640:(FINMA) time to find a buyer, not for the firm to save itself. They ordered UBS on Wednesday to plan an acquisition as the only alternative to nationalization of Credit Suisse, and reportedly told Credit Suisse "You will merge with UBS and announce Sunday evening before Asia opens. This is not optional". While UBS executives had feared such an order, and had to obey without fully understanding the rival's financials, they understood that Credit Suisse's collapse threatened Switzerland's financial reputation. Even Swiss diplomats discussed moving funds from the firm. Credit Suisse's one-year CDS price remained at 3468 bps on Thursday, signaling that investors doubted the central bank's reassurances. Regulators from the EU, the United States, the United Kingdom, and Switzerland expected that Credit Suisse would not have been able to open for business on 19 March had it not been
716:, together owning a quarter of the company—disliked the deal, noting that the Mideast investors were large clients of both banks. UBS only wanted Credit Suisse if the price was low, and if Swiss authorities indemnified UBS from any Credit Suisse regulatory violations. On the morning of 19 March, UBS made an offer of 0.25 Swiss francs ($ 0.27) per share, valuing Credit Suisse at around $ 1 billion, but the price outraged the Mideast investors. SNB urged Credit Suisse to reject the offer; believing that the price was too low, its board did so. The Mideast investors offered to invest $ 5 billion, but Swiss authorities told Lehmann that his firm had to sell to UBS. Credit Suisse contacted
337:
724:($ 0.55) per share, valuing Credit Suisse at just over $ 2 billion. Swiss authorities threatened to remove Credit Suisse's board if it did not accept; UBS agreed to increase its bid with increased Swiss financial support. The final deal to purchase Credit Suisse for CHF 3 billion ($ 3.2 billion) was accepted by the board of Credit Suisse prior to the opening of Asian financial markets on Monday morning. The acquisition was an all-stock deal, with Credit Suisse shareholders receiving 1 UBS share per 22.48 Credit Suisse shares, equivalent to CHF 0.76 per share. The price was 1% of Credit Suisse's all-time high value in 2007.
38:
193:
881:
he disagreed with Keller-Sutter's "commercial deal" description: "If you change the law and you remove shareholders' voting power on such a key issue, then you clearly have a state intervention. It's unprecedented and an expropriation of shareholder rights". At the April 2023 Credit Suisse shareholders' meeting, Kaufmann described the firm's collapse as "a debacle without precedent". Octavio
Marenzi of Opimas said "Switzerland's standing as a financial centre is shattered. The country will now be viewed as a financial
670:
1095:, the new bank will account for 35% of domestic deposits, 31% of corporate loans and 26% of mortgages in Switzerland. UBS will keep the Swiss business of Credit Suisse but will retire its brand. UBS says it plans to cut costs by $ 10 billion. UBS also announced at the end of August 2023 that money outflows have stopped at Credit Suisse. UBS announced a record profit of nearly $ 30 billion in the second quarter of 2023 following the acquisition of Credit Suisse.
592:
1049:. The acquisition will most likely affect mid- and back-office operational jobs, plus legal, compliance, marketing, human resources, and regional positions; some UBS and Credit Suisse bank branches are next to each other. Although UBS employees are likely safer, Credit Suisse was stronger in some areas, such as domestic corporate banking. UBS will be less likely to raise salaries because employees can no longer leave for Credit Suisse. According to
288:, after the collapse of his company, that "After the financial crisis we were named the 'Best Bank Globally'. The years since ... that is the bitter reality". Between 2008 and 2023, Credit Suisse's investment banking arm underperformed, dragging down the business's profitability and causing significant losses. The bank suffered from a series of scandals and mismanagement, including losses in its investment arm associated with the collapses of
4083:
29:
503:
758:, and Chairman Jordan announced the acquisition in a 19 March 2023 press conference, alongside the chairmen of UBS and CS. The government said that its exposure to risk was low, and considered the acquisition necessary for financial market stability in Switzerland and globally. Keller-Sutter emphasized that "This is no bailout. This is a commercial solution".
272:, Credit Suisse CEO from 2015 to 2020, often discussed the idea with colleagues. As Credit Suisse weakened, UBS executives planned for how to acquire its rival, and what governmental help it would need. To avoid again using public funds if a large bank needed help, Swiss authorities planned to write off its stock and bonds as needed.
905:. Sixty-one percent of them would have preferred the state to nationalize Credit Suisse and sell it later. Four out of five respondents want UBS to spin off Credit Suisse's Swiss operations to avoid too much risk concentration and 77% of the Swiss said they are at loggerheads with the management of Credit Suisse over the debacle.
580:. Credit Suisse bonds fell by up to 10 cents per euro in the two hours after Al Khudairy's answer, and its stock declined up to 31% that day. Chairman Lehmann, also at the Riyadh conference, quickly returned to Zurich. Credit Suisse executives were aware that they could not control the stock price, but the bonds becoming
985:
UBS's
Kelleher said that the deal would take a few weeks to close, and that UBS intends to engage in "de-risking" the "tricky businesses" run by Credit Suisse. He said that Credit Suisse would continue to operate as normal until the closing of the merger, and that nothing could yet be said about the
962:
Because the emergency takeover on March 19 reduced the value of individual Credit Suisse shares from CHF1.86 on March 17 to CHF0.76 two days later, when the agreement was reached, shareholders claim in court that the bank should have been sold at much higher price (anywhere between CHF7.3
263:
was criticized as negatively affecting the stability of the financial system by increasing incentives for banks to game the regulatory framework. Notwithstanding the enhancement introduced by the Basel III standard, it argued that "markets often fail to discipline large banks to hold prudent capital
880:
Ethos
Foundation, which represents up to 5% of Credit Suisse shareholders, said "This situation is a big failure of corporate governance and may send a poor image of Switzerland for international institutional investors in terms of good governance". While stating that litigation would be difficult,
862:
reacted with anger, denouncing "cronyism" and demanding that those responsible be held to account. Keller-Sutter said that without the acquisition, Credit Suisse "would not have survived Monday. Without a solution, payment transactions with CS in
Switzerland would have been significantly disrupted,
740:
exercised emergency powers to allow the merger to take place without the approval of shareholders, and to provide Credit Suisse with additional liquidity assistance privileged against bankruptcy and backed by a governmental default guarantee. In addition, the
Federal Council granted UBS a guarantee
908:
In April 2023, the Swiss
Attorney General's office opened an investigation to analyze and identify whether any criminal offenses by the government officials, regulators and executives at the two banks, had occurred in connection with the acquisition. The results of the investigation will be sealed
570:
If we go above 10%, all new rules kick in whether it be by our regulator or the Swiss regulator or the
European regulator. We're not inclined to get into a new regulatory regime. I can cite five or six other reasons, but one reason is there is a glass ceiling and we're not going to entertain going
267:
In the Swiss financial industry, the expression "It would be like UBS and Credit Suisse merging" was a joke to indicate the unlikelihood of something happening, and Swiss authorities rescued UBS because they preferred having two large banks. A UBS-Credit Suisse merger was nonetheless long rumored.
921:
investment director Russ Mould said: "It means the banking crisis we've seen over the past few weeks has started a new chapter rather than reaching its ending". AT1 bonds from Credit Suisse and UBS are unusual in their terms allowing for total write-off instead of conversion to equity; most such
798:
On June 12, 2023, the contract between the Swiss government and UBS was signed whereas the former agreed to pay UBS up to CHF9 billion ($ 9.9 billion) should the acquisition of Credit Suisse result in a loss for UBS (the first CHF5 billion will be borne by UBS itself according to the agreement).
