Help keep family & friends informed by sharing this articleUBS has completed its emergency takeover of embattled rival Credit Suisse, forging a banking and wealth management giant with a $US1.6 trillion balance sheet and raising fears the resulting company could now be too big to fail.UBS agreed to buy Credit Suisse in March for $4.9 billion, in a deal hastily arranged by the Swiss government
that hit the heart of its business, ranging from bad bets on hedge funds to failing to prevent money-laundering by a Bulgarian cocaine ring and accusations it didn't report secret offshore accounts that wealthy Americans used to avoid paying US taxes. The deal, however, exposed two myths — namely, that Switzerland is a steady, predictable investment destination and that banks' problems would no longer affect taxpayers.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: GuardianAus - 🏆 1. / 98 Read more »