UBS subsidiary Credit Suisse on Thursday posted a net loss of 9.3 billion Swiss francs. Credit Suisse saw assets under management decline 3% from the previous quarter. UBS Group said on Thursday it would fully absorb Credit Suisse s domestic bank.
The bank has consistently said it has sufficient liquidity, a position the backstop only strengthens. It isn’t yet clear what the overall flows are or whether the backstop is helping attract clients back
Credit Suisse held an extraordinary general meeting, where it won approval for the capital increase to fund a recovery from the biggest crisis in its 166-year history.