Business & Finance

Reuters reveals Credit Suisse seeking new look or even merger; market reacts

Shares in Switzerland’s Credit Suisse climbed as much as 2.8% on Friday after Reuters revealed that management is under increasing pressure to launch an overhaul plan that could see its break-up or even a merger with UBS. Reuters reported fears among executives that, if inactive, they could be challenged by investors demanding immediate action or that the bank’s shrinking market value could make it a target for a hostile, foreign takeover. The Swiss bank has had to review its business after losing more than $5 billion in the rush to unwind trades by family office Archegos. It faces a barrage of legal action for helping clients invest $10 billion in bonds issued by collapsed supply chain finance firm Greensill Capital.

Market Impact

Credit Suisse shares climbed as much as 2.8% after the Reuters report was published.

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Regions: EuropeGlobal
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
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