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At 1{{nbsp}}pm, the firm decided to buy back bonds, but needed help.{{r|bloomberg20230320}} That day Swiss National Bank provided a [[backstop (finance)|backstop]] in the form of emergency [[line of credit]] to Credit Suisse of {{Currency|50&nbsp;billion|CHF|linked=no|first=yes|passthrough=yes}} ($55&nbsp;billion).<ref name=":0" /> Despite this, daily withdrawals of [[demand deposit]]s totaled over {{Currency|10&nbsp;billion|CHF|linked=no|first=yes|passthrough=yes}} later that same week.<ref>{{Cite news |last=Barr |first=Colin |date=16 March 2023 |title=Credit Suisse Will Borrow Up to $53.7&nbsp;Billion |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/credit-suisse-says-it-will-borrow-up-to-50-billion-swiss-francs-ac469cc3?mod=Searchresults_pos3&page=1 |url-status=live |access-date=19 March 2023 |archive-url=https://web.archive.org/web/20230316035757/https://www.wsj.com/articles/credit-suisse-says-it-will-borrow-up-to-50-billion-swiss-francs-ac469cc3?mod=Searchresults_pos3&page=1 |archive-date=16 March 2023}}</ref> One-year [[credit default swap]]s for Credit Suisse rose that day from an already alarming 799 bps to 3701 bps, the highest levels for large banks since the 2008 crisis. [[Market discipline]] broke down; an investor said that the price was so high that [[hedge (finance)|hedging]] was not possible. Work at Credit Suisse almost stopped, as employees evaded clients' telephone calls and their own staff to avoid questions on the crisis.{{r|bloomberg20230320}}
At 1{{nbsp}}pm, the firm decided to buy back bonds, but needed help.{{r|bloomberg20230320}} That day Swiss National Bank provided a [[backstop (finance)|backstop]] in the form of emergency [[line of credit]] to Credit Suisse of {{Currency|50&nbsp;billion|CHF|linked=no|first=yes|passthrough=yes}} ($55&nbsp;billion).<ref name=":0" /> Despite this, daily withdrawals of [[demand deposit]]s totaled over {{Currency|10&nbsp;billion|CHF|linked=no|first=yes|passthrough=yes}} later that same week.<ref>{{Cite news |last=Barr |first=Colin |date=16 March 2023 |title=Credit Suisse Will Borrow Up to $53.7&nbsp;Billion |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/credit-suisse-says-it-will-borrow-up-to-50-billion-swiss-francs-ac469cc3?mod=Searchresults_pos3&page=1 |url-status=live |access-date=19 March 2023 |archive-url=https://web.archive.org/web/20230316035757/https://www.wsj.com/articles/credit-suisse-says-it-will-borrow-up-to-50-billion-swiss-francs-ac469cc3?mod=Searchresults_pos3&page=1 |archive-date=16 March 2023}}</ref> One-year [[credit default swap]]s for Credit Suisse rose that day from an already alarming 799 [[Basis point|bps]] to 3701 bps, the highest levels for large banks since the 2008 crisis. [[Market discipline]] broke down; an investor said that the price was so high that [[hedge (finance)|hedging]] was not possible. Work at Credit Suisse almost stopped, as employees evaded clients' telephone calls and their own staff to avoid questions on the crisis.{{r|bloomberg20230320}}


