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The stock of Julius Baer Group, which became the country's second-largest bank by assets after Credit Suisse's collapse, rose by 13% during the week after the UBS acquisition. [69] The takeover resulted in $17 billion of Credit Suisse-issued AT1 bonds being written off as worthless, which undermined the creditworthiness of the newly acquired bank.
Credit Suisse was also a primary dealer and Forex counterparty of the Federal Reserve in the United States. Credit Suisse was founded in 1856 to fund the development of Switzerland's rail system. It issued loans that helped create Switzerland's electrical grid and the European rail system.
Worries over contagion across the sector ramped up, with stock markets tumbling in the UK, Europe and in the US as Credit Suisse's woes came shortly after the Silicon Valley Bank collapse in America.
As the Swiss National Bank's new chairman Martin Schlegel takes office this week, the jury is out on the central bank's handling of the Credit Suisse crash and its takeover by UBS. Schlegel ...
Before the Archegos collapse, Hwang was believed to be worth $10–15 billion, with his investments leveraged at 5:1. [12] In March 2021, as Archegos Capital Management faced mounting margin calls due to declining stock prices, several prime brokers, including UBS and Credit Suisse, urged Bill Hwang to liquidate positions to mitigate losses.
Credit Suisse dropped about 30 per cent on the on the Swiss stock exchange Wednesday after Wall Street expert Robert Kiyosaki tipped it as the next major bank to collapse
Credit Suisse Group AG and Japan's Nomura Holdings Inc took the main hit, with reported losses of $5.5 billion and $2 billion, respectively. [30] On April 27, 2021, UBS Group AG, Switzerland's biggest bank by assets, reported that it lost $774 million in connection with Archegos’ failure.
Credit Suisse collapsed in March 2023 after a series of scandals and setbacks, and was taken over by UBS. UBS welcomed the ruling, noting that the case was a legacy matter relating to Credit Suisse.