In March this year, UBS agreed to pay 3 billion Swiss francs or $3.37 billion and assume upto 5 billion francs in losses for Credit Suisse after lowered customer confidence brought it to the brink of collapse.
Credit Suisse saw its outflows accelerate to $69 billion last quarter, which culminated in its government-brokered takeover. That's more than UBS's $63 billion market cap.
Clients rapidly started pulling money from Credit Suisse after it was ensnared in market turmoil unleashed by the collapse of Silicon Valley Bank and Signature Bank.
Clients rapidly started pulling money from Credit Suisse after it was ensnared in market turmoil unleashed by the collapse of Silicon Valley Bank and Signature Bank.