684:
Negotiations surrounding an acquisition began on 15 March. Swiss authorities asserted that a deal had to be done before 20 March, the following Monday, to help prevent the panic from spreading around the world. Issues discussed during the short negotiation period included UBS not wanting Credit
171:
had caused fear among global investors and led to panic over other possibly troubled banks. Credit Suisse's share price plunged after the leading shareholder ruled out further investment into the bank due to regulatory issues. The deal was rapidly agreed upon and announced just before the Asian
780:, who served as CEO of UBS Group from 2011 to 2020, was appointed to lead the Group again, replacing Hamers on 5 April 2023. Kelleher, who was re-elected as chairman, estimated the integration to take up to four years, not including the wind-down of Credit Suisse's investment banking division.
938:
said "A lot of lawsuits will be coming from this, which will highlight the erratic and selfish behavior of Swiss authorities in this saga". As of 21 March 2023 the AT1 bonds traded for a few cents on the dollar, implying that investors still see value in them through litigation.
745:(AT1) were written down to zero on FINMA's authorization – the largest writedown of AT1 debt so far. The move forced larger losses on bondholders than on shareholders of Credit Suisse, and was done to placate the international investors unable to vote on the acquisition.
603:
pm, the firm decided to buy back bonds, but needed help. Despite the existing post-2008 plan to never again use public funds to save a bank, Swiss authorities decided that they had to do so in order to avoid global panic. That day, Swiss
National Bank provided to Credit Suisse a
1063:
that "The issue of the chairman's statement did not go unnoticed amongst the senior decision makers". Another said that he "was a victim of giving his honest opinion at such a tense time for Credit Suisse. In hindsight ... his answer was the right course of action".
555:, shares in the global banking sector fell sharply. The S&P Banks index declined 22% over two weeks to 18 March 2023. The U.S. bank failures caused wider concern over pressure on the sector from interest rate hikes by the Federal Reserve and other central banks.
3441:
1053:, the job cuts are expected to affect 20–30 percent of the combined workforce, or up to 30,000 jobs. In August 2023, UBS declared that job losses in Switzerland would be 3,000 moving forward (UBS reported that 8,000 employees at CS have already left since 2023).
657:(i.e. the main competitor of Credit Suisse in Switzerland) saw CHF25 billion in new deposits/inflows ($ 8 billion from Swiss clients, $ 5 billion from East-Asia, $ 4 billion from the Americas and $ 3 billion from Europe, the Middle East and Africa). Yet, in a
635:
Because of public anger at the Swiss authorities' 2008 rescue of UBS with government funding, no such rescue of Credit Suisse was possible. While publicly stating that Credit Suisse was healthy, the purpose of the backstop was to give Swiss
National Bank and
870:
that the government used to bypass a shareholders' vote allows emergency action "to counter existing or imminent threats of serious disruption to public order or internal or external security". Omitting the vote angered Credit Suisse's large investors; the
842:
that being almost unaffected by the 2008 crisis caused the 2023 collapse after years of decline, as management thought that the bank did not have to change. Two executives that observers mentioned to the newspaper as contributing to the firm's decline were
926:(BoE) and European authorities stated on 20 March that equity would remain subordinated to debt. According to BoE, "clear statutory order" existed for bank resolutions, in that which AT1 holders would be exposed to losses after equity investors. Former
565:
asked SNB chairman Ammar Al
Khudairy at a Riyadh conference whether his firm might further invest in Credit Suisse, he replied "The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory", adding:
971:
As of October 2023, there were $ 9 billion worth of claims pending in US and Swiss courts, mostly relating to the AT1 bonds write-off issue. Regarding the claims in international arbitration, Dr. iur. Alexander Lindemann, Founder of Zurich-based
652:
As of April 2023, Credit Suisse has suffered net withdrawals estimated at CHF171.2 billion since October 2022. It has also been reported that while clients' withdrawals at Credit Suisse amounted to CHF65 billion in the first three month of 2023,
648:
considered acquiring parts of Credit Suisse, but dropped out on 17 March; Swiss authorities reportedly only wanted a domestic solution for the Swiss bank. The American firm decided that it did not want to anger UBS, among its larger customers.
575:
Bloomberg later wrote "To some Al Khudairy's comment looked like an act of self-sabotage". Although SNB later said that wanting to remain under 10% ownership was its only reason, investors panicked, akin to what happened during the 2010–2011
257:, Credit Suisse's investment bank continued risky deals to compete with large U.S. financial institutions, while many large U.S. banks and UBS pursued more conservative strategies, and sold off riskier assets to de-risk their own portfolios.
802:
Only two months later, on August 11, 2023, UBS announced that it ended the CHF9 billion backstop with the Swiss government as well as the CHF100 billion "liquidity backstop" with the Swiss National Bank. According to Swiss Finance Minister
946:
has however stated that the write down "complied with contractual obligations". Moreover, these bonds provide that they will be completely written down in a "Viability Event", in particular if extraordinary government support is granted.
3431:
875:
quoted one from the Mideast as saying "You make fun of dictatorships and then you can change the law over the weekend. What's the difference between Saudi Arabia and Switzerland now? It's really bad". CEO Vincent Kaufmann of
807:, "Swiss taxpayers no longer bare any risk relating to the rescue of Credit Suisse". Less than one month later however, Switzerland was said to introduce a publicly guaranteed "liquidity backstop" for its banks which are "
741:
worth CHF 9 billion ($ 9.6 billion) for potential losses from risks associated with the transaction, after approval by a parliamentary committee. As part of the deal, CHF 16 billion ($ 17.2 billion) of
2995:
976:
firm, observed: "Due to the more than 110 investment protection agreements and the five-year limitation period in expropriation law, arbitration courts will be dealing with this issue until at least 2028."
264:
levels and make sound investment decisions". The greater the systemic importance of a bank relative country's GDP, such as in the case of Swiss banks, the greater the likelihood of the bank taking excessive risks.
1991:
765:
stated that UBS did not initiate discussions, although he added that the company considered the transaction "financially attractive for UBS shareholders". He further added that the deal was an "emergency rescue".
1023:
have also been described by shareholders as weakened in Switzerland because the transaction bypassed any shareholders' statutory approval. A bond selloff resulting from AT1 bond wipeout prompted UBS to buy back
489:
893:
said that the "panicked" transaction "undermined the rule of law and undermined Switzerland". At the April 2023 UBS shareholders' meeting, by contrast, there was a sense that the acquisition might be what the
685:
Suisse's unprofitable investment bank, antitrust issues from combining Switzerland's two largest banks, the size of a government backstop, and whether to bypass shareholder votes. Swiss National Bank chairman
2782:
3326:
1910:
1142:
358:
250:
and $ 5.3 billion in shares of stock from UBS as a form of a capital infusion, Credit Suisse raised a far smaller $ 9 billion privately from investors to strengthen its financial position.
898:
called "the deal of the century", although Kelleher emphasized the transaction's difficulty. Both banks' shareholders noted that UBS's balance sheet will be larger than that of Swiss National Bank.
3464:
1559:
3295:
2395:
1874:
3174:
3065:
2164:
1175:
3486:
2815:
2227:
1073:, "a handful of Credit Suisse executives were handed hundreds of millions of francs in opaque profit-sharing deals in the years leading up to the bank's collapse". It was also reported that
3602:
1958:
2509:
2476:
1841:
1453:
482:
3262:
2329:
1358:
2851:
836:
Allison Morrow stated, " facing unrelated problems that happened to take place at the same time, worrying investors about the banking sector". Several former executives told the
4125:
3416:
954:
wrote "The best/funniest argument we've heard is that they just forgot about this issue, and by the time someone realised it was best to just pretend this was all deliberate".
