Credit Suisse stock

UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to ...

UBS Chairman Colm Kelleher said the acquisition was “attractive” for UBS shareholders, but clarified that, “as far as Credit Suisse is concerned, this is an emergency rescue.”.

The size of Credit Suisse was a concern for the banking system, as was its global footprint given its multiple international subsidiaries. This could set in train renewed jitters about the health of banks." "Acquiring Credit Suisse's capabilities in wealth, asset management and Swiss universal banking will augment UBS's strategy of growing its capital-light businesses." The bank's Chairman Colm Kelleher said the acquisition was "attractive" for UBS shareholders but clarified that "as far as Credit Suisse is concerned, this is an emergency rescue." Credit Suisse shares collapsed by 60% at around 9:05 a.m. London time (5:05 a.m.

Shares of Credit Suisse and other banks plunged after the failure of two banks in the U.S. raised questions about other global financial institutions.

The stock has seen a long downward slide: It traded at more than 80 francs in 2007. "An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system." As part of the deal, approximately 16 billion francs ($17.3 billion) in Credit Suisse bonds will be wiped out. The bank did weather the 2008 financial crisis without assistance, unlike UBS. She reiterated that the European banking sector is resilient, with strong financial reserves and plenty of ready cash. and the Federal Reserve to prevent a crisis similar to what occurred in 2008. European bank regulators use a special type of bond designed to provide a capital cushion to banks in times of distress. The deal follows the collapse of two large U.S. "Today is one of the most significant days in European banking since 2008, with far-reaching repercussions for the industry," said Max Georgiou, an analyst at Third Bridge. Swiss authorities urged UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank's customers. He said the combined group would create a wealth manager with over $5 trillion in total invested assets. Shares of Credit Suisse and other banks plunged after the failure of two banks in the U.S.

Shares in UBS plunged on Monday, heading for their biggest one-day fall since 2008 after its weekend rescue of ailing rival Credit Suisse ignited concerns ...

Years of mismanagement and fears of a widening banking crisis felled the 167-year-old European investment giant.

Over the last few days, it has suffered [mass outflows](https://www.reuters.com/business/finance/credit-suisse-managed-funds-net-outflows-top-450-mln-morningstar-2023-03-17/)as problems mounted and bank sector concerns festered, pushing its stock to record lows. But the industry there as a whole doesn’t have a worryingly high uninsured deposit ratio or unrealized losses on 'held-to-maturity' securities in excess of capital." The Swiss National Bank will open a monetary tap for Credit Suisse for "substantial additional liquidity," the bank said. The merger is the latest attempt to arrest market volatility triggered by concerns about a worldwide banking panic. [Silicon Valley Bank's failure](https://www.axios.com/2023/03/14/biden-svb-stop-bank-runs). [financial institutions caught](https://www.axios.com/2023/03/16/first-republic-rescue-markets) in the crosshairs.

Swiss regulators announced that UBS, Switzerland's largest bank, would take over the troubled Credit Suisse.

But in this case, owners of stock in Credit Suisse received one UBS share for every 22.48 shares they owned, according to the terms of the deal. Some investors said the deal valued Credit Suisse so cheaply that it could prompt a reassessment of the value of other banks. The UBS acquisition of Credit Suisse, which was brokered by the Swiss authorities, came after another weekend of frenzied activity by U.S. The $3.2 billion acquisition by UBS of Credit Suisse, Switzerland’s oldest bank, was announced on Sunday by the Swiss Financial Markets Supervisory Authority. The central bank is expected to raise interest rates again, turning the screws on an economy already showing signs of slipping from a year of rapid rate rises. A number of small lenders in the United States came under renewed pressure last week.

