UBS to buy beleaguered Credit Suisse

UBS has agreed to buy Credit Suisse in an emergency deal that ties up two of Europe’s largest banks, Swiss authorities announced Sunday.

Swiss authorities are planning to speed up the process by circumventing laws that would require a shareholder vote,earlier Sunday. The Financial Times also reported that the value of the all-share deal was more than $2 billion, but that figure was not officially confirmed by the Swiss authorities. “Swift and stabilizing solution was absolutely necessary," Alain Berset, president of the Swiss Confederation, said in a Sunday afternoon news conference. The UBS deal, he said, was"the best solution for restoring the confidence that has been lacking in financial markets recently.”The takeover would cap more than a week of speculation over the Swiss giant’s fate amid growing fears of a global financial crisis, after two U.S. regional banks suddenly failed last week. Although U.S.

Those concerns went global this week, after Credit Suisse warned of “material weaknesses” in its financial reporting. On Thursday, the bank received $53.7 billion in emergency funds from Switzerland’s central bank, but it wasn’t enough to restore confidence in the bank’s viability. Shares of Credit Suisse have tumbled more than 20 percent in the past week, and more than 35 percent this year.

“the best solution for restoring the confidence that has been lacking in financial markets recently.” Alain Berset, president of the Swiss Confederation, said Yellen and Powell said that they “welcome” the announcement. ✍🏻Who worked to shake confidence in the financial markets!

Big billionaires hide their money. We bail them and they still get a free ride

Hey how come no comment on this? Does your biggest “donor” Gates and your dictator Bezos want you quiet in this? Sad.

Crypto currency. What a stupid idea.

What could possibly go wrong by making a too big to fail bank bigger?

2008 called...

😯😦

We need white men paying extra taxes for POC women. I speak for all Americans

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Crunch time for Credit Suisse talks as UBS seeks Swiss assurances By Reuters*CRUNCH TIME FOR CREDIT SUISSE AS UBS AND SWISS REGULATORS RUSH TO SEAL TAKEOVER DEAL AS SOON AS SUNDAY: REPORTS 🔥 Why the hurry?
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