2985:
2742:
2430:
819:
The financial market authorities of the European Union and the United States issued statements in approval of the acquisition. Analysts have described the acquisition as a "
1775:
791:
generated by the acquisition of Credit Suisse. The Swiss subsidiary of Credit Suisse alone is said to be worth "multiple times" what UBS paid for it. Credit Suisse Group's
3385:
475:
1981:
1808:
300:
about the bank's demise in October 2022 aided CHF 111 billion in outflows from its wealth management business in the last three months of the year. The bank's
144:
to UBS following its takeover of Credit Suisse's operations, while the Swiss government provided a guarantee to UBS to cover losses of up to CHF 9 billion (
2772:
2364:
917:
Analysts warned that UBS-Credit Suisse deal could extend rather than end the banking crisis, mainly because of the write-off of AT1 bonds worth CHF 16 billion.
3521:
1251:
2676:
3318:
2263:
1900:
637:
160:
129:
3197:
1215:
1132:
632:
was not possible. Work at Credit Suisse almost stopped, as employees evaded clients' telephone calls and their own staff to avoid questions on the crisis.
3708:
3456:
2017:
1081:
which saw the bank's shares plummet. Swiss Parliament is also considering reforms that would curb excessive bonuses for banks that are deemed "
1056:
Based on state guarantees, if there were a bankruptcy of the merged entity, every person in Switzerland would be liable for up to CHF 12,500 ($ 13,500).
2709:
2194:
1545:
3285:
2954:
2387:
1864:
1041:
According to BAK Economics, a Swiss economic research and consulting institute, 9,500 to 12,000 jobs are threatened in Switzerland, with job losses in
4120:
3655:
2465:
2445:
3166:
3055:
1381:
2156:
1165:
438:
3478:
3225:
2805:
2217:
3778:
3592:
2531:
1948:
1008:, which became the country's second-largest bank by assets after Credit Suisse's collapse, rose by 13% during the week after the UBS acquisition.
3680:
2557:
2499:
3087:
1831:
1028:
billion worth of bonds that it issued days prior to the acquisition announcement, compensating its investors in a bid to stabilize the markets.
4105:
3567:
901:
A March 2023-survey by gfs.bern research institute found that 54% of the Swiss disagree with the emergency rescue plan of Credit Suisse by the
859:
847:—chairman from 2011 to 2021, during which time Credit Suisse stock declined by 75%—and Romeo Cerutti, general counsel for 13 years until 2022.
3734:
2611:
2130:
1409:
3032:
2296:
2054:
1668:
1443:
1325:
1289:
433:
2104:
2926:
748:
3254:
2319:
1606:
795:
was CHF54 billion by the end of March 2023. Later in April 2023, it was revealed the amount of "negative goodwill" would be $ 35 billion.
787:, UBS Group AG is likely to report a profit of as much as CHF51 billion ($ 57 billion) in the second-2023 quarter related to the negative
2637:
889:
said "Foreign investors may wonder if Switzerland is a banana republic where the rule of law doesn't apply", while Kern Alexander of the
704:
Angered by their exclusion, Credit Suisse management warned UBS and Swiss authorities that its three largest shareholders—SNB part-owner
172:
financial markets opened on Monday morning in order to prevent "market shaking" turmoil in the global financial markets. Soon afterward,
3942:
2585:
2419:
1348:
989:
Credit Suisse's largest shareholders, including SNB (9.9% stake) and sovereign wealth funds Qatar Investment Authority (6.8% stake) and
2843:
934:
said that the Swiss AT1 decision was a "mistake with consequences and potentially a host of court cases", and Jacob Kirkegaard of the
428:
336:
3540:
3408:
2076:
3139:
990:
552:
325:
168:
2732:
1765:
3375:
4028:
3983:
1798:
1519:
400:
2899:
2874:
1078:
254:
231:
863:
possibly even collapsed, wages and bills could no longer be paid ... We should have expected a financial crisis worldwide".
365:
3510:
2354:
737:
733:
674:
1241:
986:
merger's impact on Credit Suisse's employees. As part of the deal, UBS will wind down Credit Suisse's investment bank.
176:
across the world announced USD liquidity measures to try and ease wider market panic and avoid a wider banking crisis.
3771:
1012:
827:
said at the April 2023 shareholders' meeting that "We didn't succeed. We ran out of time. This fills me with sorrow".
742:
153:
2666:
1059:
SNB's Al Khudairy resigned a week after the acquisition, citing personal reasons. A banker in Saudi Arabia told the
4115:
3947:
3937:
3860:
2252:
1706:
950:
Despite having similar terms to Credit Suisse's AT1 bonds, its $ 2.5 billion in Tier 2 bonds were not written off.
713:
164:
1607:"In welchen Bereichen nach der CS-Übernahme ein Stellenabbau droht – und wer gute Karten hat, den Job zu behalten"
4130:
1205:
720:
and others, but there was not enough time for another buyer. That afternoon, UBS countered with an offer of 0.50
686:
125:
192:
3963:
2253:"Safeguarding financial market stability: Federal Council welcomes and supports UBS takeover of Credit Suisse"
285:
2699:
2186:
1947:
Halftermeyer, Marion; Nair, Dinesh; Ramnarayan, Abhinav; Foerster, Jan-Henrik; Tan, Gillian (20 March 2023).
3973:
3968:
3436:
2931:
1986:
1514:
1448:
1414:
1246:
855:
697:
advised the management teams of Credit Suisse and UBS respectively; UBS investment banker Piero Novelli and
4110:
4086:
3764:
1104:
705:
669:
661:
interview on December 2, 2022, the Chairman of Credit Suisse said that outflows “basically have stopped”.
931:
2258:
1575:
1133:"UBS buys Credit Suisse for $ 3.2 billion as regulators look to shore up the global banking system"
1088:
On June 14, 2023, Switzerland formed a parliamentary commission to probe the collapse of Credit Suisse.
927:
788:
605:
581:
370:
1204:
Massoudi, Arash; Morris, Stephen; Fontanella-Khan, James; Noonan, Laura; Walker, Owen (19 March 2023).
1046:
997:
890:
577:
562:
508:
119:
3895:
3829:
1042:
804:
776:
and UBS's Mike Dargan would lead their respective integration teams tasked with merging the banks.
755:
690:
617:
558:
456:
410:
235:
197:
133:
3629:
3349:
3114:
3022:
2286:
2044:
1799:"Future of Credit Suisse in question after scandal-plagued bank just lost its most loyal investor"
1739:
1658:
1483:
1315:
1278:
561:(SNB) was Credit Suisse's largest shareholder, with almost 10%. On Wednesday, 15 March 2023, when
3875:
2844:"'A financial banana republic': UBS-Credit Suisse deal puts Switzerland's reputation on the line"
1803:
935:
886:
867:
773:
3880:
1005:
625:
375:
293:
3988:
3900:
3885:
3855:
3839:
3834:
2464:
1549:
1353:
902:
851:
824:
591:
301:
289:
215:
141:
3027:
2990:
2704:
2291:
2049:
1663:
1588:
1320:
1284:
1210:
1082:
1069:
1031:
923:
882:
838:
820:
808:
629:
395:
3481:[Takeover of Credit Suisse: 9,500 to 12,000 jobs are threatened in Switzerland].
3432:"UBS Offers to Buy Back Nearly $ 3 Billion of Bonds Sold Just Before Credit Suisse Deal"
3200:[Banana Republic Switzerland? CS investors want to bring Seco chief to court.].
2043:
Morris, Stephen; Fontanella-Khan, James; Massoudi, Arash; Walker, Owen (19 March 2023).
830:
Noting that Credit Suisse had been facing problems for several years, senior editor for
612:
of 50 billion Swiss francs ($ 55 billion). Despite this, daily withdrawals of
37:
4070:
4049:
4013:
3516:
2471:
2425:
2222:
1386:
1170:
1034:
asked its traders and hedge fund clients to stop dispatching trades to Credit Suisse's
1020:
1001:
784:
777:
768:
698:
613:
609:
585:
405:
342:
2018:"Keller-Sutter zur CS-Rettung: "Dass viele eine Wut im Bauch haben, verstehe ich gut""
4099:
3905:
3801:
3787:
3614:
3231:
3060:
2810:
2777:
1953:
1905:
951:
877:
762:
717:
297:
269:
227:
223:
207:
110:
58:
2386:
Spezzati, Stefania; Murdoch, Scott; Westbrook, Tom; Murdoch, Scott (20 March 2023).
