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The sudden collapse of Switzerland’s investment standout, Credit Suisse, in March shook the financial industry. Although former competitor UBS came to the rescue and bought it out, not all investors escaped the fray unscathed and are launching legal challenges. What was behind the bank’s demise, and how will it impact the financial sector?
By David Lawder, John Revill and Selena Li
In a global response not seen since the height of the pandemic, the Fed at the weekend joined central banks in Canada, Britain, Japan, the euro zone and Switzerland in a co-ordinated action to enhance market liquidity. Meanwhile, JPMorgan Chase & Co CEO Jamie Dimon is spearheading discussions for First Republic Bank to raise new capital or conduct a consortium takeover if another sale does not happen in near term, CNBC reported on Tuesday, with the talks focused on a time horizon of 1-4 months.
In a global response not seen since the height of the pandemic, the Fed at the weekend joined central banks in Canada, Britain, Japan, the euro zone and Switzerland in a co-ordinated action to enhance market liquidity. Meanwhile, JPMorgan Chase & Co CEO Jamie Dimon is spearheading discussions for First Republic Bank to raise new capital or conduct a consortium takeover if another sale does not happen in near term, CNBC reported on Tuesday, with the talks focused on a time horizon of 1-4 months.
The president of the Swiss Bankers Association, Marcel Rohner, has warned of the high level of debt worldwide.