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UBS mulls Credit Suisse takeover amid US bank fallout: what you need to know | Business

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Multinational investment bank UBS has reportedly asked the Swiss government to cover about $6 billion (about R110 billion) in costs if it was to buy rival Credit Suisse. | News24_Business

Multinational investment bank UBS has reportedly asked the Swiss government to cover about $6 billion in costs if it was to buy rival Credit Suisse.

One source, according to Reuters news agency, has cautioned that the talks are encountering significant obstacles, and 10 000 jobs may have to be cut if the two banks merge. According to Swiss newspaper Blick, UBS will buy Credit Suisse in a deal to be sealed on Sunday during an exceptional meeting in Bern, bringing together the Swiss government and the banks’ executives.

Credit Suisse has been plagued by a series of scandals in recent years. Shares were worth 12.78 Swiss francs in February 2021.How significant is Credit Suisse?

 

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