1509:
1240:
Patrick, Margot; Dummett, Ben; Cimilluca, Dana; Kowsmann, Patricia (19 March 2023).
4033:
4023:
3890:
3870:
3865:
3824:
2959:
2773:"Credit Suisse's Collapse Reveals Some Ugly Truths About Switzerland for Investors"
2446:"UBS names Sergio Ermotti as new Group CEO, following acquisition of Credit Suisse"
1074:
973:
832:
751:
709:
658:
281:
239:
219:
173:
106:
3735:"Fusion de grandes banques – UBS annonce 3000 postes supprimés chez Credit Suisse"
1740:"Walnuts and conspiracies: Credit Suisse and UBS shareholders vent about takeover"
996:
Other Swiss banks hoped to replace Credit Suisse as the country's second-largest.
502:
246:
after no private investor was willing to do so by purchasing $ 60 billion of
2667:"Ende der Credit Suisse – "Eine Schande für die Schweiz" – die ersten Reaktionen"
3457:"Bank of America halts trading with Credit Suisse electronic stocks desk -email"
3290:
3167:"How UBS's $ 3.3 billion Credit Suisse deal spawned $ 9 billion of legal claims"
1865:"UBS seeks $ 6 billion in government guarantees for Credit Suisse takeover"
1016:
736:, Swiss National Bank, and FINMA. In an emergency meeting on 19 March 2023, the
721:
621:
247:
114:
76:
2986:"Credit Suisse rescue: The biggest winners and losers from UBS's historic deal"
1832:"Credit Suisse flags 'material weaknesses' in reporting, outflows not reversed"
3978:
3910:
3319:"Switzerland wakes to new era after historic bank merger; employees 'shocked'"
844:
792:
211:
3021:
Asgari, Nikou; Agnew, Harriet; Dunkley, Emma; Martin, Katie (20 March 2023).
1276:
Walker, Owen; Martin, Katie; Smith, Robert; Morris, Stephen (19 March 2023).
1077:, Credit Suisse's former CEO, earned CHF71 million in bonuses after the
3685:
3597:
3380:
3286:"Saudis, Qataris and Norway to see big losses on UBS deal for Credit Suisse"
3198:"Bananenrepublik Schweiz? CS-Anleger wollen Seco-Chefin vor Gericht bringen"
2562:
2324:
2081:
1554:
1484:"Credit Suisse: the rise and fall of the bank that built modern Switzerland"
1092:
1038:
as a precautionary measure following the acquisition, according to Reuters.
1035:
854:
approved of the government's intervention with regret, while the right-wing
645:
260:
148: billion) over the short term. Additionally, CHF 16 billion (
2287:"Asian bank debt and shares fall after $ 17bn Credit Suisse bond writedown"
1657:
Morris, Stephen; Fontanella-Khan, James; Massoudi, Arash (20 March 2023).
4018:
3993:
3088:"Swiss financial regulator defends write down of Credit Suisse AT1 bonds"
2671:
2359:
2285:
Langley, William; Leng, Cheng; Lewis, Leo; Hale, Thomas (19 March 2023).
1316:"Central banks announce dollar liquidity measures to ease banking crisis"
694:
616:
totaled over 10 billion Swiss francs later that same week. One-year
1444:"Credit Suisse, the Risk-Taking Swiss Banking Giant, Succumbs to Crisis"
167:, had been recently tarnished by a series of high-profile scandals. The
3460:
3412:
3322:
3258:
3255:"Central banks try to calm markets after UBS deal to buy Credit Suisse"
2504:
2391:
1869:
1836:
1770:
1279:"Holders of $ 17bn of Credit Suisse bonds wiped out under UBS takeover"
1004:
and is thus a complement to the newly emerging big bank". The stock of
918:
641:
624:
to 3701 bps, the highest levels for large banks since the 2008 crisis.
3479:"Rachat de Credit Suisse: 9500 à 12.000 postes sont menacés en Suisse"
2955:"Switzerland's attorney general to investigate Credit Suisse takeover"
2218:"Credit Suisse Deal Hands Top Holder $ 1 Billion Investment Loss"
1705:
Parkinson, Margot; Kowsmann, Patricia; Hinshaw, Drew; Parkinson, Joe.
210:
was founded in 1856. Over the next 150 years it became a leader among
136:
supported the deal by providing more than CHF 100 billion (
3630:"Saudi National Bank chair resigns following Credit Suisse comments"
3568:"Credit Suisse saw 8,000 employees depart in the first half of 2023"
2927:"Swiss Prosecutors Probe State-Backed Credit Suisse Takeover by UBS"
1949:"Credit Suisse's Fate Was Sealed by Regulators Days Before UBS Deal"
1410:"Credit Suisse, 1856 bis 2023: Die ĂśberlebenskĂĽnstlerin ist am Ende"
732:
The acquisition was coordinated by the Swiss government, led by the
28:
3253:
Spezzati, Stefania; Hirt, Oliver; O'Donnell, John (19 March 2023).
1863:
Spezzati, Stefania; Hirt, Oliver; O'Donnell, John (18 March 2023).
1766:"What happened at Credit Suisse and how did it reach crisis point?"
1011:
The takeover resulted in $ 17 billion of Credit Suisse-issued
1000:
CEO Urs Baumann said that his firm "offers all business areas of a
3709:"Parliament names 14-head commission to probe Credit Suisse crash"
3593:"Swiss Are On the Hook for $ 13,500 Each on Credit Suisse Bailout"
3409:"UBS buys back bonds days after issue to buoy investor confidence"
3056:"JPMorgan, BNP Quote Risky Credit Suisse Bonds At Just Above Zero"
2700:"Swiss banking giants combine to quell growing global bank crisis"
2638:"Switzerland to introduce public liquidity backstop for big banks"
2558:"UBS set for $ 35 billion short-term gain from Credit Suisse deal"
2466:"UBS Chair Says Credit Suisse Integration Will Take up to 4 Years"
2388:"Credit Suisse takeover, central bank action calm jittery markets"
1707:"It Wasn't Just Credit Suisse. Switzerland Itself Needed Rescuing"
943:
668:
191:
3681:"Credit Suisse bosses 'enriched themselves with massive bonuses'"
2806:"Credit Suisse Shareholder Says Override of Vote 'Unprecedented'"
2532:"UBS Gears Up for Record Breaking Gain Once Credit Suisse Closes"
2320:"Credit Suisse agrees to CHF3bn takeover by rival Swiss bank UBS"
1546:"Systemically Important Banks and Capital Regulations Challenges"
3756:
3165:
Walker, Owen; Wiggins, Kaye; Ruehl, Mercedes (10 October 2023).
2847:
1242:"UBS Agrees to Buy Credit Suisse for More Than $ 3 Billion"
1166:"UBS Agrees to Buy Credit Suisse in Historic Deal to End Crisis"
1137:
993:, are expected to take significant losses from the acquisition.
689:
led the negotiation, mostly excluding Credit Suisse management.
678:
644:
or acquired by another bank. U.S. investment management company
201:
3760:
2500:"UBS shareholders re-elect Kelleher as Chairman, board members"
3656:"Saudi National Bank Chair Resigns After Credit Suisse Remark"
3541:"UBS to cut 3,000 staff in Switzerland as it integrates rival"
3054:
Hudson, Erin; Morpurgo, Giulia; Butt, Rachel (20 March 2023).
