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Yellen, Powell: Purchase of Credit Suisse by UBS will strengthen financial stability

yrtnews1 day ago
19 1 minute read
Yellen, Powell: Purchase of Credit Suisse by UBS will strengthen financial stability


UBS said in a statement it would pay the equivalent of $3.25 billion to buy Credit Suisse, in what will be a merger of two institutions considered important to the global financial system. | Arnd Wiegmann/Getty Images

Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen on Sunday welcomed UBS’s purchase of Swiss bank Credit Suisse, saying they had been in close contact with Swiss officials.

“We welcome the announcements made today by the Swiss authorities to support financial stability,” they said in a joint statement. “The capital and liquidity positions of the US banking system are strong and the US financial system is resilient. We have been in close contact with our international counterparts to support their implementation.

The deal comes amid jitters in the US banking system after the bankruptcy of two regional lenders led US authorities to intervene to protect uninsured depositors.

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yrtnews1 day ago
19 1 minute read
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