Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG .
over the weekend to assess strategic scenarios for the bank, people with knowledge of the matter said on Friday.
The 167-year-old bank is the biggest name ensnared in market turmoil unleashed by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank over the past week, forcing the Swiss bank to tap $54 billion in central bank funding. Swiss regulators are encouraging UBS and Credit Suisse to merge but neither bank wanted to do so, one source said. The regulators do not have the power to force the merger, the person said.of UBS and Credit Suisse were expected to separately meet over the weekend, the Financial Times said,
Credit Suisse shares jumped 9% in after-market trading following the FT report. Credit Suisse and UBS declined to comment. In the latest sign of its mounting troubles, at least four major banks, including Societe Generale SA
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What Just Happened at Credit Suisse? - The Journal. - WSJ PodcastsAs fears about the health of global banks spread from the U.S. to Europe, the bank Credit Suisse said it would tap a more than $50 billion loan from the Swiss National Bank. WSJ’s Margot Patrick explains how Credit Suisse became a cause for concern. Further Reading: - Credit Suisse Stock Price Jumps as Bank Secures $50 Billion Lifeline - Credit Suisse Promises Overhaul in Wake of Rout as Regulators Offer Lifeline - Janet Yellen Says Banking System Is Healthy After SVB Collapse Further Listening: - Can the Government Contain a Banking Crisis? - The Economy Is Too Hot for the Fed
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