merger sparks calls for reform

Associated Press  

GENEVA — Switzerland’s financial markets authority is getting a new chief executive as the rich Alpine country looks at ways to strengthen regulations after UBS hurriedly took over ailing rival Credit Suisse last year partly to prevent a global banking meltdown. The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central …

Credit Suisse crisis: UBS Chairman points at failure of board, management
11 months, 1 week ago

Credit Suisse crisis: UBS Chairman points at failure of board, management

Live Mint  

UBS Chairman Colm Kelleher launched a scathing attack on Credit Suisse, blaming its recent woes on leadership failures at all levels. UBS's return on equity may be higher than currently expected once the integration of its former rival, Credit Suisse, has been completed, its chairman said on January 17. Kelleher indicated his support for increased regulation in UBS's home market, …

How did Credit Suisse collapse?
1 year ago

How did Credit Suisse collapse?

Live Mint  

About six months before Credit Suisse was sold to rival UBS in a weekend rescue, the head of the Swiss central bank wanted to inject 50 billion Swiss francs into the lender and nationalise it, according to three sources with direct knowledge of the matter. But Switzerland's financial regulator FINMA and the finance ministry opposed the idea, as did Credit …

Behind Credit Suisse’s Fall: A Chairman’s Lasting Mark on the Culture
1 year ago

Behind Credit Suisse’s Fall: A Chairman’s Lasting Mark on the Culture

Live Mint  

When Credit Suisse’s board met to approve the bank’s forced sale to UBS in March, paintings of every bank chairman since 1856 lined the boardroom. “The chairman’s track record was atrocious," said David Herro, a partner at Chicago-based Harris Associates, once Credit Suisse’s largest shareholder with holdings of around 10%. “It was clear that the chairman and other board members …

UBS reports huge 2Q profit skewed by Credit Suisse takeover and foresees $10B in cost cuts
1 year, 3 months ago

UBS reports huge 2Q profit skewed by Credit Suisse takeover and foresees $10B in cost cuts

Associated Press  

GENEVA — Swiss banking giant UBS on Thursday announced plans to save $10 billion in costs, including through 3,000 staff reductions in Switzerland in the coming years, as it moves ahead with “full integration” of longtime rival Credit Suisse’s domestic operations following a takeover. In a conference call with analysts, UBS chief executive Sergio Ermotti addressed one of the major …

UBS-Credit Suisse Merger: Hundreds Of Investment Bankers To Be Laid Off, Says Report
1 year, 4 months ago

UBS-Credit Suisse Merger: Hundreds Of Investment Bankers To Be Laid Off, Says Report

ABP News  

Following the merger of two Swiss banking giants, UBS Group and Credit Suisse, hundreds of investment bankers are expected to be terminated in the coming days. The report by the Swiss Weekly citing two sources said that the transformation of the merger entity is beginning and in the coming days several hundred Credit Suisse bankers will receive termination notices. A …

Credit Suisse-Archegos mess: UBS slapped with $400 million fine
1 year, 5 months ago

Credit Suisse-Archegos mess: UBS slapped with $400 million fine

Live Mint  

After failing to manage the finances of Credit Suisse, banking giant UBS is fined with $400 million by the US, Swiss and UK banking authorities. In a statement, the Federal Reserve said that Credit Suisse failed to “adequately manage the risk posed by Archegos despite repeated warnings”. In a consent order with the Federal Reserve, UBS agreed to pay $268.5 …

UBS completes takeover of Credit Suisse in deal meant to stem global financial turmoil
1 year, 6 months ago

UBS completes takeover of Credit Suisse in deal meant to stem global financial turmoil

Associated Press  

BERLIN — UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country’s two largest banks in a bid to safeguard Switzerland’s reputation as a global financial center and choke off market turmoil. A statement from the bank said that “UBS …

UBS is wealth management behemoth after Credit Suisse takeover
1 year, 6 months ago

UBS is wealth management behemoth after Credit Suisse takeover

Al Jazeera  

As a result of biggest banking deal since 2008 crisis, UBS will oversee $5 trillion in assets, giving it the lead position in key markets. UBS on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management. Announcing …

Credit Suisse directed to pay ex-Georgian PM $926 million by Singapore Court
1 year, 6 months ago

