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Former US Ambassador Edward McMullen discusses ongoing issues related to Credit Suisse, including allegations of Nazi-era accounts and tax evasion violations. He emphasizes the need for transparency and strong relationships with US authorities, noting that past leadership facilitated smoother resolutions. McMullen expresses confidence in the future of US-Swiss relations under the new administration, despite his absence from the presidential inauguration due to a speech at Davos.
Former U.S. Ambassador Edward McMullen discusses ongoing issues related to Credit Suisse, including allegations of Nazi accounts and tax evasion violations. He emphasizes the need for transparency and strong relationships with U.S. authorities, noting that past leadership facilitated smoother interactions. McMullen expresses confidence in the future of U.S.-Swiss relations under the new administration, despite his absence from the inauguration due to a speech in Davos.
UBS has completed its acquisition of Credit Suisse, marking a significant merger in the Swiss banking sector. Credit Suisse shares will be delisted, and shareholders will receive one UBS share for every 22.8 shares held. UBS plans to reduce the combined balance sheet from $1,600 billion to between $1,350 and $1,400 billion, with potential job losses due to overlapping roles.
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