Because of the public anger at the Swiss authorities' 2008 rescue of UBS with government funding, no such rescue of Credit Suisse was possible.{{r|ft-trinity}} While publicly stating that Credit Suisse was healthy, the purpose of the backstop was to give Swiss National Bank and [[Swiss Financial Market Supervisory Authority]] (FINMA) time to find a buyer, not for the firm to save itself. They ordered UBS on Wednesday to plan an acquisition as the only alternative to nationalization of Credit Suisse,{{r|bloomberg20230320}} and reportedly told Credit Suisse "You will merge with UBS and announce Sunday evening before Asia opens. This is not optional".{{r|ft-trinity}} Negotiations began that day. The one-year CDS price remained at 3468 bps on Thursday, signaling that investors doubted the central bank's reassurances.{{r|bloomberg20230320}} Regulators from the EU, the United States, the United Kingdom, and Switzerland expected that Credit Suisse would have become insolvent in the week beginning 19 March had it not been [[bailout|bailed out]] or acquired by another bank.<ref name=":8">{{Cite news |last1=Patrick |first1=Margot |last2=Dummett |first2=Ben |last3=Cimilluca |first3=Dana |last4=Kowsmann |first4=Patricia |date=19 March 2023 |title=UBS Agrees to Buy Credit Suisse for More Than $3&nbsp;Billion |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa |url-status=live |access-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319164147/https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa |archive-date=19 March 2023}}</ref>{{r|ft-trinity}} U.S. investment management company [[BlackRock]] explored options for acquiring parts of Credit Suisse, but dropped out on 17 March;<ref>{{cite news |last=Morris |first=Stephen |last2=Fontanella-Khan |first2=James |last3=Massoudi |first3=Arash |last4=Walker |first4=Owen |date=19 March 2023 |title=BlackRock explored rival Credit Suisse takeover bid |work=[[Financial Times]] |url=https://www.ft.com/content/6319e205-d688-4521-b048-8d69a2c40847 |url-status=live |access-date=20 March 2023 |archive-url=https://web.archive.org/web/20230319194148/https://www.ft.com/content/6319e205-d688-4521-b048-8d69a2c40847 |archive-date=19 March 2023}}</ref> while its interest was serious, the Swiss government did not want to sell to BlackRock. The American firm decided that it did not want to anger UBS, among its larger customers.{{r|ft-trinity}}
Because of the public anger at the Swiss authorities' 2008 rescue of UBS with government funding, no such rescue of Credit Suisse was possible.{{r|ft-trinity}} While publicly stating that Credit Suisse was healthy, the purpose of the backstop was to give Swiss National Bank and [[Swiss Financial Market Supervisory Authority]] (FINMA) time to find a buyer, not for the firm to save itself. They ordered UBS on Wednesday to plan an acquisition as the only alternative to nationalization of Credit Suisse,{{r|bloomberg20230320}} and reportedly told Credit Suisse "You will merge with UBS and announce Sunday evening before Asia opens. This is not optional".{{r|ft-trinity}} Negotiations began that day. The one-year CDS price remained at 3468 bps on Thursday, signaling that investors doubted the central bank's reassurances.{{r|bloomberg20230320}} Regulators from the EU, the United States, the United Kingdom, and Switzerland expected that Credit Suisse would have become insolvent in the week beginning 19 March had it not been [[bailout|bailed out]] or acquired by another bank.<ref name=":8">{{Cite news |last1=Patrick |first1=Margot |last2=Dummett |first2=Ben |last3=Cimilluca |first3=Dana |last4=Kowsmann |first4=Patricia |date=19 March 2023 |title=UBS Agrees to Buy Credit Suisse for More Than $3&nbsp;Billion |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa |url-status=live |access-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319164147/https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa |archive-date=19 March 2023}}</ref>{{r|ft-trinity}} U.S. investment management company [[BlackRock]] explored options for acquiring parts of Credit Suisse, but dropped out on 17 March;<ref>{{cite news |last=Morris |first=Stephen |last2=Fontanella-Khan |first2=James |last3=Massoudi |first3=Arash |last4=Walker |first4=Owen |date=19 March 2023 |title=BlackRock explored rival Credit Suisse takeover bid |work=[[Financial Times]] |url=https://www.ft.com/content/6319e205-d688-4521-b048-8d69a2c40847 |url-status=live |access-date=20 March 2023 |archive-url=https://web.archive.org/web/20230319194148/https://www.ft.com/content/6319e205-d688-4521-b048-8d69a2c40847 |archive-date=19 March 2023}}</ref> while its interest was serious, the Swiss government did not want to sell to BlackRock. The American firm decided that it did not want to anger UBS, among its larger customers.{{r|ft-trinity}}

Revision as of 10:29, 22 March 2023

Acquisition of Credit Suisse by UBS
Three black keys together on the left of red letters 'UBS'.
Blue words "Credit Suisse", with two overlapping solid-blue sails. The overlapping part is white.
InitiatorUBS
TargetCredit Suisse
TypeAll-stock full acquisition
CostCHF 3 billion (US$3.2 billion)
Initiated19 March 2023