Credit Suisse directed to pay ex-Georgian PM $926 million by Singapore Court

Live Mint  

The fallen giant Credit Suisse, a global investment bank and financial services firm, was asked by a Singapore Court to pay billionaire and former Georgian Prime Minister Bidzina Ivanishvili a total of $926 million for failing in its duty to safeguard his assets. The latest blow to the banking giant, Credit Suisse, based in Switzerland comes, after it was bought …

Over $68 billion withdrawn from Swiss' Credit Suisse ahead of UBS merger
1 year, 8 months ago

Over $68 billion withdrawn from Swiss' Credit Suisse ahead of UBS merger

Hindustan Times  

Tens of billions were withdrawn from Credit Suisse in the first three months of 2023, the bank's earnings report showed Monday, providing clues to the towering challenges ahead as UBS prepares an emergency takeover. The bank also reported deceptively bloated net profits for the quarter, Read here: Credit Suisse rescue package rejected by Swiss parliament Switzerland's long-time second largest bank …

Credit Suisse sees outflows worth $69 billion in Q1
1 year, 8 months ago

Credit Suisse sees outflows worth $69 billion in Q1

Live Mint  

Credit Suisse Group AG reported 61.2 billion francs of outflows in the first quarter and took a large writedown at its wealth management unit, underscoring the challenge for UBS Group AG in retaining key clients and assets after the emergency takeover. While Credit Suisse said that outflows have moderated not yet reversed, it also lost about 6.9 billion of outflows …

Over $68 billion withdrawn from Credit Suisse ahead of UBS takeover
1 year, 8 months ago

Over $68 billion withdrawn from Credit Suisse ahead of UBS takeover

Live Mint  

More than $68 billion had been withdrawn from Credit Suisse in the first three months of 2023, the bank said Monday in what are likely its final quarterly results before it is swallowed by rival UBS. Credit Suisse said the "significant net asset outflows" were particularly heavy in the second half of March, as it was engulfed by panic prior …

Credit Suisse investors sue after facing billions in losses
1 year, 8 months ago

Credit Suisse investors sue after facing billions in losses

Associated Press  

LONDON — A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses. The investors are contesting an order by the Swiss Financial Market Supervisory Authority, or FINMA, that wiped out about 16 billion Swiss francs in higher-risk Credit Suisse bonds as part …

Credit Suisse investors sue Swiss financial regulators for UBS takeover
1 year, 8 months ago

Credit Suisse investors sue Swiss financial regulators for UBS takeover

Live Mint  

A group of investors of Credit Suisse has filed a lawsuit against Swiss financial regulators following a takeover of the bank by UBS that left them with substantial losses. The investors are challenging the decision by the Swiss Financial Market Supervisory Authority to eliminate about 16 billion Swiss francs in higher-risk Credit Suisse bonds as part of an emergency rescue. …

Credit Suisse accused of obstructing probe into Nazi accounts investigation
1 year, 8 months ago

Credit Suisse accused of obstructing probe into Nazi accounts investigation

Hindustan Times  

Credit Suisse Group AG was accused by US lawmakers of impeding an investigation into its historical assistance to Nazis that had revealed a number of previously undisclosed accounts. The latest internal Credit Suisse investigation was conducted by forensic research firm AlixPartners and overseen by Neil Barofsky, The allegations relate to an internal probe started after the Simon Wiesenthal Center informed …

US Fed approves UBS-Credit Suisse merger. Details here
1 year, 8 months ago

US Fed approves UBS-Credit Suisse merger. Details here

Live Mint  

UBS-Credit Suisse merger: The Board of Governors of the US Federal Reserve has given its approval to the UBS Group AG and Credit Suisse Bank deal. The US Fed informed about the development and said that it has given its approval to the UBS-Credit Suisse deal for acquisition of the US subsidiaries of Credit Suisse by UBS Group AG. In …

Credit Suisse rescue rebuked by half of Swiss parliament
1 year, 8 months ago

Credit Suisse rescue rebuked by half of Swiss parliament

Associated Press  

GENEVA — Switzerland’s lower house of parliament issued a searing — though symbolic — rebuke Wednesday of an emergency plan spearheaded by the executive branch to prop up embattled Credit Suisse and shepherd it into a takeover by Swiss banking rival UBS. The National Council, through an unusual left-right alliance, voted twice over the last day to reject government guarantees …

Credit Suisse rescue package rejected by Swiss parliament
1 year, 8 months ago

Credit Suisse rescue package rejected by Swiss parliament

Hindustan Times  

Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing. REUTERS/Denis Balibouse/File Photo While the upper house had approved the government's contribution to the rescue package, parliament's lower, and larger chamber, pushed back again on Wednesday. Following a day …

