UBS completes Credit Suisse takeover to become wealth management behemoth

  • 📰 abcnews
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 83%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

Credit Suisse had seen a string of scandals over the years 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.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in LOANS

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.

Australia politics live: Albanese to claim credit for ‘enhanced economic security’; Katy Gallagher faces more scrutinyFollow live
Source: GuardianAus - 🏆 1. / 98 Read more »