Talks to resolve Credit Suisse’s crisis of confidence hit major hurdles. If the two banks merge, 10,000 jobs could be cut, one of the sources said.
UBS Group AG is seeking about $6 billion in government guarantees for a potential takeover of Credit Suisse Group AG, a source familiar with the discussions told Reuters on Saturday night.
Negotiations are ongoing and this amount may change, as several scenarios are still being considered, according to the same source.
The guarantees would cover the cost of liquidating parts of Credit Suisse and potential legal costs, two sources at the agency said.
Talks to resolve Credit Suisse’s crisis of confidence hit major hurdles. If the two banks merge, 10,000 jobs could be cut, one of the sources said.
Swiss regulators are racing against time to come up with a solution for Credit Suisse before markets reopen on Monday. However, given the complexity involved in the union of two behemoths, it is likely that the discussions will continue tomorrow, Sunday.
Credit Suisse, UBS and the Swiss government declined to comment on the information.
Source: Skai
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