Credit Suisse

Swiss attorney general investigates Credit Suisse takeover

Credit Suisse The rescue plan of Credit Suisse by UBS is far from convincing. The future of its employees is highly uncertain, and clients are worried. Who will be held responsible for this economic fiasco?
Antonio, a retired man from Geneva, is waiting outside his branch of Credit Suisse. He wants to withdraw all his money or transfer it elsewhere. "It's a lifetime of savings, we're not going to lose it". Across the street is UBS; the two biggest Swiss banks are now one and the same. The fate of the Credit Suisse employees is on everyone's mind. Lawyer Natalia Ferrara is their spokesperson. "At this point the negotiations are secret and sensitive", she explains. "We are talking about 10, 12, even 15,000 jobs lost". Meanwhile shareholders have lost thousands of francs. Shareholder Rudolf Meyer laments, "We can ask [the executives] to give back their bonus they have cashed in, but legally I don't know if that's possible".

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