3023:"Credit Suisse bondholders in uproar over $ 17bn debt wipeout"
3007:
2737:
2612:"UBS Ends $ 10 Billion State Backstop That Helped Seal Merger"
1901:"Credit Suisse Top Holder Rules Out Investing More After Drop"
654:
305:
243:
48:
3535:
3533:
3531:
2131:"Credit Suisse Shares Hit Record Low on Outflow Claims Probe"
1548:. OECD Economics Department Working Papers. OECD Publishing.
1412:[Credit Suisse, 1856 to 2023: The survivor is dead].
1349:"UBS to buy Credit Suisse for nearly $ 3.25B to calm turmoil"
909:
for 50 years, longer than the typical 30 for such inquiries.
628:
broke down; an investor said that the price was so high that
620:
for Credit Suisse rose that day from an already alarming 799
2420:"Diese beiden fĂĽhren die Credit Suisse und die UBS zusammen"
2105:"UBS picks up chunk of assets escaping failed Credit Suisse"
1899:
El-Din, Yousef Gamal; Halftermeyer, Marion (15 March 2023).
3226:"UBS Vows to Shrink 'Tricky' Credit Suisse Investment Bank"
2669:['A shame for Switzerland' - the first reactions].
1382:"UBS Completes Credit Suisse Takeover to Create Bank Titan"
226:
investment bank that competed with others globally such as
2766:
2764:
2762:
2760:
1659:"How the Swiss 'trinity' forced UBS to save Credit Suisse"
3376:"Credit Suisse collapse: consequences and open questions"
3514:[Up to 30,000 jobs are at risk at UBS and CS].
3223:
Halftermeyer, Marion; Balezou, Myriam (19 March 2023).
2875:"Poll: Swiss unleash anger over Credit Suisse collapse"
2586:"UBS seals state-funded CHF9bn takeover loss guarantee"
2423:[These two would merge Credit Suisse and UBS].
1164:
Halftermeyer, Marion; Bazelou, Myriam (19 March 2023).
218:" funded the development of their nation. After buying
823:" arranged by the Swiss government. Credit Suisse CEO
3511:"Bei UBS und CS sind bis zu 30'000 Stellen in Gefahr"
2077:"Credit Suisse reports CHF60bn of client withdrawals"
2045:"BlackRock explored rival Credit Suisse takeover bid"
1982:"Credit Suisse Will Borrow Up to $ 53.7 Billion"
1206:"UBS agrees to buy Credit Suisse for more than $ 2bn"
1015:
being written off as worthless, which undermined the
584:
signaled great concern from the firm's investors and
304:
over financial reporting was flagged by its auditor,
3140:"Credit Suisse shareholders sue for takeover losses"
1942:
1940:
1938:
1936:
1934:
1932:
1930:
1928:
1894:
1892:
312:
March 2023 United States bank failures and contagion
124: billion) in an all-stock deal brokered by the
4058:
4042:
4006:
3956:
3930:
3923:
3848:
3817:
3810:
3794:
3654:Martin, Matthew; Parasie, Nicolas (27 March 2023).
2837:
2835:
2833:
1830:Illien, Noele; Spezzati, Stefania (14 March 2023).
95:
87:
72:
64:
54:
44:
3509:
3224:
2418:
2016:Häberli, Stefan; Schäfer, Fabian (25 March 2023).
1277:
234:affected Credit Suisse less than peers; while the
3455:Mackenzie, Nell; Nguyen, Lananh (20 March 2023).
2698:Bhattarai, Abha; Siegel, Rachel (19 March 2023).
1600:
1598:
222:in the late 20th century, Credit Suisse became a
3407:Bahceli, Yoruk; Sharma, Akriti (22 March 2023).
2771:Miller, Hugo; Griffiths, Dylan (20 March 2023).
1733:
1731:
1729:
1727:
1271:
1269:
850:In Swiss politics, Keller-Sutter's center-right
188:Credit Suisse and the 2007–2008 financial crisis
2804:Balezou, Myriam; Miller, Hugo (21 March 2023).
1482:Walker, Owen; Morris, Stephen (24 March 2023).
568:
179:UBS completed the acquisition on 12 June 2023.
2900:"Papers warn on UBS takeover of Credit Suisse"
2011:
2009:
1700:
1698:
1696:
1694:
1692:
1690:
1688:
1686:
1652:
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1648:
1539:
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3772:
1646:
1644:
1642:
1640:
1638:
1636:
1634:
1632:
1630:
1628:
1477:
1475:
1473:
1471:
1442:Wallace, Joe; Brown, Elliot (19 March 2023).
701:independently advised the respective boards.
673:A Credit Suisse branch sited across from the
483:
8:
638:Swiss Financial Market Supervisory Authority
130:Swiss Financial Market Supervisory Authority
21:
4126:Mergers and acquisitions of Swiss companies
1347:Keaten, Jamie; Sweet, Ken (19 March 2023).
922:securities have more protections. Both the
3927:
3814:
3779:
3765:
3757:
490:
476:
319:This article is part of a series about the
315:
36:
20:
3317:Sims, Tom; Revill, John (20 March 2023).
2444:Tan, Joanna; Lee, Jihye (29 March 2023).
1553:
2355:"Ticker zur Krise bei der Credit Suisse"
590:
501:
439:United States Department of the Treasury
2979:
2977:
1116:
323:
1584:
1573:
860:Social Democratic Party of Switzerland
553:March 2023 United States bank failures
3177:from the original on 24 November 2023
3113:Wigglesworth, Robin (24 March 2023).
2661:
2659:
2349:
2347:
2247:
2245:
1562:from the original on 21 November 2021
1437:
1435:
1433:
1380:Halftermeyer, Marion (12 June 2023).
1045:estimated at between 6,500 and 8,000
595:Credit Suisse stock price (2006–2023)
434:Federal Deposit Insurance Corporation
196:A Credit Suisse sign in front of the
7:
3508:Rutishauser, Arthur (1 April 2023).
2733:"Banks suffer crisis of coincidence"
1797:Hetzner, Christiaan (6 March 2023).
1522:from the original on 3 December 2022
1309:
1307:
1235:
1233:
1199:
1197:
1195:
1193:
1126:
1124:
1122:
1120:
345:branch in New York on March 13, 2023
4066:Acquisition of Credit Suisse by UBS
3943:ICBC Credit Suisse Asset Management
3467:from the original on 22 March 2023.
3444:from the original on 23 March 2023.
3419:from the original on 24 March 2023.
2433:from the original on 27 March 2023.
1508:Cimilluca, Dana (17 October 2008).
677:, seat of the Swiss government, in
462:Acquisition of Credit Suisse by UBS
169:banking crisis in the United States
22:Acquisition of Credit Suisse by UBS
3605:from the original on 21 March 2023
3524:from the original on 2 April 2023.
3489:from the original on 21 March 2023
3388:from the original on 20 March 2023
3329:from the original on 20 March 2023
3298:from the original on 20 March 2023
3284:Goldstein, Steve (19 March 2023).
3265:from the original on 20 March 2023
3068:from the original on 21 March 2023
3035:from the original on 20 March 2023
2998:from the original on 20 March 2023
2854:from the original on 21 March 2023
2818:from the original on 21 March 2023
2785:from the original on 21 March 2023
2745:from the original on 17 March 2023
2731:B. Wolf, Zachary (15 March 2023).
2712:from the original on 20 March 2023
2679:from the original on 20 March 2023
2398:from the original on 20 March 2023
2367:from the original on 19 March 2023
2332:from the original on 19 March 2023
2299:from the original on 20 March 2023
2266:from the original on 19 March 2023
2230:from the original on 21 March 2023
2197:from the original on 19 March 2023
2167:from the original on 20 March 2023
2057:from the original on 19 March 2023
1994:from the original on 16 March 2023
1961:from the original on 20 March 2023
1913:from the original on 16 March 2023
1877:from the original on 18 March 2023
1844:from the original on 17 March 2023
1811:from the original on 14 March 2023
1778:from the original on 18 March 2023
1671:from the original on 21 March 2023
1456:from the original on 20 March 2023
1361:from the original on 19 March 2023
1328:from the original on 19 March 2023
1292:from the original on 19 March 2023
1254:from the original on 19 March 2023
1218:from the original on 19 March 2023
1178:from the original on 19 March 2023
1145:from the original on 19 March 2023
429:Federal Reserve Board of Governors
359:Economic Growth, Regulatory Relief
16:2023 banking merger in Switzerland
14:
3430:McCabe, Caitlin (22 March 2023).
