Almost five days after the forced merger of the two major Swiss banks, UBS and Credit Suisse, one thing is certain: the hasty agreement will have political consequences. Parliament, which had little say in the spectacular bailout, has an extraordinary session in mid-April in addition to the usual four meetings a year. Because the resentment is great - not least because the Swiss government, the Federal Council, has applied emergency law in several places to push through the takeover of...
Despite inflation and turbulence in the Swiss banking sector, the SNB is raising interest rates by half a percentage point. Inflation is high by Swiss standards, but well below the European average.The Swiss National Bank (SNB) is raising interest rates again due to renewed inflationary pressure and despite the recent turbulence in the banking sector. The SNB key interest rate will be raised by 0.5 percentage points to 1.5 percent, as the central bank announced on Thursday.Inflation in Switzerland is...
The Swiss National Bank (SNB) is raising interest rates again due to renewed inflationary pressure and despite the recent turbulence in the banking sector. The SNB key interest rate will be raised by 0.5 percentage points to 1.5 percent, as the central bank announced on Thursday.According to the central bank, it cannot be ruled out that additional interest rate hikes will be necessary to ensure price stability in the medium term. If necessary, the SNB also intends to continue to...
From Meike Schreiber and Markus ZydraThe long rescue weekends in financial crises always have one thing in common: the Monday when the stock exchanges open again gives the answer as to whether the central bank, state and financial sector were lucky. Now we know: the rescue package for Credit Suisse prevented a crash for the time being. source site
comment by Caspar BusesKarin Keller-Sutter has a problem, like many people and companies in Switzerland now. The Swiss Finance Minister said on Sunday evening that she had previously been a customer of both UBS and Credit Suisse and, like many others, she had an account with both institutions. This will soon be over. Since this Sunday it has been clear: in the near future there will only be one large bank in Switzerland. Under massive government pressure, UBS is taking...
Status: 03/20/2023 3:35 p.m The fact that the traditional bank Credit Suisse quickly became a hopeless case reminds many in Switzerland of the Swissair collapse in 2001. It's not just top managers who have to listen to harsh criticism. By Kathrin Hondl, ARD Studio Geneva The elephant wedding of the country's two largest banks is anything but a celebration in Switzerland. For the "Tagesanzeiger" from Zurich, the takeover of the crisis bank Credit Suisse by UBS is even a "historic...
The credibility is gone, but so is the profit: UBS takes over its struggling rival Credit Suisse - with unpredictable consequences. The misery tells a lot about Switzerland and its banks.comment by Judith WittwerAlready experienced everything, already had everything? 15 years after the rescue of UBS, Credit Suisse, the second largest Swiss bank, is on the brink. But the déjà vu is deceptive: Unlike its big rival at the time, Credit Suisse has no solvency problem. Until recently, it was...
1856 Politician and businessman Alfred Escher founds the Schweizerische Kreditanstalt (SKA) to finance the expansion of the railway network and promote the industrialization of Switzerland. 1870 SKA opens its first foreign agency in New York.1876 The bank moves into its new headquarters on Zurich's Paradeplatz; she opened her first branch outside of Zurich almost three decades later in Basel.1939 SKA founds the Swiss American Corporation in New York.1964 SKA receives a license as a full bank in New York.1977 The...
From Isabel Pfaff, BerneEfforts to rescue the struggling bank Credit Suisse (CS) kept the Swiss government, financial regulators and major banks in suspense all weekend. On Sunday evening it was announced that the major bank UBS is to take over its smaller rival for more than two billion dollars. This was reported by several media unanimously. Initially, a nationalization of the bank was also under discussion. source site
At least two days are engraved in the collective memory of the Swiss: October 2, 2001, when the national airline Swissair was grounded, and October 16, 2008, when Switzerland saved its major bank UBS from insolvency. In both cases, it was icons of the Swiss economy who were at the end. This touched on Switzerland's self-image as a powerful economic nation despite its small size.Now it looks like the next trauma is waiting for the Swiss population: In just two...
