UBS reported strong customer inflows as it prepares to swallow Credit Suisse, in the first banking megamerger for years
Swiss bank UBS agreed to take over its longtime rival Credit Suisse as authorities seek to halt a dangerous decline in confidence in the global banking system. WSJ’s Patricia Kowsmann explains how the deal unfolded and what might come next.
Photo: Hannah McKay/ReutersUBS Group AG reported strong customer inflows as it prepares to swallow rival Credit Suisse Group AG in theSwitzerland’s largest bank said the world’s wealthy flocked to it in the quarter, as many sought shelter from the troubles at Credit Suisse. It said its wealth management arm gained $28 billion in net new money—including $7 billion in the last 10 days of March—after UBS said it would buy Credit Suisse.
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