Zurich, Switzerland (Le Temps, Fre) – UBS shares were up Monday morning, as were shares in many markets, awaiting what they hope will be encouraging news from the UK’s budget office and Monday evening, from US President-elect Barack Obama.
But according to Le Temps, it appears that Switzerland’s largest bank may now need more than the CHF6 billion cash injection earmarked by the government, with its performance on the stock market in coming days to tell. The newspaper quotes an interview with Daniel Zuberbühler, head of the Swiss Federal Banking Commission, which was published Sunday by Sonntags Zeitung.
Le Temps also carries a telling chart of the UBS shares’ performance since the bank was created 10 years ago.
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News story, GenevaLunch, 24 November 2008.
Filed under: Business
Tags: Business, Business and finance, global financial crisis, Swiss banks, Swiss business, Swiss companies, UBS
November 25th, 2008 at 10:46 am
[...] The bank’s share price shot up Monday, well above the overall rise in stock markets, but the bank’s share price has suffered in recent weeks (chart). The bank’s shareholders will vote Thursday on whether or not to accept the government’s offer of a CHF6 million cash infusion, only one part of the overall bailout plan – with question marks in the air over whether the initial plan will be enough. [...]