Falling prices in Asia and Europe drag down FTSE by 1.5% as UBS plunges 12%

“Focus is shifting to the implications of high-risk bond holders in banks, after holders of more risky Credit Suisse debt saw their investment wiped out. “In particular, common equity instruments are the first ones to absorb losses, and only after their full use would Additional Tier One [AT1] be required to be written down. Bank of East Asia fell 3.5%. [HSBC](https://www.theguardian.com/business/hsbcholdings) and Standard Chartered tumbled in the Asian stock market as details of UBS’s $3.2bn (£2.65bn) “emergency takeover” of Credit Suisse rattled global investors. [Banking](https://www.theguardian.com/business/banking) Authority and ECB Banking Supervision said they welcome the “comprehensive set of actions taken yesterday by the Swiss authorities”. [Credit Suisse](https://www.theguardian.com/business/creditsuisse) deal hasn’t changed their position on the hierarchy of debt when a bank fails.

Oil prices and global shares fell after UBS unveiled plans to buy its struggling Swiss rival Credit Suisse for $3.2 billion over the weekend.

[plans to buy](https://www.forbes.com/sites/marisadellatto/2023/03/19/ubs-agrees-to-buy-embattled-bank-credit-suisse-central-bank-says/?sh=670032563e66) its beleaguered Swiss rival Credit Suisse on Sunday. Asian markets also responded negatively to the news of UBS’ acquisition. In premarket trading early Monday morning, Wells Fargo and JPMorgan Chase were down more than 1% and Goldman Sachs, Citigroup and Bank of America between 0.4% and 0.6%. Credit Suisse bondholders are likely to be angry following the deal, as their investments are likely to be From market close on Friday, all were down between 3% and 4% on Monday morning. Its position grew terminal last week after its delayed annual report acknowledged “material weaknesses” in financial reporting and sent [shares](https://www.forbes.com/sites/roberthart/2023/03/15/credit-suisse-stock-plunges-to-record-low-as-bank-concerns-grow/?sh=5130b9e52b04) into freefall. [UBS Buying Rival Credit Suisse In $3.2 Billion Rescue Deal](https://www.forbes.com/sites/marisadellatto/2023/03/19/ubs-agrees-to-buy-embattled-bank-credit-suisse-central-bank-says/?sh=670032563e66) (Forbes) [What's Happening With Credit Suisse, Explained: Embattled Bank Rattles Stock Market As Banking Crisis Deepens](https://www.forbes.com/sites/ariannajohnson/2023/03/16/whats-happening-with-credit-suisse-explained-embattled-bank-rattles-stock-market-as-banking-crisis-deepens/?sh=2560db1135a2) (Forbes) Credit Suisse’s downfall comes at a poor time for global financial markets, which are already reeling from the recent failure of two U.S. The $3.2 billion deal, partly an effort to calm roiling financial markets, is a huge discount given Credit Suisse’s market valuation and heralds the creation of a new Swiss banking behemoth and the start of a new [era](https://www.reuters.com/business/finance/ubs-swallows-doomed-credit-suisse-casting-shadow-over-switzerland-2023-03-20/) for lending in Switzerland. [wiped out](https://www.ft.com/content/d1ae9a54-c4a7-4742-8b2d-afff549f4f95), a move that could exacerbate market worries. Years of unrest following a string of controversies—including [charges](https://www.theguardian.com/news/2022/feb/21/tax-timeline-credit-suisse-scandals) of money laundering, sanctions breaches, corruption, fraud and tax evasion, [links](https://www.forbes.com/sites/isabeltogoh/2021/11/04/credit-suisse-burned-by-archegos-and-greensill-scandals-shifts-focus-to-wealth-management-in-overhaul/?sh=2016c9052488) with collapsed firms Archegos and Greensill Capital and [revelations](https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians) it had [spied](https://www.forbes.com/sites/isabeltogoh/2019/10/01/credit-suisse-executive-resigns-over-spy-scandal-that-has-rocked-switzerlands-banks/?sh=63fb620c137e) on its own staff—eroded that position. [streak](https://www.forbes.com/sites/roberthart/2023/03/15/credit-suisse-stock-plunges-to-record-low-as-bank-concerns-grow/?sh=5130b9e52b04) that saw shares hit an all-time low last week.

