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Credit Suisse shares dropped as much as 65% on Monday after the struggling Swiss bank agreed to be taken over by its rival UBS at a steep discount. The decline in Credit Suisse’s shares CSGN, -54.37% CS, -52.52% mostly reflected the 59% discount it agreed to take in the...
In a note published Monday morning, Goldman Sachs economist David Mericle forecast the Federal Reserve will not lift interest rates at this week’s meeting due to banking system stress. “While policymakers have responded aggressively to shore up the financial system, markets appear to be less than fully convinced that...
By Dominic Chopping Norway's sovereign wealth fund had a 1.49% stake in Credit Suisse Group AG at the end of 2022 and a 3.31% stake in UBS Group AG, holdings that remain "approximately unchanged," it said Monday. UBS yesterday agreed to take over Swiss rival Credit Suisse for more...
BEIJING (AP) — Asian stock markets fell Monday after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis ahead of a Federal Reserve meeting to decide on more possible interest rate hikes. Shanghai, Tokyo and Hong Kong declined. Oil prices retreated, and...
Flagstar Bank, a subsidiary of New York Community Bankcorp Inc., on Sunday agreed to assume most of Signature Bank’s deposits and some of its loans. New York-based Signature Bank was closed by regulators last week, following the failures of Silicon Valley Bank and Silvergate Bank. In a statement Sunday,...
U.S. stock-index futures opened with modest gains Sunday evening as investors assessed a historic deal to rescue troubled Swiss lender Credit Suisse, the latest maneuver by authorities attempting to prevent a deeper loss of confidence in the global banking system. Swiss bank UBS Group UBS, -5.50% agreed to...
Thousands of miles away from U.S. shores last Wednesday, a headline began working its way across Europe, then Wall Street, sparking fresh panic as it dawned on investors that they may be facing yet another banking crisis. Shares of Credit Suisse CS, -6.94% CSGN, -8.01% would eventually sink...
Struggling Swiss banking giant Credit Suisse has agreed to be bought by its arch-rival UBS at a discount to Friday’s close price, after seeing a wave of customer deposits exit the bank. The deal was announced by Switzerland’s president, Alain Berset, flanked by executives from both banks and the...
Struggling Swiss banking giant Credit Suisse has agreed to be bought by its arch-rival UBS at a discount to Friday’s close price, after seeing a wave of customer deposits exit the bank. The deal was announced by Switzerland’s president, Alain Berset, flanked by executives from both banks and the...
