Credit Suisse: Bank collapse damages Switzerland's repudiation for stability
So farewell to Credit Suisse. Founded in 1856, the bank has been a pillar of the Swiss financial sector ever since. Although buffeted by the financial crisis of 2008, Credit Suisse did manage to weather that storm without a government bailout, unlike its rival-turned-rescuer UBS.
All it took to turn those doubts into a stampede was an apparently off the cuff remark from the Saudi National Bank, which owns almost 10% of Credit Suisse, suggesting it would not be increasing its investment. Also in theory Swiss financial regulators and the Swiss National Bank keep an eye on those systemically important banks and can intervene before disaster strikes.
By the time people did notice, such damage had been done that Credit Suisse was beyond saving. The fall out had begun to threaten not just Switzerland's entire financial sector, but Europe's. There will also be job losses, perhaps in the thousands. There are Credit Suisse and UBS branches in just about every Swiss town. Once the takeover is complete, there will be little point in UBS keeping them all open.
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