Good morning. Winners and losers emerge from UBS Group's acquisition of Credit Suisse, central banks rush to calm market jitters and the case for a Federal ...

Credit Suisse's largest shareholder confirmed to CNBC that it had suffered a loss of around 80% on its investment.

1.7% of SNB's investments portfolio," the Saudi National Bank said in a statement. Saudi National Bank chairman Ammar Al Khudiary on Wednesday was asked by Bloomberg if it would increase its stake in the troubled Swiss lender. The messy fallout, which spilled over across the entire banking sector, has ruptured market confidence and stoked fears of another global banking crisis. Despite the loss, Saudi National Bank says its broader strategy remains unchanged. Shares of the lender were up 0.58% on Monday at 9:30 a.m. His comments ultimately failed to stem the bank's continued rout. - Despite the loss, Saudi National Bank says its broader strategy remains unchanged. Norway's sovereign wealth fund, Norges Bank Investment Management, is also a major shareholder. Shares of the lender were up 0.58% on Monday at 9:20 a.m. QIA did not reply to a request for further details. The significant discount comes as regulators try to shore up the global banking system. Shares of UBS, Switzerland's largest bank, traded down 10.5% at 9:28 a.m.

LONDON (AP) — Credit Suisse shares plunged Monday after Swiss authorities cut a deal with its bigger rival UBS to acquire the troubled bank at a marked-down ...

bank collapses and the danger to Credit Suisse was “an international banking crisis in the making.” “The banking system of Europe has not fully recovered from the crisis” in 2008, he said. [Silicon Valley Bank and Signature Bank](/article/silicon-valley-bank-bailout-yellen-deposits-failure-94f2185742981daf337c4691bbb9ec1e) in the U.S., including high interest rates. But concerns about risks to the deal, losses for some investors and Credit Suisse’s falling market value could renew However, Credit Suisse weathered the 2008 financial crisis without assistance, unlike UBS. banks](/article/silicon-valley-bank-uk-bailout-hsbc-sale-4d2da0e9c6f39c0fd8faf321a2b295cf). [Shares of Credit Suisse](/article/credit-suisse-banking-shares-plunge-switzerland-ba1861aa8b61170c00a2789287dc9a08), whose woes stem from questions over its internal controls, closed nearly 56% lower a day after UBS said it would buy its fellow Swiss bank for a lowball price of 3 billion Swiss francs ($3.25 billion). UBS is bigger but Credit Suisse wields considerable influence, with $1.4 trillion assets under management. Analysts say some previous forced bank mergers didn’t work out well for shareholders in the long run. failures have raised questions about other potentially weak global financial institutions, sweeping up the already beleaguered Swiss bank. But European bank stocks and the wider market gained as investors watch whether moves to shore up banks will stem further [upheaval in the global financial system](/article/banks-federal-reserve-silicon-valley-lending-rescue-a04875a164165b50e971ff4576bf4e27). The shares traded at about the level they are valued at in the deal.

Shares of Credit Suisse (CS -52.61%) traded more than 51% lower as of 10:23 a.m. ET after another large Swiss bank, UBS (UBS 4.47%), agreed to acquire ...

I do think it is worthwhile for Credit Suisse shareholders to keep their UBS shares and hopefully recoup their losses as the franchise gets more valuable over time. The deal includes more than $27 billion of downside protection to account for charges UBS is likely to have to take, purchase price adjustments, and restructuring. UBS was a likely candidate and the bank acquired it for a very attractive price of roughly $3.24 billion in an all-stock deal, valuing Credit Suisse stock at $0.82 per share. UBS also gets Credit Suisse's strong domestic banking unit, which will make it the No. The deal will increase UBS' tangible book value per share, or net worth, by a whopping 74%. ET after another large Swiss bank, UBS ( [UBS](/quote/nyse/ubs/) 3.30%), agreed to acquire Credit Suisse in a deal heavily pushed by regulators.

