UBS in talks to acquire Credit Suisse
What do people think about this?
From FT: " UBS is in discussions to take over all or part of Credit Suisse, with the boards of Switzerland's two biggest lenders set to meet separately over the weekend to consider Europe's most consequential banking combination since the financial crisis, according to multiple people briefed on the talks."
Think Swiss regulators will have to drag them to the table kicking and screaming given neither party wants the merger. Also think it's more likely that UBS would acquire part of CS than whole bank
Guess I won't be hearing back from my recent internship application to Credit Suisse...
Next stage will be Swiss government nationalising UBS Suisse.
As a ubs employee im not excited about this
As an incoming ubs intern I'm worried
US or London
If the merger went through, I see a higher chance of this sinking UBS than saving Credit Suisse tbh
CS has a much better regarded group compared to my equivalent one at UBS. I could a lot of my team getting wiped out in a combo.
There were rumors layoffs would happen this week at ubs but they never happened. Perhaps stalling to see if there's a combo?
Uk or US?
odd comment, is CS still better? You really think MDs who have lost all their CS stock are going to just roll over and work for UBS?
Like above commenters, surely only part of CS would be merged. But you'd have to think that regulators and the Swiss National Bank will not let such a high profile acquisition occur.
Regulators and SNB were the ones behind this forced merger lol both CS and UBS were opposed to the idea until yesterday
Regulators are making this happen.
Jefferies gotta rank above these clowns now
What's the pro-forma prestige of the combined entity post-transaction? Can anyone run the numbers (with and without synergies) and let us know where it pencils out? Thx preferably by Monday morning so I can send update to clients that I've called on for 10 years but have gotten $0 in fees from
Well since the Swiss govt is forcing this crap to happen it'll either be super accretive to the Union Bank of Switzerland. However, given the significant complex nature of the deal, no one really knows. All I can say is rip incoming bankers at CS
0 prestige + 0 prestige + 0 prestige synergies = 0 PF prestige
This has been discussed for years. I don't think will happen - CS has no choice really but UBS does not want it, even at a deep discount and only buying the good parts that is years of scandal and bad management to try and unwind.
How would this impact incoming CS LevFin analysts?
Did you make a bot to ask this in every thread mentioning CS in the last 2 days or are you just manually going to every thread asking this same question like we all know the future somehow? You might be fine, you might be fucked - none of us know or can give you a much better answer than that. Given how strong your group is, you're probably in better shape your counterparts at UBS who may be fired to make space for you but no one really knows
You're prob screwed. UBS doesn't want any part of the "risky dumpster-fire" IB arm
JPM and MS are advising CS in the deal. I want to congratulate the JPM/MS analysts on the deal flow. Who's "advising" for UBS though…???
WRONG. Centerview exclusive advisor to CS. JPM and MS advised UBS.
Really curious how the chosen advisors came to be, seems highly political
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