10,000 banking jobs are lost when Credit Suisse is liquidated

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Published 19 March 2023 at 13.32

Economics. The deal in which the crisis bank Credit Suisse amounts to the competitor UBS may soon be completed. But UBS demands state guarantees equivalent to SEK 55 billion and wants to fire 10,000 employees if the deal goes through.

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A source to Reuters states that the discussions between UBS and Credit Suisse encountered “significant obstacles” and that 10,000 jobs may have to be cut in a merger.

Like last weekend's American takeover of the crisis bank Silicon Valley Bank, Swiss authorities now hope to have a tax-funded bank rescue in place before the stock market opens on Monday.

UBS is said to have demanded state compensation at the last minute for future losses in Credit Suisse's operations, including expected alleged scandals about regulatory compliance­problems within the crisis bank's operations in wealth­management and securities trading, writes Bloomberg.

The Bank Crashes

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