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Tag: Suisse

Thousands of jobs at risk after UBS’ US$3.2 billion takeover of Credit Suisse

Subscribe to our YouTube channel for free here: https://sc.mp/subscribe-youtube Tens of thousands of jobs are at risk following UBS’s US$3.25 billion rescue of Credit Suisse. The merger between the long-time Swiss rivals was brokered by the Swiss National Bank, the country’s central bank, over the March 18-19, 2023, weekend to stave off a developing international banking crisis. UBS officials said it was still too early…

Emergency rescue of Credit Suisse as banking fears grow – BBC News

Troubled bank Credit Suisse has been rescued by its Swiss rival UBS in a government-backed deal. The announcement came after a weekend of emergency talks in Switzerland between the two banks and the country’s financial regulators. The Swiss National Bank said the deal was the best way to restore the confidence of financial markets and to manage risks to the economy. It comes as concerns…

European bank shares drop after Credit Suisse takeover – BBC News

European bank shares have dropped sharply after troubled bank Credit Suisse was bought by its Swiss rival UBS in a government-backed deal. UBS, which purchased Credit Suisse at a fraction of its closing market value before the weekend, is now down 8% compared with an earlier slide of 13%. Credit Suisse was the most significant failure of a crisis of confidence in the banking sector…

Initial relief over Credit Suisse rescue by UBS

Banking stocks and bonds plummeted on Monday after UBS Group sealed a state-backed takeover of troubled peer Credit Suisse Group AG, a deal that was orchestrated in an attempt to restore confidence in a battered sector. Credit Suisse shares lost a quarter of their value last week. The bank was forced to tap $54bn in central bank funding as it tried to recover from scandals…

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