An agreement has been reached to take over Credit Suisse by UBS, which has revised its bid to more than $2 billion. bring it back financial times Citing some sources, City newspaper has already predicted that the agreement will be reached within the day. UBS had initially offered $1 billion, an insufficient amount for Credit Suisse who feared harm to shareholders and employees. Sunday was a hectic day in which various hypotheses emerged, including the nationalization of the Swiss Confederation, as reported by Bloomberg.
Jobs are at risk
The most thorny issue is that of the nearly 10,000 jobs potentially at risk as the two banks merge. The Swiss Banking Federation called for the participation of the social partners in the discussions regarding Credit Suisse. The Swiss Association of Bank Employees (ASEB) is calling for the immediate creation of a task force to tackle the problems of “jobs at risk”. The union argues that “no decision should be taken before the social partners have been involved in the discussions”. “For the approximately 17,000 employees of Credit Suisse in Switzerland, the stakes are enormous,” the ASEI said. The Federation stresses the need for measures to mitigate the “tragic” consequences for employment.
“The Soup” from Svb
Meanwhile, US authorities are in the soup of a Silicon Valley bank after failing to find a suitable buyer to acquire more than 100% of the bankrupt bank. This was reported by Bloomberg, citing some sources, who say that the FDIC, the FDIC, appears ready to split the bank into at least two parts and proceed with selling them.
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