London’s financial district Canary Wharf, in London, Britain, 16 March 2023 – ANDY RAIN/EPA-EFE/Shutterstock
Thousands of jobs are at risk in the City as regulators race to rescue one of the world’s biggest banks before markets open on Monday morning.
Officials and bankers are scrambling to secure a mercy takeover of Credit Suisse, a Swiss lender with a balance sheet of more than £470bn, after a disastrous week in which shares slumped by nearly a fifth and speculation mounted over its future.
The Swiss authorities are attempting to drive through a takeover of the bank by rival UBS after coming to the conclusion that it is the only option likely to ensure long-term stability. A deal could be sealed as soon as Saturday night, with the boards of both banks locked in meetings over the weekend.
It is feared that failure to reach a deal before Monday morning will cause a further plunge in shares that would have severe repercussions in markets around the world.
A previous attempt to…
2023-03-18 11:38:03
Article from finance.yahoo.com