This article originally appeared in the Morning Brief. Get the Morning Brief delivered to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe
Monday, March 20, 2023
Today’s newsletter is by Brian Sozzi, Yahoo Finance’s executive editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Have tips on SVB, First Republic, Credit Suisse, UBS or other banks? Send confidentially to brian.sozzi@yahoofinance.com.
Welcome to your first (or second) banking crisis.
Ailing 167-year old Credit Suisse will now see itself into a forced marriage with stronger rival UBS, following a weekend of behind the scenes drama between each bank’s executives and the Swiss authorities.
A former high-ranking UBS exec familiar with the current talks tells me Credit Suisse’s troubled investment bank could be hived off into a zombie bank ran down over time by Swiss regulators.
The deal may help calm the broader financial system, but could unsettle UBS shareholders.
“You go from having the best run Swiss bank…
2023-03-20 04:30:09
Source from finance.yahoo.com