Swiss lawmakers pick apart Credit Suisse woes ahead of deal
1 year, 8 months ago

Swiss lawmakers pick apart Credit Suisse woes ahead of deal

Associated Press  

GENEVA — Switzerland’s parliament opened a special session Tuesday to scrutinize the state-imposed takeover of Swiss bank Credit Suisse by rival UBS — and consider strengthening the legal arsenal to better gird against financial blowups. Johanna Gapany, a centrist lawmaker and rapporteur for the upper chamber’s finance commission, said the parliamentary panel had made three main proposals: change competition rules …

UBS confident about Credit Suisse deal despite ‘huge’ risk
1 year, 8 months ago

UBS confident about Credit Suisse deal despite ‘huge’ risk

Associated Press  

GENEVA — The UBS chairman voiced confidence Wednesday that the Swiss bank will succeed in a government-engineered takeover of hobbled rival Credit Suisse, pledging the deal will reduce costs, benefit shareholders and buttress Swiss finance despite “huge” risks in knitting the global lenders together. Speaking to UBS shareholders, Colm Kelleher gave an overview of the 3 billion Swiss franc takeover …

Swiss cut up to $66M in bonuses for top Credit Suisse execs
1 year, 8 months ago

Swiss cut up to $66M in bonuses for top Credit Suisse execs

Associated Press  

GENEVA — The Swiss government says it’s ordered cuts to the bonuses of top executives of Credit Suisse, with nearly 1,000 managers being “deprived” of tens of millions combined as the troubled bank heads toward a forced merger with rival UBS. The rescue capped years of trouble at Credit Suisse — among 30 banks worldwide considered “systemically important” — after …

Swiss regulators defend rescue of Credit Suisse via UBS deal
1 year, 8 months ago

Swiss regulators defend rescue of Credit Suisse via UBS deal

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The head of the Swiss …

Swiss financial regulator defends Credit Suisse takeover by UBS
1 year, 8 months ago

Swiss financial regulator defends Credit Suisse takeover by UBS

Hindustan Times  

The head of the Swiss financial regulator on Wednesday defended the rescue of Credit Suisse through a controversial takeover by rival bank UBS as the best solution with least risk of spreading a wider crisis and severe damaging Switzerland's standing as a financial centre. “One can well imagine, what devastating effect the insolvency of a big wealth management bank of …

UBS Chairman’s top-secret prep paid off in Credit Suisse moment
1 year, 8 months ago

UBS Chairman’s top-secret prep paid off in Credit Suisse moment

Live Mint  

UBS Group AG pulled off one of the biggest bank deals ever in a matter of days. “While we did not initiate discussions, we believe that this transaction is financially attractive for UBS shareholders.” Kelleher and UBS’s board will face shareholders who were denied a vote on the deal at the firm’s annual meeting on Wednesday, a day after Credit …

'Truly sorry': Credit Suisse chiefs apologise to angry shareholders
1 year, 8 months ago

'Truly sorry': Credit Suisse chiefs apologise to angry shareholders

Firstpost  

The 167-year-old bank’s final AGM was the first chance Credit Suisse shareholders had to voice their frustrations, and some were in tears as they counted the cost of the bank’s implosion Zurich, Switzerland: Credit Suisse chairman Axel Lehmann said Tuesday he was “truly sorry” that the beleaguered bank could not be saved as he faced angry and tearful shareholders whose …

Credit Suisse investors slam failures as chairman apologizes
1 year, 8 months ago

Credit Suisse investors slam failures as chairman apologizes

Associated Press  

ZURICH — Credit Suisse shareholders on Tuesday upbraided the Swiss bank’s leaders for years of mismanagement, scandal and obfuscation that sent its stock price into the gutter, while executives apologized and insisted that the only way forward for the once-venerable lender was a government-engineered takeover by rival UBS. A largely polite — if at times boisterous, emotional, angry and even …

Shareholders reject executive compensation, says Credit Suisse
1 year, 8 months ago

Shareholders reject executive compensation, says Credit Suisse

Live Mint  

Axel Lehmann was narrowly reelected as the last chairman of an independent Credit Suisse Group AG and shareholders rejected the compensation for the executive board, at the end of an emotional final annual meeting for the Swiss lender. To recap, Credit Suisse executives have foregone their bonuses for 2022, and employees with deferred pay outstanding have ‘You can almost taste …

