The Swiss government should have intervened earlier in the crisis and thus prevented the collapse of Credit Suisse (CS), the republic’s second largest bank by capital. Instead, Treasury Secretary Karin Keller-Sutter failed to take appropriate steps in advance to prevent one of the nation’s oldest lenders from taking over. opens Words from CS shareholder Guido Roethlisberger Bloomberg agency.
Credit institution Credit Suisse (CS) faced a takeover by its main competitor, Switzerland’s largest bank UBS. Thus, CS ceased to exist in its original form 167 years after its establishment. The deal was worth 3 billion francs, or $3.3 billion.
“Political masters have been idle at work for the last 15 years. The government should have taken a better look at what was going on and enforced the rules. Ms. Keller-Sutter was completely out of her role in dealing with the banking crisis. I think it is possible to conclude this deal (acquisition of Credit Suisse by UBS – socialbites.ca) without an urgent decision. We had a general shareholders meeting and I feel cheated,” said Roethlisberger.
April 4 Bloomberg reported On the initiation of an investigation by representatives of the Swiss Federal Prosecutor’s Office into possible crimes related to the merger of the country’s two largest banks, UBS and Credit Suisse.
The deal, signed last month, includes a 30% reduction in total headcount – 11,000 more layoffs in Switzerland and another 25,000 in other countries of the world. It will not disclose “multiple aspects” of possible breaches in the merger of the two credit institutions, noting that the investigation is ongoing.