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The end of Credit Suisse: A financial expert reveals the background and the effects on the Swiss financial center.
According to a report from www.blick.ch, the collapse of Credit Suisse was the most defining event of the 2023 financial year. The takeover by UBS was the only way to prevent a global financial crisis after the bank was left ailing by multi-billion dollar debacles with hedge funds and other financial problems. The implications of this acquisition are profound, especially for the financial market and the financial industry. The takeover means that UBS is now the largest bank in Switzerland. This leads to a significant concentration of financial power, as there is no longer a second major Swiss bank after the demise of Credit Suisse. Should UBS in...
The end of Credit Suisse: A financial expert reveals the background and the effects on the Swiss financial center.
According to a report from www.blick.ch, the collapse of Credit Suisse was the most defining event of the 2023 financial year. The takeover by UBS was the only way to prevent a global financial crisis after the bank was left ailing by multi-billion dollar debacles with hedge funds and other financial problems.
The implications of this acquisition are profound, especially for the financial market and the financial industry. The takeover means that UBS is now the largest bank in Switzerland. This leads to a significant concentration of financial power, as there is no longer a second major Swiss bank after the demise of Credit Suisse. If UBS runs into difficulties in the future, this could lead to temporary partial nationalization, increasing the risk of a financial crisis.
The consequences of Credit Suisse's demise also have political implications. The call for stricter regulations for banks has become louder, even though it is clear that CS would not have been able to be saved even with more capital. Politicians will therefore have to deal with strengthening Finma and new rules for banks.
Employees at Credit Suisse and UBS are also severely affected by this takeover. Around 3,000 jobs are to be cut in Switzerland, and the integration of the two banks will not be completed until 2026. This leads to great uncertainty among employees.
The takeover of Credit Suisse has profound effects on the financial market, the financial industry and the Swiss economy as a whole. It will be crucial in the future how UBS manages this integration and how politicians react to this new situation.
As www.blick.ch reports, the downfall of Credit Suisse is the defining event of the 2023 financial year. The takeover by UBS was the only way to prevent a global financial crisis after the bank had become ailing due to billion-dollar debacles with hedge funds and other financial problems.
Read the source article at www.blick.ch