More than a month on, how does the ‘shotgun wedding’ between UBS and Credit Suisse look in light of both banks’ first quarter results?
Credit Suisse continued to experience net asset outflows in the first quarter and reported pre-tax income of SFr12.8bn ($14.3bn). The result reflects the impact of the writing down to zero of SFr15bn of additional Tier 1 (AT1) capital notes, as ordered by the Swiss Financial Market Supervisory Authority (Finma) in light of the hastily brokered deal with UBS.
