The threat of mass layoffs hangs over Credit Suisse

Credit Suisse’s future is still uncertain this Sunday morning, but events should accelerate in the next few hours. Announcements could be made before the Swiss Stock Exchange opens on Monday morning at 9:00. The Federal Council held an urgent extraordinary session on Saturday evening at the headquarters of the Department of Finance. “No comment”, retorted the government spokesman, André Simonazzi, to journalists of the NZZ am Sonntag. However, since Friday and the revelations of Financial Timesthere is no doubt that the Swiss authorities are pressuring the number one in the banking sector, UBS, to take over its competitor, in the midst of the turmoil following several financial scandals.