“Fake deal by Credit Suisse”

“Fake deal by Credit Suisse”
Sergio Ermotti

In the spring of this year, UBS took over the struggling CS. The manager gave a major interview to the Sunday newspaper about the takeover and how it got there. In it he said that CS had been closely monitored since 2016 and that a takeover had already been examined at the time, “because we saw that CS had the wrong business model”.

The fact that this did not happen despite talks at the highest level was due to the fact that those responsible “have thought too short”. UBS also wanted to prevent a takeover by a foreign bank. “The real risk was allowing a bank to fall into the abyss with a misguided strategy.”

It finally showed where it leads when a bank constantly writes losses. Customers lost confidence and withdrew their money. UBS have one “good business model” and be profitable, he said.

Source: Nachrichten

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