Rate Cut Now !
Write off 85% shareholders value ! Shock .
UBS offer made on Sunday was of 0.25 Swiss francs ($0.27) per Credit Suisse share, well below Friday's closing price of 1.86 Swiss francs and all but wiping out the bank's existing shareholders.
UBS has also insisted on a 'material adverse change' that voids the deal in the event its credit default spreads jump by 100 basis points or more.
10,000 jobs may have to be cut if the two banks combined.
It’s investment bank under the First Boston brand now in doubt .
SVB Storm Attacks Bank Stocks
Sometimes, it takes just one snowflake to start an avalanche.
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