UBS agrees to buy Credit Suisse as regulators look to shore up global banking system
https://www.cnbc.com/2023/03/19/ubs-...ndroidappshare
UBS agrees to buy Credit Suisse as regulators look to shore up global banking system
https://www.cnbc.com/2023/03/19/ubs-...ndroidappshare
One last one .. before we begin to speculate on the next tbtf failure...
https://finance.yahoo.com/news/one-b...230133489.html
As usual, win or lose, I’m confused by the principles involved, and particularly what they hope to achieve with the terms they dictated. What they did to the capital structure seems neither fair nor inherently stabilising for financial markets to me, but maybe I’m missing something.
CS was dead as a business long before all this blew up because no one was willing to work with them for anything. The name was tarnished the talent were jumping ship and it absolutely had no value as a business.
The bonds were junk status so for it to go to zero should not be a surprise other than a fancy media headline.
Such a big name business and per HKMA/SFC this morning they only represented 0.5% of total assets in HK?!
There's plenty of billionaires in HK with more liquid assets than this 'bank'.
No one would touch UBS let alone CS as an investment!
All Swiss banks are in caretaker mode for at least the next 12 months - that is liquidating all the bad assets and firing thousands of people.
Come on JPOW give us 25 bps this week and let's get the shit *really* started