‘Your money is no longer safe in Switzerland,’ Credit Suisse ex-employee says
1 year, 8 months ago

‘Your money is no longer safe in Switzerland,’ Credit Suisse ex-employee says

Live Mint  

Credit Suisse's annual general meeting was dominated by angry shareholders venting their frustration with the bank's directors. One shareholder even offered a bag of walnuts, which they claimed was worth the same as a Credit Suisse share, while another unveiled a spray-painted T-shirt reading “Stop the rip-off.” The discrepancy between the bank's bonuses and profits over the past twelve years …

Credit Suisse chairman says ’sorry’ for bank failure, ’Only two options left...’
1 year, 8 months ago

Credit Suisse chairman says ’sorry’ for bank failure, ’Only two options left...’

Live Mint  

Credit Suisse's chairman apologised for taking the Swiss bank to the brink of bankruptcy, as he faced shareholder fury, reported Reuters. The bank's chairman Axel Lehmann issued an apology, saying he had run out of time to turn the bank around, despite his belief "until the beginning of the fateful week" that the it could survive. “I apologise that we …

Swiss prosecutors probe Credit Suisse ahead of takeover; UBS to fire 30% staff
1 year, 8 months ago

Swiss prosecutors probe Credit Suisse ahead of takeover; UBS to fire 30% staff

Live Mint  

Days after the Credit Suisse takeover was announced, Swiss authorities are now probing the events leading up to the massive deal. The attorney general's office said Monday that it wanted to “proactively fulfil its remit and its responsibility to contribute to a clean Swiss financial sector.” An AP report also quoted authorities to add that the AG's office had set …

Swiss prosecutors probe Credit Suisse ahead of UBS takeover
1 year, 8 months ago

Swiss prosecutors probe Credit Suisse ahead of UBS takeover

Associated Press  

GENEVA — The Swiss attorney general’s office says it has opened a probe into the events surrounding embattled bank Credit Suisse, which is to be taken over by rival UBS. The attorney general’s office said Monday that it wanted to “proactively fulfill its remit and its responsibility to contribute to a clean Swiss financial sector.” It said that it has …

UBS-Credit Suisse merger anticipated to cause over 30,000 jobs loss
1 year, 8 months ago

UBS-Credit Suisse merger anticipated to cause over 30,000 jobs loss

Hindustan Times  

The merger between banks Credit Suisse and UBS could see up to 36,000 jobs being cut across the world, the SonntagsZeitung weekly reported on Sunday. UBS announced on Wednesday it would bring back former chief executive Sergio Ermotti to handle the huge risks involved in the Swiss banking giant's controversial absorption of its troubled rival Credit Suisse. UBS and Credit …

Credit Suisse takeover hits heart of Swiss banking, identity
1 year, 8 months ago

Credit Suisse takeover hits heart of Swiss banking, identity

Associated Press  

GENEVA — The UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center, analysts say, warning that the country’s prosperity could grow too dependent on a single banking behemoth. “The danger is that over time, it will take more risks knowing that it is too big for the Swiss state …

UBS brings back Ermotti as CEO with Credit Suisse deal ahead
1 year, 8 months ago

UBS brings back Ermotti as CEO with Credit Suisse deal ahead

Associated Press  

GENEVA — UBS said Wednesday that it’s bringing back former CEO Sergio Ermotti to lead the Swiss bank as it executes a government-orchestrated plan to take over struggling rival Credit Suisse. Plus, he said he had contemplated a tie-up like the one with Credit Suisse while previously in the top job, and it would be a bit of a ”contradiction” …

US: Credit Suisse violates deal on rich clients’ tax evasion
1 year, 8 months ago

US: Credit Suisse violates deal on rich clients’ tax evasion

Associated Press  

GENEVA — Credit Suisse violated a plea agreement with U.S. authorities by failing to report secret offshore accounts that wealthy Americans used to avoid paying taxes, U.S. lawmakers said Wednesday, releasing a two-year investigation that detailed the role employees at the embattled Swiss bank had in aiding tax evasion by clients. Credit Suisse, whose yearslong troubles range from hedge fund …

UBS brings back former CEO with Credit Suisse deal ahead
1 year, 8 months ago

UBS brings back former CEO with Credit Suisse deal ahead

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Credit Suisse accessed billions in liquidity last weekend, says Swiss finance minister
1 year, 8 months ago