On 19 March 2023, Swiss investment bank UBS Group AG agreed to buy Credit Suisse for CHF 3 billion (US$3.2 billion) in an all-stock deal brokered by the government of Switzerland and the Swiss Financial Market Supervisory Authority.[1][2][3] The Swiss National Bank supported the deal by providing more than CHF 100 billion (US$104 billion) in liquidity to UBS following its takeover of Credit Suisse's operations,[4] while the Swiss government provided a guarantee to UBS to cover losses of up to CHF 9 billion ($9.6 billion) over the short term.[1] Additionally, CHF 16 billion (US$17.2 billion) of Additional Tier 1 bonds were written down to zero.[5]

Credit Suisse is a globally systemically important bank whose investment banking unit, First Boston, had been recently tarnished by a series of high-profile scandals. The banking crisis in the United States had caused fear among global investors and led to panic over other possibly troubled banks. Credit Suisse's share price plunged after the leading shareholder ruled out further investment into the bank due to regulatory issues.[6] The deal was rapidly agreed upon and announced just before the Asian financial markets opened on Monday morning in order to prevent "market shaking" turmoil in the global financial markets.[7] Soon after, central banks across the world announced USD liquidity measures to try and ease wider market panic and avoid a wider banking crisis.[6]

Background

Credit Suisse and the global financial crisis

Credit Suisse was founded in July 1856. Over the years the bank grew to a massive size, competing directly with other bulge bracket firms such as Goldman Sachs and Barclays. During the 2007–2008 financial crisis, Credit Suisse found itself in better financial shape compared to its peer banks;[8] while Swiss National Bank, the central bank, stepped in to rescue UBS after no private investor was willing to do so by purchasing $60 billion of toxic assets and $5.3 billion in shares of stock from UBS as a form of a capital infusion, Credit Suisse raised a far smaller $9 billion privately from investors to shore up its financial position.[9]

Although Swiss authorities rescued UBS because they preferred having two large banks, a UBS-Credit Suisse merger was long rumored. Tidjane Thiam, Credit Suisse CEO from 2015 to 2020, often discussed the idea with colleagues.[10] In the Swiss financial industry, the expression "It would be like UBS and Credit Suisse merging" was nonetheless a joke to indicate the unlikelihood of something happening.[11] After the financial crisis, Credit Suisse continued to have a high appetite for risk, while global peers became more averse to risk. Its investment banking arm took risks aggressively in order to compete with large U.S. financial institutions, though many large U.S. banks and UBS pursued more conservative strategies, and sold off riskier assets to de-risk their own portfolios.[8]

Basel III was criticized as negatively affecting the stability of the financial system by increasing incentives for banks to game the regulatory framework.[12] Notwithstanding the enhancement introduced by the Basel III standard, it argued that "markets often fail to discipline large banks to hold prudent capital levels and make sound investment decisions". The greater the systemic importance of a bank relative country's GDP, such as in the case of Swiss banks, the greater the likelihood of the bank taking excessive risks. [13]

Losses in investment banking arm

Between 2008 and 2023, Credit Suisse's investment banking arm underperformed, dragging down the business's profitability and causing significant losses.[8] The bank suffered from a series of scandals and mismanagement, including losses in its investment arm associated with the collapses of Archegos Capital and Greensill Capital in 2021.[14] Social media rumors about the bank's demise in October 2022 aided CHF 111 billion in outflows from its wealth management business in the last three months of the year.[10][15] The bank's internal control over financial reporting was flagged by its auditor, PwC, for the period 2020 to 2022.[16]

March 2023 United States bank failures and contagion

This article is part of a series about the
2023 United States banking crisis
Press camera outside a Signature Bank branch in New York on March 13, 2023
Background
Events
Related groups
Effects
Further information: March 2023 United States bank failures
Switzerland bonds
Inverted yield curve in 2023
  30 year
  10 year
  2 year
  1 year
  3 month
  Overnight

