The one winner and many losers of UBS’s Credit Suisse rescue

The UBS-Credit Suisse merger is a deal that will see the Swiss bank buy its smaller rival for about $3.3 billion. The deal includes extensive guarantees and liquidity provisions, and the winners are UBS CEO Ralph Hamers and his team. The many losers are Credit Suisse's top shareholders, Gulf investors old and new, Qatar Investment Authority, and Michael Klein, the former Citigroup Inc investment bank head.

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