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Top related persons:
Sergio Ermotti - 1 Karin Keller - 1 Sutter - 1 Ermotti - 1 that’s - 1 ” - 1 Neil Unmack - 1 Oliver Taslic - 1
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Swiss
Top related orgs:
UBS - 1 Swiss - 1 bank’s - 1 Credit Suisse - 1 Switzerland’s Social - 1 – - 1 RBC - 1 AG - 1

Search resuls for: "Switzerland’s Social"


2 mentions found


☆ UBS’s $10 bln state guarantee is a useful fantasy
  + stars: | 2023-06-07 | by ( Liam Proud | ) www.reuters.com   time to read: +4 min
LONDON, June 7 (Reuters Breakingviews) - UBS (UBSG.S) and the Swiss government have negotiated a state backstop that neither side wants to use. The scheme, designed to sweeten the Credit Suisse (CSGN.S) rescue, would see the government cover $10 billion of losses on former Credit Suisse assets after UBS swallows the first $6 billion. One option could be for the state to guarantee only a limited subset of former Credit Suisse assets – just the ones that UBS plans to get rid of, for example, like fixed-income derivatives. The government could also insist on dividend or buyback restrictions if the Swiss bank ever taps the scheme. The guarantee would only kick in after UBS has swallowed 5 billion Swiss francs ($6 billion) of losses.
Persons: Sergio Ermotti, Karin Keller, Sutter, Ermotti, that’s, ”, Neil Unmack, Oliver Taslic Organizations: Reuters, UBS, Swiss, bank’s, Credit Suisse, Switzerland’s Social, –, RBC, AG, U.S . Securities, Exchange Commission, Thomson Locations: Swiss
☆ Credit Suisse rescue creates bank twice the size of Switzerland's economy
  + stars: | 2023-03-23 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +9 min
London CNN —The last-minute rescue of Credit Suisse may have prevented the current banking crisis from exploding, but it’s a raw deal for Switzerland. An aerial view of the headquarters of Credit Suisse, center, and UBS, left, at Paradeplatz in Zurich, Switzerland on Sunday, 19 March, 2023. Credit Suisse is “part of Switzerland’s identity,” said Hans Gersbach, a professor of macroeconomics at ETH university in Zurich. “The Credit Suisse Swiss bank is a fine asset that we are very determined to keep,” Kelleher said Sunday. Integration is difficultAt $3.25 billion, UBS got Credit Suisse for 60% less than the bank was worth when markets closed two days prior.
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