Rolling coverage of the latest economic and financial news
- UBS agrees to takeover of stricken Credit Suisse for $3.25bn
European stock markets are open, and falling as investors give their verdict on last night’s emergency rescue of Credit Suisse.
In London, financial stocks are leading the fallers, with Standard Chartered down 6.6%, Barclays off 5.6%, Prudential off 4.3%, NatWest falling 3.8% and Lloyds Banking Group down 3.5%.
“We have a very good capital ratio at UBS, and we also have a very good liquidity position. So we have contained the risks in the markets.
“The second step for us is to transform CS’s investment bank into an investment bank like UBS has. We call this a capital-light investment bank. In doing so, we are not taking so much risk.”
“There are certainly opportunities and chances for growth.
The many employees – CS has 50,000 worldwide – also have a new future together with us. And together we can build an even more beautiful bank.”
“The takeover means that we are bringing back stability and security for CS clients.
“But also that we are upholding the reputation of the Swiss financial centre.”
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