After tacking up the biggest loss of any European bank, UBS AG is being rescued(or forced to be rescued) by a government bailout to the tune of $59.2 billion, supported almost entirely by the Swiss National Bank. The government is looking to get rid of the risky assets that UBS currently has, and are said to be raising their guarantees on deposits as well as back interbank liabilities (short and medium term) of UBS and other Swiss banks. Looks like the upchuck of the US banking industry is extending across the ocean.
Oct 16, 2008
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“... I believe it was the single biggest reason why I ended up with an offer...”
so are bankers at UBS safe (relatively, with respect to a few weeks/months ago) now that the latest round of layoffs have come and gone and this news means the balance sheet is safer than it was...???
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