2512:from the original on 6 April 2023
2479:from the original on 5 April 2023
2417:Brouzos, Jorgos (25 March 2023).
1605:Ferber, Michael (20 March 2023).
1510:"Swiss Move to Back Troubled UBS"
991:Norges Bank Investment Management
327:2023 United States banking crisis
4121:March 2023 events in Switzerland
4082:
4081:
4029:Donaldson, Lufkin & Jenrette
3984:Qube Research & Technologies
3374:Allen, Matthew (20 March 2023).
2984:Glover, George (20 March 2023).
2463:Balezou, Myriam (5 April 2023).
2318:Allen, Matthew (19 March 2023).
2157:"Credit Suisse and UBS to Merge"
1764:Daga, Anshuman (18 March 2023).
1131:Capoot, Ashley (19 March 2023).
335:
276:Losses in investment banking arm
27:
3566:Clarke, Paul (31 August 2023).
3196:Rauch, Raphael (16 June 2024).
2953:Kollewe, Julia (2 April 2023).
2842:Meredith, Sam (21 March 2023).
2498:Illien, Noelle (5 April 2023).
2216:Nair, Adveith (20 March 2023).
411:Collapse of First Republic Bank
401:Collapse of Silicon Valley Bank
396:Winding down of Silvergate Bank
371:2020–2022 cryptocurrency bubble
308:, for the period 2020 to 2022.
163:whose investment banking unit,
3628:Kerr, Simeon (27 March 2023).
3350:"A very Swiss identity crisis"
2187:"UBS to acquire Credit Suisse"
1408:Muller, Andre (12 June 2023).
1314:Smith, Colby (19 March 2023).
772:reported that Credit Suisse's
1:
4106:2023 mergers and acquisitions
1980:Barr, Colin (16 March 2023).
734:Federal Department of Finance
105:On 19 March 2023, Swiss bank
3485:(in French). 20 March 2023.
3348:Jones, Sam (25 March 2023).
2873:Romy, Katy (24 March 2023).
2675:(in German). 19 March 2023.
2363:(in German). 19 March 2023.
1019:of the newly acquired bank.
608:in the form of an emergency
159:Credit Suisse is a globally
3741:(in French). 31 August 2023
1738:Jones, Sam (6 April 2023).
963:billion to CHF35 billion).
361:and Consumer Protection Act
284:recalled at the April 2023
161:systemically important bank
156:were written down to zero.
4147:
3948:Select Portfolio Servicing
3938:Credit Suisse First Boston
1079:2007–2008 financial crisis
942:Swiss financial regulator
714:Qatar Investment Authority
406:Collapse of Signature Bank
255:2007–2008 financial crisis
232:2007–2008 financial crisis
68:All-stock full acquisition
4079:
457:Bank Term Funding Program
366:2021–2023 inflation surge
126:government of Switzerland
35:
26:
3964:APriori Capital Partners
2429:(in Swiss High German).
1544:Slovik, Patrick (2012).
885:". Peter V. Kunz of the
749:President of Switzerland
3974:Diamond Castle Holdings
3969:Avista Capital Partners
3437:The Wall Street Journal
3173:. The Financial Times.
2932:The Wall Street Journal
1987:The Wall Street Journal
1711:The Wall Street Journal
1555:10.1787/5kg0ps8cq8q6-en
1515:The Wall Street Journal
1449:The Wall Street Journal
1247:The Wall Street Journal
743:Additional Tier 1 bonds
341:Press camera outside a
280:Credit Suisse chairman
154:Additional Tier 1 bonds
2024:(in Swiss High German)
1613:(in Swiss High German)
1583:Cite journal requires
1105:Banking in Switzerland
754:, Minister of Finance
706:Public Investment Fund
681:
596:
573:
548:
204:
79: 3 billion (
4007:Historical components
3572:Financial News London
3115:"The Great T2 Escape"
2259:Swiss Federal Council
2257:Press release of the
930:(ECB) vice president
928:European Central Bank
852:Free Democratic Party
738:Swiss Federal Council
672:
594:
582:distressed securities
505:
286:shareholders' meeting
195:
3861:AntĂłnio Horta-OsĂłrio
2925:Kowsmann, Patricia.
2022:Neue ZĂĽrcher Zeitung
1611:Neue ZĂĽrcher Zeitung
1415:Neue ZĂĽrcher Zeitung
998:Zurich Cantonal Bank
891:University of Zurich
856:Swiss People's Party
618:credit default swaps
578:European debt crisis
563:Bloomberg Television
509:Inverted yield curve
3896:Robert L. Genillard
3830:Jose Isidro Camacho
805:Karin Keller-Sutter
756:Karin Keller-Sutter
691:Centerview Partners
559:Saudi National Bank
298:Social media rumors
236:Swiss National Bank
198:Swiss National Bank
134:Swiss National Bank
23:
3876:Francesca McDonagh
3811:Notable executives
2644:. 6 September 2023
2137:. 21 February 2023
936:Peterson Institute
887:University of Bern
868:Swiss Constitution
866:The clause of the
858:and the left-wing
774:Francesca McDonagh
682:
597:
549:
506:Switzerland bonds
205:
152: billion) of
140: billion) in
4116:Financial markets
4093:
4092:
4002:
4001:
3919:
3918:
3739:Tribune de Genève
3601:. 21 March 2023.
2262:. 19 March 2023.
2193:. 19 March 2023.
2163:. 19 March 2023.
