In March this year, UBS agreed to pay 3 billion Swiss francs or $3.37 billion and assume upto 5 billion francs in losses for Credit Suisse after lowered customer confidence brought it to the brink of collapse.
The lower house retrospectively rejected the rescue near midnight, with heated debates continuing into the early hours of Wednesday morning as members discussed other measures related to Credit Suisse.
SBPV managing director Natalia Ferrara has written to lawmakers to demand they consider staff affected by the collapse of Credit Suisse and halt any job losses until the end of 2023.
That’s only the beginning should the firm be pushed into a takeover by rival UBS Group AG, according to people familiar with the discussions, with one person estimating the final toll could be a multiple of that number