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Zurich, Switzerland | AFP | Monday 4/24/2023 by Nathalie OLOF-ORS Tens of billions were withdrawn from Credit Suisse in the first three months of 2023, the bank’s earnings report showed Monday, providing clues to the towering challenges ahead as UBS prepares an emergency takeover. Switzerland’s long-time second largest bank saw 61.2 billion Swiss francs ($68.6 billion) withdrawn in the first quarter alone, it said Monday in what is likely its final quarterly report before it […]
Zurich, Switzerland | AFP | Monday 3/20/2023 UBS share price plunged on Monday as a deal to take over its troubled Swiss rival Credit Suisse for $3.25 billion failed to calm stock market nerves. The buyout, in which Switzerland’s biggest bank will take over the second largest, was vital to prevent economic turmoil from spreading throughout the country and beyond, the Swiss government said Sunday. But investors remained on edge, with UBS shares falling as […]
Geneva, Switzerland | AFP | by Robin MILLARD Credit Suisse announced a string of radical measures Thursday aimed at turning around the beleaguered bank following huge third quarter losses, including revamping its investment banking unit, slashing 9,000 jobs and raising fresh capital. Switzerland’s second-biggest bank launched a strategic review aimed at putting an end to a series of scandals that have shaken the institution, saying the new plan was intended to create “a simpler, more […]
