The shotgun takeover of Credit Suisse by UBS had one overriding objective – to maintain confidence in the global banking system.
One of the most significant aspects is the decision by the Swiss regulator to totally wipe out the value of $US17 billion Credit Suisse’s additional tier one hybrid securities.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
