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. Will it work? Let’s take a look at the issues involved.
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Credit Suisse’s big operations center in the Triangle is continuing to post open jobs even as its corporate parent is being absorbed by much bigger Swiss rival UBS after the international banking giant’s finances and stock collapsed over the last week.
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GENEVA — Shares of Credit Suisse plunged 60.5% in early trading Monday after the announcement that banking giant UBS would buy its troubled rival for almost $3.25 billion in a deal orchestrated by regulators to stave off further market-shaking turmoil in the global banking system. UBS shares also were...
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Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month.
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Reuters and the Financial Times, citing people familiar with the matter, both reported that Swiss regulators were urging UBS to agree a rescue of Credit Suisse before markets open Monday to shore up confidence in the country’s banking system.
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The company has been plagued by a series of missteps and compliance failures in recent years that cost it billions and led to several overhauls of top management. And over the past decade, the Swiss bank has been hit with fines and penalties related to tax evasion, misplaced bets and other issues. Let’s take a look.
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An overnight scramble to shore up confidence in Credit Suisse calmed panicked investors on Thursday with shares in Switzerland’s second-biggest bank shooting higher in early trading.
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Once a big player on Wall Street, Credit Suisse has been hit by a series of missteps and compliance failures over the past few years that have damaged its reputation with clients and investors, and cost several top executives their jobs.
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Shares of Credit Suisse crashed more than 20% to a record low after its biggest shareholder appeared to rule out providing any more funding for the embattled Swiss lender.
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