redit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess strategic scenarios for the bank, people with knowledge of the matter said on Friday.
The 167-year-old bank is the biggest name ensnared in market turmoil unleashed by the collapse of US lenders Silicon Valley Bank and Signature Bank over the past week, forcing the Swiss bank to tap $54 billion in central bank funding. Swiss regulators are encouraging UBS and Credit Suisse to merge but neither bank wanted to do so, one source said. The regulators do not have the power to force the merger, the person said.
The boards of UBS and Credit Suisse were expected to separately meet over the weekend, the Financial Times said, Credit Suisse shares jumped 9 per cent in after-market trading following the FT report. Credit Suisse and UBS declined to comment.
This story is from the March 19, 2023 edition of Millennium Post Delhi.
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This story is from the March 19, 2023 edition of Millennium Post Delhi.
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