«Zombie» is an apt moniker for Credit Suisse, now that it s crystal clear that without intervention, the bank would have been history last fall. Outflows were even greater than the bank admitted.
Swiss regulators on Wednesday defended the rescue of Credit Suisse through a controversial takeover by rival bank UBS as the best solution with least risk of spreading a wider crisis and severely damaging Switzerland s standing as a financial centre.
Geneva: The UBS chairman voiced confidence Wednesday that the Swiss bank will succeed in a government engineered takeover of hobbled rival Credit Suis.
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