Following the March 2023 United States bank failures in the United States, shares in the global banking sector fell sharply. The S&P Banks index declined 22% over two weeks to 18 March. The U.S. bank failures caused wider concern over pressure on the sector from interest rate hikes by the Federal Reserve and other central banks.[17]

Saudi National Bank (SNB) was Credit Suisse's largest shareholder, with almost 10%. On Wednesday, 15 March, when Bloomberg Television asked SNB chairman Ammar Al Khudairy whether his firm might further invest in Credit Suisse, he replied "The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory", adding:[18]

If we go above 10%, all new rules kick in whether it be by our regulator or the Swiss regulator or the European regulator. We're not inclined to get into a new regulatory regime. I can cite five or six other reasons, but one reason is there is a glass ceiling and we're not going to entertain going beyond it.

Bloomberg later wrote "To some Al Khudairy’s comment looked like an act of self-sabotage". Although SNB later said that wanting to remain under 10% ownership was its only reason, investors panicked, akin to what happened during the 2010–2011 European debt crisis. Credit Suisse bonds fell by up to 10 cents per euro in the two hours after Al Khudairy's answer,[19] and its stock declined up to 31% that day.[18] Credit Suisse executives were aware that they could not control the stock price, but the bonds becoming distressed securities signaled great concern from the firm's investors and counterparties.[19]

Credit Suisse stock price

At 1 pm, the firm decided to buy back bonds, but needed help.[19] That day Swiss National Bank provided a backstop in the form of emergency line of credit to Credit Suisse of 50 billion Swiss francs ($55 billion).[3] Despite this, daily withdrawals of demand deposits totaled over 10 billion Swiss francs later that same week.[20] One-year credit default swaps for Credit Suisse rose that day from an already alarming 799 bps to 3701 bps, the highest levels for large banks since the 2008 crisis. Market discipline broke down; an investor said that the price was so high that hedging was not possible. Work at Credit Suisse almost stopped, as employees evaded clients' telephone calls and their own staff to avoid questions on the crisis.[19]

Because of the public anger at the Swiss authorities' 2008 rescue of UBS with government funding, no such rescue of Credit Suisse was possible.[10] While publicly stating that Credit Suisse was healthy, the purpose of the backstop was to give Swiss National Bank and Swiss Financial Market Supervisory Authority (FINMA) time to find a buyer, not for the firm to save itself. They ordered UBS on Wednesday to plan an acquisition as the only alternative to nationalization of Credit Suisse,[19] and reportedly told Credit Suisse "You will merge with UBS and announce Sunday evening before Asia opens. This is not optional".[10] Negotiations began that day. The one-year CDS price remained at 3468 bps on Thursday, signaling that investors doubted the central bank's reassurances.[19] Regulators from the EU, the United States, the United Kingdom, and Switzerland expected that Credit Suisse would have become insolvent in the week beginning 19 March had it not been bailed out or acquired by another bank.[4][10] U.S. investment management company BlackRock explored options for acquiring parts of Credit Suisse, but dropped out on 17 March;[21] while its interest was serious, the Swiss government did not want to sell to BlackRock. The American firm decided that it did not want to anger UBS, among its larger customers.[10]

Negotiations

Negotiations surrounding an acquisition began on 15 March. Swiss authorities knew that a deal had to be done before Monday, 20 March, to help prevent the panic from spreading around the world. Issues discussed during the short negotiation period included UBS not wanting Credit Suisse's unprofitable investment bank, antitrust issues from combining Switzerland's two largest banks, the size of a government backstop, and whether to bypass shareholder votes. Swiss National Bank chairman Thomas Jordan led the negotiation, mostly excluding Credit Suisse management.[19] Centerview Partners and JPMorgan advised the management teams of Credit Suisse and UBS respectively; UBS investment banker Piero Novelli and Morgan Stanley independently advised the respective boards.[10]

