Credit Suisse

UBS set to carve up Credit Suisse after takeover day

UBS is set to finalise the takeover of Credit Suisse today, but the hardest part is yet to come: turning the arranged marriage of Switzerland's biggest banks into a success.

On June 5, the two Zurich-based banks announced that the merger should be completed on June 12.

A merger this complex could turn out to be a nightmare, particularly given how little time UBS has had.

Over $68 bn withdrawn from Credit Suisse ahead of UBS takeover

More than $68 billion was withdrawn from Credit Suisse in the first three months of 2023, the bank said Monday in what are likely its final quarterly results before it is swallowed by rival UBS.    

Switzerland's long-time second largest bank saw 61.2 billion Swiss francs ($68.6 billion) withdrawn in the first quarter alone.    

How to avert a new banking crisis

In the 2015 movie "The Big Short," a disenchanted Wall Street banker portrayed by Steve Carell discovers that the until then roaring US housing market rests on flimsy foundations, years of precarious loan-giving, creating a bubble. Our banker, utterly disappointed by the inner rot of the "system," duly proceeds to bet against it and, in doing so, wins a fortune.

EU plans to keep taxpayer cash from being used to save failing banks

The European Union on Tuesday proposed making it harder for states to pour billions of euros of aid into an ailing bank, as Italy did with Monte dei Paschi di Siena six years ago.

Proposals from the EU's executive seek to ensure that banks hold enough resources, in particular debt that can be written down to release cash in a crisis, to avoid taxpayer handouts.

Bank takeover prevented Swiss economy collapse: minister

Swiss Finance Minister Karin Keller-Sutter said Switzerland's economy would probably have collapsed had Credit Suisse gone bankrupt, in an interview published yesterday.

Keller-Sutter told Le Temps newspaper that the government had acted in the country's best interests in swiftly arranging the takeover of Switzerland's second-biggest bank by its larger domestic rival UBS.

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