Credit Suisse accessed billions in liquidity last weekend, says Swiss finance minister

Firstpost  

Finance Minister Karin Keller-Sutter said ‘it is to be assumed’ that the figure was above 50 billion Swiss francs, but said the Swiss National Bank had the exact number Zurich: Credit Suisse tapped the Swiss National Bank for “a large multi-billion amount” last weekend to secure its liquidity, the country’s finance minister Karin Keller-Sutter told Swiss broadcaster SRF on Saturday. …

UBS and Credit Suisse merger: Why it might not lead to Swiss bliss
1 year, 9 months ago

UBS and Credit Suisse merger: Why it might not lead to Swiss bliss

Firstpost  

Geneva: The marriage of UBS and Credit Suisse was hastily arranged to prevent a global financial meltdown — but the size of the resulting megabank could cause domestic problems in Switzerland, the central bank admitted Thursday. The Swiss National Bank, which played matchmaker in Sunday’s takeover of Credit Suisse, said the formation of one giant bank in Switzerland would create …

Credit Suisse deal averted crisis, Swiss central bank says
1 year, 9 months ago

Credit Suisse deal averted crisis, Swiss central bank says

Associated Press  

GENEVA — The Swiss central bank hiked its key interest rate Thursday and declared that a government-orchestrated takeover of troubled Credit Suisse by rival bank UBS ended the financial turmoil. In a statement, the Swiss National Bank said it is providing large amounts of support for the deal to merge Switzerland’s biggest banks and that the late Sunday announcement by …

US Fed Raises Key Rate by Quarter-Point Amid Global Banking Turmoil
1 year, 9 months ago

US Fed Raises Key Rate by Quarter-Point Amid Global Banking Turmoil

News 18  

The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two U.S. banks. Though the Federal Open Market Committee policy statement said the U.S. banking system is “sound and resilient,” …

Credit Suisse customers feel mix of anger, relief after sale
1 year, 9 months ago

Credit Suisse customers feel mix of anger, relief after sale

Associated Press  

GENEVA — Fury at top Credit Suisse managers. On Swiss streets, emotions were running the gamut among Credit Suisse customers after the government this weekend orchestrated a takeover of the country’s second-largest bank by rival UBS — a bid to prevent further upheaval in the global financial system that began with the collapse of two U.S. banks. “My money is …

New chapter of capitalism emerges from the banking crisis
1 year, 9 months ago

New chapter of capitalism emerges from the banking crisis

Deccan Chronicle  

There are few better places to consider the past few days of banking chaos than a small room hidden away in Edinburgh’s financial district — not far from where the godfather of free markets, Adam Smith, once lived. Old newspapers proclaim government bailouts of long ago while the shelves groan with tomes like “Where Are the Customers’ Yachts?” The library …

Swiss suspend bonus payouts to Credit Suisse staffers
1 year, 9 months ago

Swiss suspend bonus payouts to Credit Suisse staffers

Associated Press  

GENEVA — Switzerland’s government said Tuesday that it’s ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. The Swiss Department of Finance says federal law allows the government to set “remuneration-related measures” in cases involving Switzerland’s biggest banks. Late last week and into the weekend, authorities in Switzerland, backed by the central bank …

Inside story of how and why Credit Suisse went down
1 year, 9 months ago

Inside story of how and why Credit Suisse went down

Firstpost  

Zurich: Days before a hastily convened press conference late on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt the globe. While the nation’s central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to rescue the nation’s second-biggest bank. A …

Credit Suisse-UBS deal offers hope, but bank doubts persist
1 year, 9 months ago

Credit Suisse-UBS deal offers hope, but bank doubts persist

Associated Press  

LONDON — Credit Suisse shares plunged Monday after Swiss authorities cut a deal with its bigger rival UBS to acquire the troubled bank at a marked-down price. Swiss authorities urged UBS to take over its smaller rival after a central bank plan for Credit Suisse to borrow up to 50 billion francs last week failed to reassure investors and customers. …

Will the Credit Suisse bank takeover calm financial fears?
1 year, 9 months ago

Will the Credit Suisse bank takeover calm financial fears?

Associated Press  

FRANKFURT, Germany — In a bid to ease turmoil in the world financial system, Swiss authorities engineered a plan for the UBS bank to acquire its troubled smaller rival Credit Suisse at a marked-down price. It’s another urgent attempt to fight fears that have put the financial world on edge 15 years after the failure of U.S. investment bank Lehman …

Discover Related