Angered by their exclusion, Credit Suisse management warned UBS and Swiss authorities that its three largest shareholders—SNB, another Saudi investor, and one from Qatar—disliked the deal, noting that the Mideast investors were large clients of both banks. UBS only wanted Credit Suisse if the price was low, and Swiss authorities indemnified UBS from any Credit Suisse regulatory violations.[10] On the morning of 19 March, UBS made an offer of 0.25 Swiss francs ($0.27) per share, valuing Credit Suisse at around $1 billion, but the price outraged the Mideast investors. SNB urged Credit Suisse to reject the offer; believing that the price was too low, its board did so. Credit Suisse contacted Deutsche Bank and others, but there was not enough time for another buyer. That afternoon, UBS countered with an offer of 0.50 Swiss francs ($0.55) per share, valuing Credit Suisse at just over $2 billion.[3][19][10] Swiss authorities threatened to remove Credit Suisse's board if it did not accept; UBS agreed to increase its bid with increased Swiss financial support.[10] 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.[1][22][23] The price was 1% of Credit Suisse's all-time high value in 2007.[24]

Acquisition

The acquisition was coordinated by the Swiss government, led by the Federal Department of Finance, Swiss National Bank, and FINMA. In an emergency meeting on 19 March 2023, the Swiss Federal Council exercised emergency powers to allow the merger to take place without the approval of shareholders, and to provide Credit Suisse with additional liquidity assistance privileged against bankruptcy and backed by a governmental default guarantee. In addition, the Federal Council granted UBS a guarantee worth CHF 9 billion ($9.6 billion) for potential losses from risks associated with the transaction, after approval by a parliamentary committee.[25] As part of the deal, CHF 16 billion ($17.2 billion) of Additional Tier 1 bonds (AT1) were written down to zero on FINMA's authorization – the largest writedown of AT1 debt so far. The move forced larger losses on bondholders than on shareholders of Credit Suisse,[5][26] and was done to placate the international investors unable to vote on the acquisition.[10]

President of Switzerland Alain Berset, Minister of Finance Karin Keller-Sutter, and Chairman Jordan announced the acquisition in a 19 March 2023 press conference, alongside the chairmen of UBS and CS.[27][28] The government said that its exposure to risk was low, and considered the acquisition necessary for financial market stability in Switzerland and globally.[25] Keller-Sutter emphasized that "This is no bailout. This is a commercial solution".[10]

UBS Chairman Colm Kelleher stated that UBS did not initiate discussions, although he added that the company considered the transaction "financially attractive for UBS shareholders".[29] He further added that the deal was an "emergency rescue".[1]

Reactions

The financial market authorities of the European Union and the United States issued statements in approval of the acquisition.[3][30] Analysts have described the acquisition as a "shotgun wedding" arranged by the Swiss government.[31]

Noting that Credit Suisse had been facing problems for several years, senior editor for CNN Business Allison Morrow stated, "[Silicon Valley Bank and Credit Suisse are] facing unrelated problems that happened to take place at the same time, worrying investors about the banking sector".[32]

In Swiss politics, Keller-Sutter's center-right Free Democratic Party approved of the government's intervention with regret, while the right-wing Swiss People's Party and the left-wing Social Democratic Party of Switzerland reacted with anger, denouncing "cronyism" and demanding that those responsible be held to account.[30]

The clause of the Swiss Constitution that the government used to bypass a shareholders' vote allows emergency action "to counter existing or imminent threats of serious disruption to public order or internal or external security".[33] Omitting the vote angered Credit Suisse's large investors; the Financial Times quoted one from the Mideast as saying "You make fun of dictatorships and then you can change the law over the weekend. What's the difference between Saudi Arabia and Switzerland now? It's really bad".[10] CEO Vincent Kaufmann of proxy advisor Ethos Foundation, which represents up to 5% of Credit Suisse shareholders, said "This situation is a big failure of corporate governance and may send a poor image of Switzerland for international institutional investors in terms of good governance". While stating that litigation would be difficult, he disagreed with Keller-Sutter's "commercial deal" description: "If you change the law and you remove shareholders' voting power on such a key issue, then you clearly have a state intervention. It's unprecedented and an expropriation of shareholder rights".[34] Octavio Marenzi of Opimas said "Switzerland's standing as a financial centre is shattered. The country will now be viewed as a financial banana republic".[35] Peter V. Kunz of the University of Bern said "Foreign investors may wonder if Switzerland is a banana republic where the rule of law doesn’t apply", while Kern Alexander of the University of Zurich said that the "panicked" transaction "undermined the rule of law and undermined Switzerland".[33]

