Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess strategic scen
Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG.
Swiss regulators are encouraging UBS and Credit Suisse to merge but neither bank wanted to do so, one source said. The regulators do not have the power to force the merger, the person said. In the latest sign of its mounting troubles, at least four major banks, including Societe Generale SA and Deutsche Bank AG, have put restrictions on their trades involving Credit Suisse or its securities, five people with direct knowledge of the matter told Reuters.
Already this week, big U.S. banks provided a $30 billion lifeline for smaller lender First Republic, while U.S. banks altogether sought a record $153 billion in emergency liquidity from the Federal Reserve in recent days. Biden called on Congress to give regulators greater power over the banking sector, including imposing higher fines, clawing back funds and barring officials from failed banks.
First Republic Bank ended Friday down 32.8 per cent, bringing its loss over the last 10 sessions to more than 80 per cent. Moody's downgraded the bank's debt rating after the market close.
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