Spin-Off of Credit Suisse Swiss Unit Not on Table, SNB’s Jordan Says

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Spin-Off of Credit Suisse Swiss Unit Not on Table, SNB’s Jordan Says

Bloomberg2023-03-23

Spinoff of Swiss business is ‘not on the table’ Jordan saidCentral bank chief says full wind-down wouldn’t have workedThomas Jordan on March 23. Photographer: Stefan Wermuth/BloombergThe president of ...

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Photographer: Stefan Wermuth/BloombergThe president of ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-23/spin-off-of-credit-suisse-swiss-unit-not-on-table-jordan-says?srnd=markets-vp\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Spin-Off of Credit Suisse Swiss Unit Not on Table, SNB’s Jordan Says</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSpin-Off of Credit Suisse Swiss Unit Not on Table, SNB’s Jordan Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-23 19:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-23/spin-off-of-credit-suisse-swiss-unit-not-on-table-jordan-says?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Spinoff of Swiss business is ‘not on the table’ Jordan saidCentral bank chief says full wind-down wouldn’t have workedThomas Jordan on March 23. Photographer: Stefan Wermuth/BloombergThe president of ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-23/spin-off-of-credit-suisse-swiss-unit-not-on-table-jordan-says?srnd=markets-vp\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2023-03-23/spin-off-of-credit-suisse-swiss-unit-not-on-table-jordan-says?srnd=markets-vp","article_id":"2321974849","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2321974849","pubTimestamp":1679570402,"columns":[],"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"Spinoff of Swiss business is ‘not on the table’ Jordan saidCentral bank chief says full wind-down wo","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"瑞士央行的乔丹表示，分拆瑞士信贷瑞士子公司不在讨论之列","themeId":"29f398317e9c4e8397348b372820c63e","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CS":0.9,"UBS":0.9},"content_text":"Spinoff of Swiss business is ‘not on the table’ Jordan saidCentral bank chief says full wind-down wouldn’t have workedThomas Jordan on March 23. Photographer: Stefan Wermuth/BloombergThe president of the Swiss National Bank Thomas Jordan played down the likelihood of Credit Suisse Group AG’s domestic universal bank being spun off any time soon, despite the merger with UBS Group AG announced at the weekend.“A spinoff is not on the table right now,” the central bank chief told reporters in Zurich on Thursday.Credit Suisse’s Swiss unit has long been a profitable anchor while the rest of the bank has lurched from crisis to crisis. Analysts valued the unit at around 10 billion Swiss francs ($10.9 billion), a more than the group’s recent overall market value. It was the only one of Credit Suisse’s four main divisions to make money last year.Earlier this week, shareholder Ethos Foundation asked the Swiss authorities and UBS to explore a possible separation and listing of Credit Suisse’s Swiss unit following the merger, citing concerns about excessive market concentration, competition and job cuts.Jordan also said that winding down Credit Suisse would have exacerbated the banking crisis, adding that while all options were considered, there was a need to find a solution on Sunday before markets reopened.“It was clear, given the environment, given the crisis environment, given the banking crisis, US, and the fragility everywhere, that resolution would not work,” Jordan said.UBS and Credit Suisse have committed to the government-brokered deal, he said. “UBS made a full commitment to the takeover of Credit Suisse,” he said.It’s “extremely important that both parties” do everything in the next couple of weeks to make sure the closing goes through smoothly, Jordan said.Earlier today, officials at the Swiss National Bankraisedits interest rate by 50 basis points and signaled more to come, as the country continues to reckon with the collapse of its second largest bank which clouded the outlook with worsened market turbulence this week.","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":22,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}