is offering up to $1 billion to buy rival Credit Suisse, though the deal has faced pushback from the embattled Swiss banking firm.
UBS made an offer of up to $1 billion for Credit Suisse and a deal could be done as early as Sunday evening, the Financial Times first reported Sunday – but the offer is $7 billion less thanThe potential deal may face roadblocks from Credit Suisse, which believes the offer is too low and would harm shareholders and employees with deferred stock, Bloomberg reported Sunday.
Swiss authorities have been attempting to broker a deal in a bid to restore faith in the banking system after Credit Suisse shares saw their worst weekly decline since the beginning of the pandemic. The dive comes after Credit Suisse had already been battling losses and scandals, with confidence falling further after the collapse of Silicon Valley Bank and Signature Bank in the U.S., with the Swiss bank’s balance sheet at about twice the size of Lehman Brothers when it collapsed in 2008.
Guess we know whose next to be bailed out! 😂🤣
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