Switzerland’s Federal Council has opened a consultation on the introduction of a public liquidity backstop for systemically important banks.
UBS Group AG will initially manage the two separate parent companies – UBS AG and Credit Suisse AG.
The Resolution report does not take account of subsequent events, in particular the merger of UBS and Credit Suisse.
In the first quarter, UBS attracted $28bn of net new money in GWM, of which $7bn came in the last ten days of March.
Credit Suisse’s performance in Q1 2023 was mainly impacted by actions leading up to the planned merger with UBS.
Credit Suisse also has to examine whether variable remuneration already paid out can be recovered.
The Swiss FINMA explains the basis for the complete write-down of the nominal value of AT1 capital instruments issued by Credit Suisse.
In response to the current banking industry crisis , Dukascopy Bank has changed the trading conditions for certain stock CFD instruments.
The UBS-Credit Suisse discussions were initiated jointly by the Swiss Finance ministry, FINMA, and the Swiss National Bank.
UBS is offering just CHF 0.25 per share for Credit Suisse, which would value CS at just USD $1B – only 1/7 of its current $7B market cap.
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