Asian markets trade lower as investors assess UBS' $3.2 billion purchase of Credit Suisse.

Bancorp](/quotes/USB/) lost 2%. [First Republic](/quotes/FRC/). [Bank of America](https://www.cnbc.com/quotes/BAC/), [Wells Fargo](https://www.cnbc.com/quotes/WFC/), [Citigroup](https://www.cnbc.com/quotes/C/) and [JPMorgan Chase](https://www.cnbc.com/quotes/JPM/) said Thursday they would contribute about $5 billion apiece to First Republic as part of the rescue plan. [Truist Financia](/quotes/TFC/)l and [State Street](/quotes/STT/) fell about 3% each before the bell, while [PNC](/quotes/PNC/), [Bank of New York Mellon](/quotes/BK/) and [U.S. on what happens with the state of the markets and this financial instability risk over the next few days." Friday's nosedive has brought the stock down more than 70% from where it started the week. The combined bank will have $5 trillion of invested assets, according to UBS. But market observers say the central bank's next decision on interest rates has been made less certain over the past week amid the bank crisis. Credit Suisse saw its shares tumble last week after its largest investor, the Saudi National Bank, declined to provide additional funding. Swiss regulators played a key role in facilitating the deal in an effort to quell a contagion threatening the banking sector. It said, however, Flagstar's bid did not include the roughly $4 billion in deposits related to Signature's digital banking business. dollar swap line arrangements from weekly to daily.

Asia Pacific markets edged slightly lower on Monday morning as investors reacted to news of a Credit Suisse bailout by its bigger rival UBS.

The Dow [(INDU)](https://money.cnn.com/data/markets/dow/?source=story_quote_link) fell 1.2%, and the S&P 500 [(SPX)](https://money.cnn.com/data/markets/sandp/?source=story_quote_link) shed 1.1%. The Nasdaq Composite [(COMP)](https://money.cnn.com/data/markets/nasdaq/?source=story_quote_link) dipped 0.7%. US stock futures rose on Sunday night following the news. “Their overall exposures to the Hong Kong market are not significant.” The S&P/ASX 200 in Australia slipped 0.8%. [(N225)](https://money.cnn.com/data/world_markets/nikkei225/?source=story_quote_link) index fell 0.7%, while South Korea’s Kospi [(KOSPI)](https://money.cnn.com/data/world_markets/kospi/?source=story_quote_link) was flat in morning trade. [another day of losses](https://www.cnn.com/business/live-news/stock-market-credit-suisse-svb-banking-collapse-03-17-23/h_eee0672e6f5293070c4a5c89702e2049) on Wall Street on Friday, as investors continued to fret over the health of the global banking sector. [told a conference](https://www.rba.gov.au/speeches/2023/sp-ag-2023-03-20.html) Monday. [(UBS)](https://money.cnn.com/quote/quote.html?symb=UBS&source=story_quote_link), agreed to buy Credit Suisse [(CS)](https://money.cnn.com/quote/quote.html?symb=CS&source=story_quote_link) in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month. [(HSI)](https://money.cnn.com/data/world_markets/hang_seng/?source=story_quote_link) tumbled 1.5% at its opening. [a statement](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/03/20230320-3/), adding that the assets of Credit Suisse’s local branch were worth approximately 100 billion Hong Kong dollars ($12.7 billion) or “less than 0.5% of the total assets of the Hong Kong banking sector.” [Credit Suisse bailout](https://www.cnn.com/2023/03/19/business/credit-suisse-ubs-rescue/index.html) by its bigger rival UBS.

