Swiss president Alain Berset, who did not specify a value of the deal, called the announcement "one of great breadth for the stability of international finance. An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system."
Sunday's news conference follows the collapse of two large U.S. banks last week that spurred a frantic, broad response from the U.S. government to prevent any further bank panics. Still, global financial markets have been on edge since Credit Suisse's share price began plummeting this week.from the Swiss National Bank, which briefly caused a rally in the bank's stock price. Yet the move did not appear to be enough to stem an outflow of deposits, according to news reports.
On Friday, shares dropped 8% to close at 1.86 francs on the Swiss exchange. The stock has seen a long downward slide: It traded at more than 80 francs in 2007. While smaller than its Swiss rival UBS, Credit Suisse still wields considerable influence, with $1.4 trillion assets under management. The firm has significant trading desks around the world, caters to the rich and wealthy through its wealth management business, and is a major advisor for global companies in mergers and acquisitions. Notably, Credit Suisse did not need government assistance in 2008 during the financial crisis, while UBS did.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Banking giant UBS is acquiring smaller rival Credit SuisseBanking giant UBS is acquiring its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday So, monopolization is the answer? What happens to Saudi’s investment One step closer to Nationalism of Banks!
Source: ABC - 🏆 471. / 51 Read more »
Banking giant UBS is acquiring smaller rival Credit SuisseBERN, Switzerland (AP) — Banking giant UBS is buying its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday night. Last weekend it was SVB. This weekend it is CS. Who will be bailed out in the coming weekends? 'The issue which has swept down the centuries and will have to be fought sooner or later, is the people versus the banks.' - Lord Acton Why did Acton say that? This acquisition may not go smoothly, leading to integration issues and potential layoffs. The combined entity may struggle to adapt to changing market conditions and face regulatory challenges, which could negatively impact the stability of the international financial system.
Source: AP - 🏆 728. / 51 Read more »
Banking giant UBS announces takeover of Credit SuisseBanking giant UBS is buying its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday night. Nice so that’s how we’re gonna market the story of it’s failure? If the pattern isn’t evident by now then I don’t know what else to say… yeah.
Source: ABC7NY - 🏆 592. / 51 Read more »
Banking giant UBS announces takeover of Credit SuisseBanking giant UBS is buying its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday night.
Source: ABC7Chicago - 🏆 284. / 63 Read more »
Banking giant UBS announces takeover of Credit SuisseBanking giant UBS is buying its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday night. BREAKING US Government Announces taking back our country from traitors, that intentionally break banks so their BTC funds could profit.
Source: ABC7 - 🏆 67. / 68 Read more »
UBS examining takeover of Credit Suisse to stem banking turmoilThe 167-year-old Credit Suisse is the biggest name ensnared in the market turmoil unleashed by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank over the past week, and its slide has fanned fears of broader banking problems. Oh PLEASE!!!!! The National Bank will force the merger whether UBS likes it or not. Now, the Swiss can confidently say they have accounts with the Swiss National Bank🤣🤣🤣🤣🤣🤣🤣 Then the SNB-CBDC follows
Source: Reuters - 🏆 2. / 97 Read more »