The prosecutor, based in the Swiss capital Bern, is looking into potential breaches of the country's criminal law by government officials, regulators and executives at the two banks, whichThere were "numerous aspects of events around Credit Suisse" that warranted investigation and which needed to be analysed to "identify any criminal offences that could fall within the competence of the [prosecutor]", it said in a statement.
It gave no indication of any specific aspects of the merger agreement it might look into or how long the investigation might last."It's astonishing that the prosecutor would comment," said Mark Pieth, professor emeritus of the University of Basel, where he has taught criminal law and criminology. But the rescue "is so out of the ordinary that they had to say something."
In the deal announced on March 19 and orchestrated by the Swiss government, the central bank and market regulator, UBS would acquire rival Credit Suisse for 3 billion Swiss francs . The bank is trying to close the deal by as soon as the end of April, sources have told Reuters. The takeover, which was also designed to help secure financial stability globally during a period of turmoil, has sparked concern among critics about the size of the merged bank, with $1.6 trillion in assets and more than 120,000 staff worldwide.
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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. That’s true that image couldn’t be restored. All caused by Biden and Isreal.
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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.” We are saying the same thing in San Francisco Global reputation as ethically corrupt tax haven, you mean? Really Not even the fact that for decades, Switzerland allowed anonymous people to have secret bank accounts …helping drug trafficking and money laundering …🙄🙄🙄🙄
Source: AP - 🏆 728. / 51 Read more »
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.
Source: WashTimes - 🏆 235. / 63 Read more »
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.
Source: Reuters - 🏆 2. / 97 Read more »
Norwegian wealth fund seeks Credit Suisse boardroom shake-upNorges Bank Investment Management will vote against the re-election of Credit Suisse Chair Axel Lehmann and six other directors at the Swiss lender's annual general meeting on Tuesday, the Norwegian wealth fund said on its website. Ich dachte die Credit Swiss gibt es nicht mehr ? Is there a clear chain of authority inside UBS anymore? This seems to imply that Credit Suisse exists as a separate patch of quicksand inside UBS.
Source: Reuters - 🏆 2. / 97 Read more »
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. very good for banking. o lol
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