Analysts warned that UBS-Credit Suisse deal could extend rather than end the banking crisis, mainly because of the write-off of AT1 bonds worth CHF 16 billion. AJ Bell investment director Russ Mould said: "It means the banking crisis we've seen over the past few weeks has started a new chapter rather than reaching its ending".[36] AT1 bonds from Credit Suisse and UBS are unusual in their terms allowing for total write-off instead of conversion to equity; most such securities have more protections.[33] Both the Bank of England (BoE) and European authorities stated on 20 March that equity would remain subordinated to debt.[35] According to BoE, "clear statutory order" existed for bank resolutions, in that which AT1 holders would be exposed to losses after equity investors.[37] Former European Central Bank (ECB) vice president Vítor Constâncio said that the Swiss AT1 decision was a "mistake with consequences and potentially a host of court cases",[35] and Jacob Kirkegaard of the Peterson Institute said "A lot of lawsuits will be coming from this, which will highlight the erratic and selfish behavior of Swiss authorities in this saga".[33] As of 21 March 2023 the AT1 bonds traded for a few cents on the dollar, implying that investors still see value in them through litigation.[38]

Impact

The combined entity will continue to be led by UBS CEO Ralph Hamers and chairman Colm Kelleher.[27] Kelleher said that the deal would take a few weeks to close, and that UBS intends to engage in "de-risking" the "tricky businesses" run by Credit Suisse.[39] He said that Credit Suisse would continue to operate as normal until the closing of the merger, and that nothing could yet be said about the merger's impact on Credit Suisse's employees.[28] As part of the deal, UBS will wind down Credit Suisse's investment bank.[40]

Credit Suisse's largest shareholders, including SNB (9.9% stake) and sovereign wealth funds Qatar Investment Authority (6.8% stake) and Norges Bank Investment Management, are expected to take significant losses from the acquisition.[36][41]

Other Swiss banks prepared to succeed Credit Suisse as the country's second-largest. Zurich Cantonal Bank CEO Urs Baumann said that his firm "offers all business areas of a universal bank and is thus a complement to the newly emerging big bank".[42]

The takeover resulted in $17 billion of Credit Suisse-issued CoCo bonds being written off as worthless. This undermines the creditworthiness of the newly acquired bank. Property rights have also been described by shareholders as weakened in Switzerland because the transaction bypassed any shareholders' statutory approval.[43]

According to BAK Economics, a Swiss economic research and consulting institute, 9,500 to 12,000 jobs are threatened in Switzerland, with job losses in Zurich estimated at between 6,500 and 8,000 FTEs.[44] The acquisition will most likely affect mid- and back-office operational jobs, plus legal, compliance, marketing, human resources, and regional positions; some UBS and Credit Suisse bank branches are next to each other. Although UBS employees are likely safer, Credit Suisse was stronger in some areas, such as domestic corporate banking. UBS will be less likely to raise salaries because employees can no longer leave for Credit Suisse.[11]

Based on state guarantees, if there were a bankruptcy of the merged entity, every man, woman and child in Switzerland would be liable for up to CHF 12,500 ($13,500).[45]

