Steve Herman
UBS taking over Credit Suisse. #banking #Switzerland
Mar 19, 2023 at 6:36pmWeb
Show threadSteve HermanMar 19, 2023
“We welcome the announcements by the Swiss authorities today to support financial stability. The capital and liquidity positions of the U.S. banking system are strong, and the U.S. financial system is resilient.” - Joint US Treasury/Federal Reserve statement.
Show threadPouringlizardsMar 19, 2023
@w7voa the more I see statements like this, the more I think 'oh no...'
Show threadBruce ElrickMar 19, 2023
@pouringlizards @w7voa I was thinking the same thing.
Show threadTyler McGeeMar 19, 2023
@w7voa Isn’t UBS taking over Credit Suisse? I thought CS was the one in trouble?
Show threadLitzz11Mar 19, 2023
@w7voa Other way around?
Show threadLouis BouchardMar 19, 2023
@w7voa I think it's the other way around. See https://www.cnbc.com/2023/03/19/ubs-agrees-to-buy-credit-suisse-as-regulators-look-to-shore-up-global-banking-system.html
UBS agrees to buy Credit Suisse as regulators look to shore up global banking system

Credit Suisse had already been battling a string of losses and scandals, and the last two weeks sentiment was rocked again.

CNBC
Show threadliljenstolpeMar 19, 2023
@w7voa The interesting color here is that the deal is $0.50USD/share (vs. $2.01/share at the close), and the Swiss authorities are "changing the rules" to allow it to go through with just board approval vs. a full shareholder vote (shareholders will be wiped out) in order to get it announced by Sunday night. What bomb was waiting on Monday?
Show threadadac127Mar 19, 2023
@liljenstolpe Guess they wanted to seal the deal before asia stock exchanges open in a few hours as they expected a bank run. And CS had alleeady lost a lot of customers there….