1067:According to the
1006:Julius Baer Group
626:Market discipline
500:
499:
376:Bankruptcy of FTX
294:Greensill Capital
117: 3 billion (
103:
102:
4138:
4131:UBS acquisitions
4085:
4084:
4059:Related articles
3989:Winterthur Group
3928:
3901:Thomas Gottstein
3856:Adebayo Ogunlesi
3835:Robert S. Murley
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3547:. 31 August 2023
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1017:creditworthiness
958:Sale price issue
932:VĂtor Constâncio
903:Swiss government
602:
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302:internal control
290:Archegos Capital
242:, rescued rival
216:gnomes of Zurich
151:
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82:
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24:
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3881:Lukas MĂĽhlemann
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3732:
3728:
3718:
3716:
3707:
3706:
3702:
3692:
3690:
3679:
3678:
3674:
3664:
3662:
3653:
3652:
3648:
3638:
3636:
3634:Financial Times
3627:
3626:
3622:
3608:
3606:
3591:
3590:
3586:
3576:
3574:
3565:
3564:
3560:
3550:
3548:
3539:
3538:
3529:
3507:
3506:
3502:
3492:
3490:
3477:
3476:
3472:
3454:
3453:
3449:
3429:
3428:
3424:
3406:
3405:
3401:
3391:
3389:
3373:
3372:
3368:
3358:
3356:
3354:Financial Times
3347:
3346:
3342:
3332:
3330:
3316:
3315:
3311:
3301:
3299:
3283:
3282:
3278:
3268:
3266:
3252:
3251:
3247:
3237:
3235:
3222:
3221:
3217:
3207:
3205:
3195:
3194:
3190:
3180:
3178:
3164:
3163:
3159:
3149:
3147:
3138:
3137:
3133:
3123:
3121:
3119:Financial Times
3112:
3111:
3107:
3097:
3095:
3094:. 23 March 2023
3086:
3085:
3081:
3071:
3069:
3053:
3052:
3048:
3038:
3036:
3028:Financial Times
3020:
3019:
3015:
3001:
2999:
2991:Markets Insider
2983:
2982:
2975:
2965:
2963:
2952:
2951:
2947:
2937:
2935:
2924:
2923:
2919:
2909:
2907:
2906:. 26 March 2023
2898:
2897:
2893:
2883:
2881:
2872:
2871:
2867:
2857:
2855:
2841:
2840:
2831:
2821:
2819:
2803:
2802:
2798:
2788:
2786:
2770:
2769:
2758:
2748:
2746:
2730:
2729:
2725:
2715:
2713:
2705:Washington Post
2697:
2696:
2692:
2682:
2680:
2665:
2664:
2657:
2647:
2645:
2636:
2635:
2631:
2621:
2619:
2610:
2609:
2605:
2595:
2593:
2584:
2583:
2579:
2569:
2567:
2556:
2555:
2551:
2541:
2539:
2538:. 26 April 2023
2530:
2529:
2525:
2515:
2513:
2497:
2496:
2492:
2482:
2480:
2462:
2461:
2457:
2443:
2442:
2438:
2416:
2415:
2411:
2401:
2399:
2385:
2384:
2380:
2370:
2368:
2353:
2352:
2345:
2335:
2333:
2317:
2316:
2312:
2302:
2300:
2292:Financial Times
2284:
2283:
2279:
2269:
2267:
2251:
2250:
2243:
2233:
2231:
2215:
2214:
2210:
2200:
2198:
2185:
2184:
2180:
2170:
2168:
2155:
2154:
2150:
2140:
2138:
2129:
2128:
2124:
2114:
2112:
2111:. 25 April 2023
2103:
2102:
2098:
2088:
2086:
2085:. 24 April 2023
2075:
2074:
2070:
2060:
2058:
2050:Financial Times
2042:
2041:
2037:
2027:
2025:
2015:
2014:
2007:
1997:
1995:
1979:
1978:
1974:
1964:
1962:
1946:
1945:
1926:
1916:
1914:
1898:
1897:
1890:
1880:
1878:
1862:
1861:
1857:
1847:
1845:
1829:
1828:
1824:
1814:
1812:
1796:
1795:
1791:
1781:
1779:
1763:
1762:
1758:
1748:
1746:
1744:Financial Times
1737:
1736:
1725:
1715:
1713:
1704:
1703:
1684:
1674:
1672:
1664:Financial Times
1656:
1655:
1626:
1616:
1614:
1604:
1603:
1596:
1582:
1572:
1565:
1563:
1543:
1542:
1535:
1525:
1523:
1507:
1506:
1502:
1492:
1490:
1488:Financial Times
1481:
1480:
1469:
1459:
1457:
1441:
1440:
1431:
1421:
1419:
1407:
1406:
1402:
1392:
1390:
1379:
1378:
1374:
1364:
1362:
1346:
1345:
1341:
1331:
1329:
1321:Financial Times
1313:
1312:
1305:
1295:
1293:
1285:Financial Times
1275:
1274:
1267:
1257:
1255:
1239:
1238:
1231:
1221:
1219:
1211:Financial Times
1203:
1202:
1191:
1181:
1179:
1163:
1162:
1158:
1148:
1146:
1130:
1129:
1118:
1113:
1101:
1083:too big to fail
1070:SonntagsZeitung
1061:Financial Times
1032:Bank of America
1025:
1021:Property rights
983:
969:
960:
924:Bank of England
915:
913:AT1 bonds issue
896:Financial Times
883:banana republic
873:Financial Times
839:Financial Times
821:shotgun wedding
817:
809:too big to fail
730:
667:
614:demand deposits
600:
547:
546: Overnight
543:
541:
537:
535:
531:
529:
525:
523:
519:
517:
513:
507:
496:
467:
466:
452:
444:
443:
424:
416:
415:
391:
383:
382:
360:
354:
346:
326:
324:
314:
278:
190:
185:
149:
145:
137:
118:
80:
17:
12:
11:
5:
4144:
4142:
4134:
4133:
4128:
4123:
4118:
4113:
4108:
4098:
4097:
4091:
4090:
4080:
4077:
4076:
4074:
4073:
4071:Suisse Secrets
4068:
4062:
4060:
4056:
4055:
4053:
4052:
4050:1 Cabot Square
4046:
4044:
4040:
4039:
4037:
4036:
4031:
4026:
4021:
4016:
4014:Banco Garantia
4010:
4008:
4004:
4003:
4000:
3999:
3997:
3996:
3991:
3986:
3981:
3976:
3971:
3966:
3960:
3958:
3954:
3953:
3951:
3950:
3945:
3940:
3934:
3932:
3925:
3921:
3920:
3917:
3916:
3914:
3913:
3908:
3903:
3898:
3893:
3888:
3883:
3878:
3873:
3868:
3863:
3858:
3852:
3850:
3846:
3845:
3843:
3842:
3837:
3832:
3827:
3821:
3819:
3812:
3808:
3807:
3805:
3804:
3798:
3796:
3792:
3791:
3786:
3784:
3783:
3776:
3769:
3761:
3753:
3752:
3726:
3715:. 14 June 2023
3700:
3672:
3646:
3620:
3584:
3558:
3527:
3517:Tages-Anzeiger
3500:
3470:
3447:
3422:
3399:
3366:
3340:
3309:
3276:
3245:
3215:
3188:
3157:
3131:
3105:
3079:
3046:
3013:
2973:
2945:
2917:
2891:
2865:
2829:
2796:
2756:
2723:
2690:
2655:
2629:
2603:
2577:
2549:
2523:
2490:
2472:Bloomberg News
2455:
2436:
2426:Tages-Anzeiger
2409:
2378:
2343:
2310:
2277:
2241:
2223:Bloomberg News
2208:
2178:
2148:
2122:
2096:
2068:
2035:
2005:
1972:
1924:
1888:
1855:
1822:
1789:
1756:
1723:
1682:
1624:
1594:
1585:|journal=
1533:
1500:
1467:
1429:
1400:
1387:Bloomberg News
1372:
1339:
1303:
1265:
1229:
1189:
1171:Bloomberg News
1156:
1115:
1114:
1112:
1109:
1108:
1107:
1100:
1097:
1051:Tages-Anzeiger
1002:universal bank
982:
979:
968:
965:
959:
956:
914:
911:
816:
813:
785:Bloomberg News
778:Sergio Ermotti
769:Tages-Anzeiger
729:
726:
