Published 20 March 2023 at 08.39
Economics. Credit Suisse shares fall by 62 percent in pre-market trading. This despite the deal arranged by the Swiss government to save the stock market.
Share the article
TwittraShare
The government of Switzerland announced on Sunday that it has ensured that Credit Suisse biggest competitor UBS gets to buy up the crisis bank for a petty thief.
The rest of the money is guaranteed by the taxpayers.
In addition, the law must be changed so that the shareholders are deprived of the opportunity to put an end to the deal.
p>
In this way, the politicians say they hope to save the stock market not only in Switzerland but in the rest of the world.
But the plan seems to end in fiasco. Credit Suisse's share falls by as much as 62 percent in pre-trade.
UBS also falls in pre-trade, by around 5 percent.
Stock markets in both Asia and Europe are in the red on Monday.
p>
The bank crashes
- 10,000 banking jobs are lost when Credit Suisse liquidated
- Silicon Valley Bank in bankruptcy
- Credit Suisse falls double digits again
- "Competitive" banks bail out First Republic
- Big Swiss bank about to crash
Show all