turbulence in the Swiss banking market
This week, one of the largest transactions on the banking market in history was baked, carried out and even perfected. Swiss megabank UBS bought its rival Credit Suisse for three billion dollars in an attempt to restore stability to the small country under the Alps and with it to the entire financial system. Last week, long-term withdrawals from troubled Credit Suisse intensified, threatening the historic institution’s imminent collapse. The 167-year-old bank is largely responsible for its problems. Inadequate risk management, financial fraud, monitoring of senior management members by the CEO or massive losses in deals with companies such as Greensill and Archegos are only individual examples of an almost endless series of managerial failures. Bad management, an unconvincing rescue plan and fraud managed to sink one of the most famous and respected banks within a few years. The reputation of Swiss banking will take a long time to recover from this blow.
more layoffs at the Giants
Did you think that technology companies such as Google, Facebook or Amazon have finished downsizing after tens of thousands of workers have been laid off? Well, it doesn’t look like it. This week, Amazon announced another round of massive downsizing.
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