Credit Suisse has struck a deal with UBS for $3.2 billion in a rescue deal aimed at calming financial market panic triggered by the current American banking crisis.
UBS is purchasing Credit Suisse for 3 billion Swiss francs ($3.25 billion), which is around 60% less than the value of the bank when the markets closed on Friday.
It is highly possible that the merger of Credit Suisse and UBS will result in the loss of thousands of jobs in the United Kingdom. Together, the two banks are responsible for the employment of around 11,000 people at this time.
Both UBS and CS are regarded as being among the top 30 most important banks in the international monetary system, with the two lenders’ combined assets totaling close to $1.7 trillion.
Credit Suisse Reports A Whopping $1 Billion Q4 Loss
The deficit that CS reported for the fourth quarter was over $1 billion, which marks the bank’s biggest loss by far.
According to the terms of the all-share transaction, shareholders of Credit Suisse will be entitled to receive one share of UBS for every 22.48 shares of CS. It is anticipated that the transaction will be…
