Why Credit Suisse Finally Came Apart
Leaders with Francine Lacqua
Bloomberg
4.6 • 64 Ratings
🗓️ 23 March 2023
⏱️ 27 minutes
🧾️ Download transcript
Summary
Another week, another bank in crisis. This time it was Credit Suisse. After tense talks, UBS agreed to buy its former rival in an all-share deal worth about $3.25 billion. With the Swiss government-brokering the sale, Credit Suisse’s 166-year run came to a sudden end.
In this week’s In the City, host Francine Lacqua is joined by Bloomberg TV’s Manus Cranny, Bloomberg Opinion columnist Paul J. Davies and reporter Marion Halftermeyer to explain the bank’s fall from grace. They also discuss details of the deal, what happens next for Credit Suisse employees, the challenge facing UBS and why Chairman Colm Kelleher is the person to watch right now.
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Transcript
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| 1:03.5 | week that we've lived through. The last seven days, March 14th, we have an exclusive interview |
| 1:07.7 | with the chief executive of Curtis Suisse. He comes on 10-minute interview. He tries to reassure the markets. Fully convinced of the Swaychi, we are executing at Perth, we have the right team. And you know, that's why we said in October it needs radical change. You know, the bank needs to be changed. And we said it's a three-year transformation, and you can't come after two months and say, look, why is not everything done? |
| 1:28.3 | Two days later, there's an interview with one of their main shareholders, the Saudi National Bank, |
| 1:32.3 | and he says, look, I'm not going to put an extra penny in. |
| 1:35.3 | I'm wondering whether you would be open to assisting further if there was another call for additional |
| 1:42.3 | liquidity from credit suites. |
| 1:43.3 | The answer is absolutely not, |
| 1:45.7 | for many reasons, outside the simplest reason, which is regulatory and statuary. We now own |
| 1:52.2 | 9.8% of the bank. If we go above 10%, all kinds of new rules kick in. We knew that they would not |
... |
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