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UBS made a hefty loss in the first full quarter since it closed a deal to rescue Credit Suisse, highlighting the scale of the challenge the bank faces as it absorbs its stricken rival.
The final deal to purchase Credit Suisse for CHF 3 billion ($3.2 billion) was accepted by the board of Credit Suisse prior to the opening of Asian financial markets on Monday morning. The acquisition was an all-stock deal, with Credit Suisse shareholders receiving 1 UBS share per 22.48 Credit Suisse shares, equivalent to CHF 0.76 per share.
Credit Suisse added more gas on the banking fire, exacerbating an already tough decision for central banks. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290 ...
UBS made a hefty loss in the first full quarter since it closed a deal to rescue its stricken rival Credit Suisse, even as the bank attracted billions of dollars in new deposits from customers.
One month before the events in the United States, Credit Suisse had announced its largest annual loss since the 2008 financial crisis, as clients continued withdrawing their cash at a rapid pace; $147 billion had been withdrawn in the fourth quarter of 2022. It also disclosed it had found "material weaknesses" in its financial reporting.
A press release from Credit Suisse said that "the loss resulting from this exit ... could be highly significant and material to our first quarter results." [19] According to The Wall Street Journal, Goldman Sachs and Morgan Stanley were able to limit their losses relating to Archegos by acting more quickly than Credit Suisse and Nomura Holdings ...
Credit Suisse flagged that it was on course for a pre-tax loss of up to 1.5 billion Swiss francs ($1.58 billion) in the fourth quarter, and revealed that wealthy clients had made hefty withdrawals ...
Credit Suisse was also a primary dealer and Forex counterparty of the Federal Reserve in the United States. Credit Suisse was founded in 1856 to fund the development of Switzerland's rail system. It issued loans that helped create Switzerland's electrical grid and the European rail system.