European markets are heading for a fall at Monday's open, with regional markets lacking direction at the start of the new trading week.

stock futures](https://www.cnbc.com/2023/03/19/stock-market-today-live-updates.html) were mixed. London time after the [latter agreed to an emergency takeover](https://www.cnbc.com/2023/03/19/ubs-agrees-to-buy-credit-suisse-as-regulators-look-to-shore-up-global-banking-system.html) of its embattled rival. The combined bank will have $5 trillion of invested assets, according to UBS. Credit Suisse saw its shares tumble last week after its largest investor, the Saudi National Bank, declined to provide additional funding. Swiss regulators played a key role in facilitating the deal in an effort to quell a contagion threatening the banking sector. [Credit Suisse](/quotes/CSG.N-CH/) shares were down 61.95% in pre-market trade via private bank Julius Baer, Reuters reported at 8:14 a.m. [Asia-Pacific markets largely fell on Monday](https://www.cnbc.com/2023/03/20/asia-markets-ubs-credit-suisse-china-loan-prime-rates.html), with eyes firmly on the European banking situation. CET to suspend trading in its shares. [UBS](https://www.cnbc.com/quotes/) [takeover](https://www.cnbc.com/2023/03/20/ubs-shares-tumble-after-emergency-rescue-of-rival-credit-suisse.html) of [Credit Suisse](/quotes/CSG.N-CH/). Credit Suisse has until the Swiss market open at 9:00 a.m. Following the emergency rescue, the combined bank will have $5 trillion of invested assets, according to UBS. [UBS](/quotes/UBS/) finalized an [agreement](https://www.cnbc.com/2023/03/19/ubs-agrees-to-buy-credit-suisse-as-regulators-look-to-shore-up-global-banking-system.html) to buy its rival [Credit Suisse](/quotes/CS/) for $3.2 billion.

Over the weekend, Swiss regulators engineered an emergency rescue package for Swiss bank Credit Suisse in the form of a merger with its long-time rival UBS.

I would assume UBS will be interested in making the most of absorbing a rival in the first three instances. Bestinvest Mr Holland’s comments: “For former Credit Suisse shareholders who will have a much reduced stake in an enlarged UBS, it is too soon to assess the outlook. This was the latest in a long line of scandals and crises to hit one of Switzerland’s oldest banks. Mounting concern over the stability of Credit Suisse prompted customers to pull their funds from the bank, along with panicked shareholders. Existing shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held. Last week, Credit Suisse’s auditor, PricewaterhouseCoopers (PwC) identified ‘material weaknesses’ in the bank’s internal controls in its annual report.

The surprise move by the SNB has rattled Europe's AT1 bond market, with investors now questioning whether their holdings could be obliterated if another bank ...

given the level of solvency of Credit Suisse… Quinn Emanuel Urquhart & Sullivan, a litigation firm headquartered in Los Angeles, said Monday that it had assembled a team of lawyers who were discussing options with Credit Suisse’s AT1 bondholders. But it is the owners of Credit Suisse’s $17 billion worth of “additional tier one” (AT1) bonds who have been left fully in the cold. “The hierarchy of claims remains applicable in the EU… WisdomTree, another AT1 ETF listed on the London Stock Exchange, fell 7.4% in afternoon trade. The move is at odds with the usual hierarchy of losses when a They were created in the wake of the 2008 financial crisis as a way for failing banks to absorb losses, making a taxpayer-funded bailout less likely. Credit Suisse shareholders will be largely wiped out, receiving the equivalent of just 0.76 Swiss francs in UBS shares for stock that was worth 1.86 Swiss francs on Friday. [and] pretty high level of regulatory capital,” he said. “This approach has been consistently applied in past cases.” there is no way that shareholders can be paid and AT1 holders [are] paid zero,” Benamou said. The Bank of England said that “holders of [AT1s] should expect to be exposed to losses” when a bank fails according to their usual ranking in the capital hierarchy.

"Only time will tell how this shotgun wedding is received," one analyst said of merger uniting the Swiss banks.

