Swiss prosecutors have opened an investigation into the takeover of Credit Suisse by UBS, report says
for $3.25 billion last month in an emergency rescue deal brokered by regulators following a loss of confidence in the lender that began when its biggest investor, the Saudi National Bank, said it wouldn't put more funds in.
"The Federal Prosecutor's office wants to proactively fulfil its mission and responsibility to contribute to a clean Swiss financial centre and has set up monitoring in order to take immediate action in any situation that falls within its field of activity," the authority told the FT. The group said there were"numerous aspects of events around Credit Suisse" that required investigation to"identify any crimes."Combining the two banks has created a huge institution with a balance sheet of $5.5 trillion, or aboutThat has caused political unrest in Switzerland, which is now heavily exposed to a financial institution that hasn't yet convinced markets that its Credit Suisse arm is now secure.
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Swiss Prosecutors Probe State-Backed Credit Suisse Takeover by UBSThe federal prosecutor has reached out to national and local authorities to analyze and identify if any criminal offenses took place.
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UBS may cut up to a third of jobs after Credit Suisse takeover, Tages-Anzeiger reportsThe bank created by the UBS takeover of Credit Suisse is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager.
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Credit Suisse takeover hits heart of Swiss banking, identityThe UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center, analysts say.
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Credit Suisse takeover hits heart of Swiss banking, identityAnalysts say the UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center. They warn that the country’s prosperity could grow too dependent on a single banking behemoth. The uncertain future of a union of Switzerland’s two global banks comes at a thorny time for Swiss identity, built nearly as much on a self-image of finesse in finance as on know-how with chocolate, watchmaking and cheese. Incoming UBS chief Sergio Ermotti says Switzerland needs a strong globally significant bank if it wants to be a financial hub. He says the issue isn't “too big to fail' but 'too small to survive.”
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Credit Suisse takeover hits heart of Swiss banking, identityThe UBS takeover of embattled rival Credit Suisse has shaken Switzerland's self-image and dented its reputation as a global financial center, analysts say, warning that the country's prosperity could grow too dependent on a single banking behemoth.
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Swiss prosecutor investigates Credit Suisse takeover -FTSwitzerland’s Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group , the Financial Times reported on Sunday.
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