The rapidly agreed plan hatched behind closed doors last weekend to merge Switzerland’s two largest banks has sparked widespread anger across Switzerland. A poll published this week showed that 66% of Swiss surveyed were either very (37%) or fairly (29%) angry about the merger, reported RTS.
© Alan Gignoux | Dreamstime.comLate last week, a crisis in investor confidence in Credit Suisse Group gave way to the beginnings of a bank run. To restore calm, a merger of Credit Suisse and UBS was arranged behind closed doors over the weekend. In the end the holders of CHF 16 billion of AT1 bonds (also known as CoCo or bail-in bonds) had the value of their assets written to zero, and shareholders, who at the end of 2022 held stakes in a business with an equity book value of CHF 48 billion, wereRead More »