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UBS Acquisition of Credit Suisse: Bye Bye AT1 Investors, Anxiety Builds Among Banks' Subordinated Bondholders

Benzinga

UBS Group AG 's (NYSE: UBS ) takeover of Credit Suisse Group AG (NYSE: CBS ) has done nothing to alleviate market concerns about the banking sector, and it continues to throw a shadow over the rights of credit institution shareholders and bondholders. shares they own, or CHF 0.76

Banking 98
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It's Official: UBS Confirms Deal To Buy Troubled Peer Credit Suisse For $3.2B In Swiss Central Bank-Brokered Deal

Benzinga

Swiss investment bank UBS Group AG (NYSE: UBS ) and its beleaguered peer Credit Suisse AG (NYSE: CS ) have reached an agreement for the former to acquire the latter in a deal brokered by the Swiss government. What Happened: UBS has agreed to pay 3 billion Swiss fancs ($3.25 Swiss francs ($0.82) per share.

Banking 98
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Crash and Bailouts

Valutico

UBS Group AG Weekly Valuation – Valutico | 28 March 2023 Link to the valuation Context In recent days, the financial markets have experienced increased turmoil, causing growing concerns about financial stability. The Swiss government also offered a guarantee to UBS, covering potential losses of up to CHF 9 (USD 9.6)

Banking 52
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UBS Reports $29 Billion Profit, a Record

NYT M&A

The huge gain stems from the bank’s acquisition of its rival Credit Suisse this spring for about $3.2 billion, a steep discount that is skewing its quarterly results.

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Final Days at Credit Suisse Were Marked by a $69 Billion Race for the Exits

NYT M&A

It was eventually forced to sell itself to a rival, UBS. Clients hurried to withdraw money as the Swiss bank faced collapse last month.

Banking 62
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Tesla Manufactured 4,000 Model Ys In One Week, UBS Prepping For Massive Layoffs, McDonald's Temporary Shuttering Of US Offices: Today's Top Stories

Benzinga

Bloomberg UBS Prepping For Massive Layoffs Amid Credit Suisse Takeover UBS Group AG (NYSE: UBS ), which agreed to buy peer Credit Suisse AG (NYSE: CS ) in a central-bank-brokered deal, is preparing to eliminate about 20 to 30% of jobs worldwide. As many as 11,000 employees in Switzerland would be laid off.

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SEC Commissioner Peirce on Flaws in New Clawback Rules

Reynolds Holding

Had we built flexibility into the rule, listing exchanges and companies could have developed sensible approaches to achieving the laudable goal of clawing back compensation paid on the basis of subsequently restated financial metrics. Second, the rule applies to too many company employees. Accordingly, I cannot vote to adopt this rule.