"The banking system of Europe has not fully recovered from the crisis" in 2008, he said. The deal follows the collapse of two large U.S. As part of the deal, approximately 16 billion francs ($17.3 billion) in higher-risk Credit Suisse bonds will be wiped out, leaving investors with hefty losses. But concerns about risks to the deal, losses for some investors and Credit Suisse's falling market value could renew fears about the health of banks. [urged UBS to take over its smaller rival](https://www.cbsnews.com/news/ubs-purchase-credit-suisse-fallout-silicon-valley-bank/) after a central bank plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) last week failed to reassure investors and customers. Tobias Straumann, an economic history professor at University of Zurich, said the merger was the right move because the U.S. It has faced an array of troubles in recent years, including bad bets on hedge funds, repeated shake-ups of its top management and a spying scandal involving UBS. Shares of Credit Suisse and other banks had tumbled last week after the failure of two banks in the U.S. But European bank stocks and the wider market gained as investors watch whether moves to shore up banks will stem further upheaval in the global banking system. In an indication of the frantic, behind-the-scenes deal-making by Swiss authorities to resolve the issue before markets opened, the acquisition was announced late Sunday. The deal added volatility to other European bank stocks, which fell in early trading even as benchmark indexes climbed, before some clawed back their losses. UBS shares initially fell on the Swiss stock exchange but had gained more than 6% in afternoon trading.

Credit Suisse has succumbed to the emerging global banking crisis. That eliminates one major question facing the world's economies, but there are many ...

“That's my role as committee chair.” “So when people contribute to me, it's an endorsement of my agenda -- not the other way around,” McHenry said, when pressed by CNN on whether he should recuse himself from any investigations into the bank failures. “In this circumstance, we had not processed the contributions and we returned them all.”

Investors responded in kind. In Europe, UBS shares rose 1.02% (though Credit Suisse tanked 55.74%, making each share worth less than $1). Banking stocks in the ...

[managed to rebound](https://www.cnbc.com/2023/03/20/first-republic-falls-sp-credit-rating-downgrade.html). [First Republic Bank continued sinking](https://www.cnbc.com/2023/03/20/first-republic-falls-sp-credit-rating-downgrade.html). All [major indexes made minor gains](https://www.cnbc.com/2023/03/19/stock-market-today-live-updates.html). Bondholders, unsurprisingly, [aren't happy about it](https://www.cnbc.com/2023/03/20/17-billion-of-credit-suisse-bonds-worthless-following-ubs-takeover.html). [UBS to buy Credit Suisse](https://www.cnbc.com/2023/03/19/ubs-agrees-to-buy-credit-suisse-as-regulators-look-to-shore-up-global-banking-system.html), with an aim [to increase confidence in the banking sector](https://www.cnbc.com/2023/03/20/what-ubs-rescue-of-credit-suisse-cs-means-for-markets-and-banks.html). The banking crisis is causing regional banks — which account for around a third of all lending in the United States — to reduce their loans, said Eric Diton, president and managing director of The Wealth Alliance. This suggests markets are already so jittery that whatever the Fed does — even if it's nothing — it might cause instability to spread. New York Community Bancorp (which [agreed to buy Signature Bank](https://www.cnbc.com/2023/03/20/fdic-announces-agreement-to-sell-signature-bank-assets.html)over the weekend) surged 31.65%, PacWest Bancorp jumped 10.78% and KeyCorp edged up 1.21%. Some bank stocks are in the doldrums, yes, but the SPDR S&P Regional Banking ETF, a fund of regional bank stocks, rose 1.11% on Monday. To stem the rout, [JPMorgan Chase is advising First Republic](https://www.cnbc.com/2023/03/20/jpmorgan-advising-first-republic-on-strategic-alternatives-including-a-capital-raise-sources-say.html)on strategic alternatives such as raising capital or attempting a sale, sources told CNBC's David Faber. The Dow Jones Industrial Average gained 1.2%, the S&P 500 added 0.89% and the Nasdaq Composite increased 0.39%. Banking stocks in the [pan-European index, Stoxx 600](https://www.cnbc.com/2023/03/20/european-markets-live-updates-ubs-buys-credit-suisse-news-stocks.html), were up 1.3%, giving the index a 1% gain.