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

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

Business & Finance

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

About the author

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Janice Tilson

Janice has been phenomenal in the success of Stock Market Pioneer. She is the super dedicated types, always glued to her computer. She talks less, but when it comes to work, she is behind none. She is a tech geek and contributes to the technology section of Stock Market Pioneer.

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