Uday Kotak said the sale of Credit Suisse was a signal to all bankers and stakeholders of what plays out when the risk-return matrix is overtaken by an obsession with size. The comments came hours after the UBS Group AG agreed to acquire the crisis-hit Credit Suisse Group AG in for over $2 billion in a historic government-brokered deal.
Global markets are bracing for what looks set to be another tumultuous week with a focus on the Federal Reserve’s policy response to the US bank turmoil and the fate of Credit Suisse Group AG in Switzerland. Traders will watch how the Swiss franc reacts to the flurry of weekend activity that saw rival UBS Group AG considering an acquisition of credit Suisse while the government weighed taking a stake in the bank.
UBS seeks backstop from Swiss Govt in Any Credit Suisse Deal UBS Group AG and Swiss officials are racing to put together a deal for the firm to take over battered rival Credit Suisse Group AG.
