What’s happened?
After years of scandal, months of customers jumping ship, and weeks of rumours, Credit Suisse, founded in 1857, is no more. Last weekend, in an emergency deal brokered by the Swiss government, the bank’s rival UBS agreed to buy it in an all-share deal for about CHF3bn (£2.6bn). That was a 60% discount to Credit Suisse’s market cap as markets closed last Friday – and about 5% of its market value as recently as 2018. Credit Suisse was “brought down by a good old-fashioned bank run”, says Julian Jessop on CapX: personal and business customers withdrew their cash
