The dramatic takeover of Credit Suisse by UBS has concentrated all the risk of the rescue onto the shoulders of one Swiss bank. That makes some people in Switzerland very nervous. The Swiss government seems determined to see the CHF3 billion ($3.25 billion) takeover completed by the end of this year despite considerable opposition brewing in parliament. + Relive the dramatic days leading to the Credit Suisse takeover “Switzerland is too small for such giant banks. We must find a way to minimise the risk,” Social Democratic Party president Cédric Wermuth told Swiss public broadcaster SRF. Various political parties present different arguments but many agree that the Swiss retail operations of Credit Suisse should be separated and made safe. “It strikes me as odd that the people in charge of driving the merger did not seem aware that this solution would be politically unacceptable in Switzerland,” Klaus Wellershof, founder of his eponymous financial consultancy firm, told SWI...
