The agreement has been reached for the acquisition of Credit Suisse by UBS, which has revised its offer upwards to more than two billion dollars. The brings it back Financial Times citing some sources, the City newspaper had already anticipated that the agreement would arrive within the day. UBS had initially offered a billion dollars, an insufficient amount for Credit Suisse which feared harming shareholders and employees. Sunday was a hectic day in which various hypotheses arose, including that of a nationalization by the Swiss Confederation, as reported by the Bloomberg agency.
Jobs at risk
The most thorny issue is that relating to the approximately 10,000 jobs potentially at risk with the merger of the two banks. The Swiss banking union has asked for the participation of the social partners in the discussions concerning Credit Suisse. The Swiss Association of Bank Employees (Aseb) calls for the immediate establishment of a task force to address the problems of “jobs at risk”. “No decision should be taken before the social partners are involved in the discussions,” argues the union. “For the approximately 17,000 employees of Credit Suisse in Switzerland, the stakes are enormous,” ASEI said. The union underlines the need to adopt measures to mitigate the “dramatic” consequences on employment.
The «stew» of Svb
Meanwhile, the US authorities are on their way to a Silicon Valley Bank stew after failing to find a suitable buyer to take over 100% of the bankrupt bank. This was reported by the Bloomberg agency, citing some sources, according to which the Federal Deposit Insurance Corp, the federal deposit insurance agency, seems willing to separate the bank into at least two parts and proceed with their sale.