19 Mar 2023

Future of Credit Suisse hangs in the balance amid UBS takeover talks


The hours between markets closing on Friday and Monday are the opportunity for major financial moves that would otherwise cause market chaos.

All weekend, frantic negotiations have been taking place in Switzerland to deal with the troubled banking giant Credit Suisse. It is one hundred and sixty seven years old and has over a trillion dollars of assets under management, but it seems likely in the next few hours it will cease to exist, with reports of either a takeover, or possibly nationalisation.

Earlier this week, Switzerland’s central bank tried to prop up the bank with a forty-five-billion-pound rescue package but that doesn’t seem to have stopped customers withdrawing money and its share price sliding.

It follows a turbulent week for the banking industry after two banks in the US collapsed.

We spoke with the Financial Times’ markets editor Katie Martin.