699:Morgan Stanley
675:Federal Palace
666:
663:
610:line of credit
586:counterparties
551:Following the
542:
536:
530:
524:
518:
512:
498:
497:
495:
494:
487:
480:
472:
469:
468:
465:
464:
459:
453:
450:
449:
446:
445:
442:
441:
436:
431:
425:
423:Related groups
422:
421:
418:
417:
414:
413:
408:
403:
398:
392:
389:
388:
385:
384:
381:
380:
379:
378:
368:
363:
355:
352:
351:
348:
347:
343:Signature Bank
340:
332:
331:
321:
320:
313:
310:
277:
274:
189:
186:
184:
181:
109:agreed to buy
101:
100:
97:
93:
92:
89:
85:
84:
83: billion)
74:
70:
69:
66:
62:
61:
56:
52:
51:
46:
42:
41:
33:
32:
15:
13:
10:
9:
6:
4:
3:
2:
4143:
4132:
4129:
4127:
4124:
4122:
4119:
4117:
4114:
4112:
4111:Credit Suisse
4109:
4107:
4104:
4103:
4101:
4088:
4078:
4072:
4069:
4067:
4064:
4063:
4061:
4057:
4051:
4048:
4047:
4045:
4041:
4035:
4032:
4030:
4027:
4025:
4022:
4020:
4017:
4015:
4012:
4011:
4009:
4005:
3995:
3992:
3990:
3987:
3985:
3982:
3980:
3977:
3975:
3972:
3970:
3967:
3965:
3962:
3961:
3959:
3955:
3949:
3946:
3944:
3941:
3939:
3936:
3935:
3933:
3929:
3926:
3922:
3912:
3909:
3907:
3906:Tidjane Thiam
3904:
3902:
3899:
3897:
3894:
3892:
3889:
3887:
3886:Oswald GrĂĽbel
3884:
3882:
3879:
3877:
3874:
3872:
3869:
3867:
3864:
3862:
3859:
3857:
3854:
3853:
3851:
3847:
3841:
3840:Ulrich Körner
3838:
3836:
3833:
3831:
3828:
3826:
3823:
3822:
3820:
3816:
3813:
3809:
3803:
3802:Alfred Escher
3800:
3799:
3797:
3793:
3789:
3788:Credit Suisse
3782:
3777:
3775:
3770:
3768:
3763:
3762:
3759:
3740:
3736:
3730:
3727:
3714:
3710:
3704:
3701:
3688:
3687:
3682:
3676:
3673:
3661:
3657:
3650:
3647:
3635:
3631:
3624:
3621:
3616:
3615:Bloomberg.com
3604:
3600:
3599:
3594:
3588:
3585:
3573:
3569:
3562:
3559:
3546:
3542:
3536:
3534:
3532:
3528:
3523:
3519:
3518:
3512:
3504:
3501:
3488:
3484:
3480:
3474:
3471:
3466:
3462:
3458:
3451:
3448:
3443:
3439:
3438:
3433:
3426:
3423:
3418:
3414:
3410:
3403:
3400:
3387:
3383:
3382:
3377:
3370:
3367:
3355:
3351:
3344:
3341:
3328:
3324:
3320:
3313:
3310:
3297:
3293:
3292:
3287:
3280:
3277:
3264:
3260:
3256:
3249:
3246:
3234:
3233:
3232:Bloomberg.com
3227:
3219:
3216:
3203:
3202:SonntagsBlick
3199:
3192:
3189:
3176:
3172:
3168:
3161:
3158:
3146:. 28 May 2023
3145:
3141:
3135:
3132:
3120:
3116:
3109:
3106:
3093:
3089:
3083:
3080:
3067:
3063:
3062:
3061:Bloomberg.com
3057:
3050:
3047:
3034:
3030:
3029:
3024:
3017:
3014:
3009:
2997:
2993:
2992:
2987:
2980:
2978:
2974:
2962:
2961:
2956:
2949:
2946:
2934:
2933:
2928:
2921:
2918:
2905:
2901:
2895:
2892:
2880:
2876:
2869:
2866:
2853:
2849:
2845:
2838:
2836:
2834:
2830:
2817:
2813:
2812:
2811:Bloomberg.com
2807:
2800:
2797:
2784:
2780:
2779:
2778:Bloomberg.com
2774:
2767:
2765:
2763:
2761:
2757:
2744:
2740:
2739:
2734:
2727:
2724:
2711:
2707:
2706:
2701:
2694:
2691:
2678:
2674:
2673:
2668:
2662:
2660:
2656:
2643:
2639:
2633:
2630:
2617:
2613:
2607:
2604:
2592:. 9 June 2023
2591:
2587:
2581:
2578:
2566:. 17 May 2023
2565:
2564:
2559:
2553:
2550:
2537:
2533:
2527:
2524:
2511:
2507:
2506:
2501:
2494:
2491:
2478:
2474:
2473:
2467:
2459:
2456:
2451:
2447:
2440:
2437:
2432:
2428:
2427:
2421:
2413:
2410:
2397:
2393:
2389:
2382:
2379:
2366:
2362:
2361:
2356:
2350:
2348:
2344:
2331:
2327:
2326:
2321:
2314:
2311:
2298:
2294:
2293:
2288:
2281:
2278:
2265:
2261:
2260:
2254:
2248:
2246:
2242:
2229:
2225:
2224:
2219:
2212:
2209:
2196:
2192:
2188:
2182:
2179:
2166:
2162:
2161:Credit Suisse
2158:
2152:
2149:
2136:
2132:
2126:
2123:
2110:
2106:
2100:
2097:
2084:
2083:
2078:
2072:
2069:
2056:
2052:
2051:
2046:
2039:
2036:
2023:
2019:
2012:
2010:
2006:
1993:
1989:
1988:
1983:
1976:
1973:
1960:
1956:
1955:
1954:Bloomberg.com
1950:
1943:
1941:
1939:
1937:
1935:
1933:
1931:
1929:
1925:
1912:
1908:
1907:
1906:Bloomberg.com
1902:
1895:
1893:
1889:
1876:
1872:
1871:
1866:
1859:
1856:
1843:
1839:
1838:
1833:
1826:
1823:
1810:
1806:
1805:
1800:
1793:
1790:
1777:
1773:
1772:
1767:
1760:
1757:
1745:
1741:
1734:
1732:
1730:
1728:
1724:
1712:
1708:
1701:
1699:
1697:
1695:
1693:
1691:
1689:
1687:
1683:
1670:
1666:
1665:
1660:
1653:
1651:
1649:
1647:
1645:
1643:
1641:
1639:
1637:
1635:
1633:
1631:
1629:
1625:
1612:
1608:
1601:
1599:
1595:
1590:
1577:
1561:
1556:
1551:
1547:
1540:
1538:
1534:
1521:
1517:
1516:
1511:
1504:
1501:
1489:
1485:
1478:
1476:
1474:
1472:
1468:
1455:
1451:
1450:
1445:
1438:
1436:
1434:
1430:
1417:
1416:
1411:
1404:
1401:
1389:
1388:
1383:
1376:
1373:
1360:
1356:
1355:
1350:
1343:
1340:
1327:
1323:
1322:
1317:
1310:
1308:
1304:
1291:
1287:
1286:
1280:
1272:
1270:
1266:
1253:
1249:
1248:
1243:
1236:
1234:
1230:
1217:
1213:
1212:
1207:
1200:
1198:
1196:
1194:
1190:
1177:
1173:
1172:
1167:
1160:
1157:
1144:
1140:
1139:
1134:
1127:
1125:
1123:
1121:
1117:
1110:
1106:
1103:
1102:
1098:
1096:
1094:
1091:According to
1089:
1086:
1084:
1080:
1076:
1072:
1071:
1065:
1062:
1057:
1054:
1052:
1048:
1044:
1039:
1037:
1033:
1029:
1022:
1018:
1014:
1009:
1007:
1003:
999:
994:
992:
987:
980:
978:
975:
966:
964:
957:
955:
953:
952:FT Alphaville
948:
945:
940:
937:
933:
929:
925:
920:
912:
910:
906:
904:
899:
897:
892:
888:
884:
879:
878:proxy advisor
874:
869:
864:
861:
857:
853:
848:
846:
841:
840:
835:
834:
828:
826:
825:Ulrich Körner
822:
814:
812:
810:
806:
800:
796:
794:
790:
786:
783:According to
781:
779:
775:
771:
770:
764:
763:Colm Kelleher
761:UBS Chairman
759:
757:
753:
750:
746:
744:
739:
735:
727:
725:
723:
719:
718:Deutsche Bank
715:
711:
707:
702:
700:
696:
692:
688:
687:Thomas Jordan
680:
676:
671:
664:
662:
660:
656:
650:
647:
643:
639:
633:
631:
627:
623:
619:
615:
611:
607:
593:
589:
587:
583:
579:
572:
567:
564:
560:
556:
554:
540: 3 month
522: 10 year
516: 30 year
510:
504:
493:
488:
486:
481:
479:
474:
473:
471:
470:
463:
460:
458:
455:
454:
448:
447:
440:
437:
435:
432:
430:
427:
426:
420:
419:
412:
409:
407:
404:
402:
399:
397:
394:
393:
387:
386:
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