bank crisis - Garner Ted Armstrong Evangelistic Association https://www.garnertedarmstrong.org Let No Man Take Your Crown Mon, 12 Jun 2023 18:20:22 +0000 en-US hourly 1 https://www.garnertedarmstrong.org/wp-content/uploads/2024/05/cropped-Screen-Shot-2024-05-16-at-1.06.13-PM-32x32.png bank crisis - Garner Ted Armstrong Evangelistic Association https://www.garnertedarmstrong.org 32 32 UBS completes takeover of Credit Suisse as job cuts loom https://www.garnertedarmstrong.org/ubs-completes-takeover-of-credit-suisse-as-job-cuts-loom/?utm_source=rss&utm_medium=rss&utm_campaign=ubs-completes-takeover-of-credit-suisse-as-job-cuts-loom Mon, 12 Jun 2023 18:20:22 +0000 https://www.garnertedarmstrong.org/?p=44048 UBS talks of the ‘beginning of a historic new chapter’ UBS said Monday that it has finalized its takeover of Credit Suisse, ending a months-long saga that saw the near-collapse of one of Switzerland’s biggest financial institutions. The bank announced … Read More

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]]> UBS talks of the ‘beginning of a historic new chapter’

UBS said Monday that it has finalized its takeover of Credit Suisse, ending a months-long saga that saw the near-collapse of one of Switzerland’s biggest financial institutions.

The bank announced that completion in an open letter to Swiss, German-language daily newspaper, NZZ and other international publications, describing the deal as “the beginning of a new, historic chapter.”

UBS UBS, 0.24% UBSG, 0.82% agreed to buy its rival for an initially announced 3 billion francs ($3.3 billion) after Credit Suisse   CSGN, 1.11%  was unable to stem outflows from its wealthy clients.

UBS said Friday that it has signed a loss protection agreement with the Swiss government covering up to 9 billion francs ($10 billion) of losses once the takeover of Credit Suisse is completed.

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Source: https://www.marketwatch.com/story/ubs-says-its-takeover-of-credit-suisse-is-now-complete-4ffa23

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