See also

References

  1. ^ a b c d Capoot, Ashley (19 March 2023). "UBS buys Credit Suisse for $3.2 billion as regulators look to shore up the global banking system". CNBC. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
  2. ^ Halftermeyer, Marion; Bazelou, Myriam (19 March 2023). "UBS Agrees to Buy Credit Suisse in Historic Deal to End Crisis". Bloomberg News. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
  3. ^ a b c d Massoudi, Arash; Morris, Stephen; Fontanella-Khan, James; Noonan, Laura; Walker, Owen (19 March 2023). "UBS agrees to buy Credit Suisse for more than $2bn". Financial Times. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
  4. ^ a b Patrick, Margot; Dummett, Ben; Cimilluca, Dana; Kowsmann, Patricia (19 March 2023). "UBS Agrees to Buy Credit Suisse for More Than $3 Billion". The Wall Street Journal. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
  5. ^ a b Walker, Owen; Martin, Katie; Smith, Robert; Morris, Stephen (19 March 2023). "Holders of $17bn of Credit Suisse bonds wiped out under UBS takeover". Financial Times. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
  6. ^ a b Smith, Colby (19 March 2023). "Central banks announce dollar liquidity measures to ease banking crisis". Financial Times. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
  7. ^ Keaten, Jamie; Sweet, Ken (19 March 2023). "UBS to buy Credit Suisse for nearly $3.25B to calm turmoil". Associated Press. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
  8. ^ a b c Wallace, Joe; Brown, Elliot (19 March 2023). "Credit Suisse, the Risk-Taking Swiss Banking Giant, Succumbs to Crisis". The Wall Street Journal. Archived from the original on 20 March 2023. Retrieved 20 March 2023.
  9. ^ Cimilluca, Dana (17 October 2008). "Swiss Move to Back Troubled UBS". The Wall Street Journal. Archived from the original on 3 December 2022. Retrieved 20 March 2023.
  10. ^ a b c d e f g h i j k l m Morris, Stephen; Fontanella-Khan, James; Massoudi, Arash (20 March 2023). "How the Swiss 'trinity' forced UBS to save Credit Suisse". Financial Times. Archived from the original on 21 March 2023. Retrieved 21 March 2023.
  11. ^ a b Ferber, Michael (20 March 2023). "In welchen Bereichen nach der CS-Übernahme ein Stellenabbau droht – und wer gute Karten hat, den Job zu behalten". Neue Zürcher Zeitung (in Swiss High German). Retrieved 21 March 2023.
  12. ^ Slovik, Patrick (2012). "Systemically Important Banks and Capital Regulations Challenges". OECD Economics Department Working Papers. OECD Publishing. doi:10.1787/5kg0ps8cq8q6-en. Archived from the original on 21 November 2021. Retrieved 21 March 2023. {{cite journal}}: Cite journal requires |journal= (help)
  13. ^ Slovik, Patrick (2012). "Systemically Important Banks and Capital Regulations Challenges". OECD Economics Department Working Papers. OECD Publishing. doi:10.1787/5kg0ps8cq8q6-en. Archived from the original on 21 November 2021. Retrieved 21 March 2023. {{cite journal}}: Cite journal requires |journal= (help)
  14. ^ Daga, Anshuman (18 March 2023). "What happened at Credit Suisse and how did it reach crisis point?". Reuters. Archived from the original on 18 March 2023. Retrieved 20 March 2023.
  15. ^ Hetzner, Christiaan (6 March 2023). "Future of Credit Suisse in question after scandal-plagued bank just lost its most loyal investor". Fortune. Archived from the original on 14 March 2023. Retrieved 21 March 2023.
  16. ^ Illien, Noele; Spezzati, Stefania (14 March 2023). "Credit Suisse flags 'material weaknesses' in reporting, outflows not reversed". Reuters. Archived from the original on 17 March 2023. Retrieved 20 March 2023.
  17. ^ Spezzati, Stefania; Hirt, Oliver; O'Donnell, John (18 March 2023). "UBS seeks $6 billion in government guarantees for Credit Suisse takeover". Reuters. Archived from the original on 18 March 2023. Retrieved 19 March 2023.
  18. ^ a b El-Din, Yousef Gamal; Halftermeyer, Marion (15 March 2023). "Credit Suisse Top Holder Rules Out Investing More After Drop". Bloomberg.com. Archived from the original on 16 March 2023. Retrieved 19 March 2023.
  19. ^ a b c d e f g h Halftermeyer, Marion; Nair, Dinesh; Ramnarayan, Abhinav; Foerster, Jan-Henrik; Tan, Gillian (20 March 2023). "Credit Suisse's Fate Was Sealed by Regulators Days Before UBS Deal". Bloomberg.com. Archived from the original on 20 March 2023. Retrieved 20 March 2023.
  20. ^ Barr, Colin (16 March 2023). "Credit Suisse Will Borrow Up to $53.7 Billion". The Wall Street Journal. Archived from the original on 16 March 2023. Retrieved 19 March 2023.
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