
Why Skills-First Leadership Is Replacing the Ivy League Playbook in the C-Suite
The old prestige pyramid—where Ivy League degrees and blue-chip consulting backgrounds paved the way to the CEO seat—is cracking.
June 12, 2023: On Friday, UBS and the Swiss administration reported that they had signed a loss security contract, which will come into effect once the takeover of Credit Suisse is finished.
The provisions will see the Swiss government cover losses of up to 9 billion Swiss francs ($10 billion) following UBS’ acquisition of its former rival.
This is guaranteed on an “established portfolio of Credit Suisse non-core assets” once UBS incurs the first 5 billion Swiss francs in losses.
“The priority for the federal government and UBS is to minimize potential losses and risks so that recourse to the federal guarantee is avoided to the greatest extent possible,” the Swiss government said in a statement.
The administration added that it had facilitated the deal to “safeguard financial stability and thus avert damage to the Swiss economy” but had always agreed to guarantee a portion of losses due to UBS taking over a portfolio of assets that “accomplish not fit its business and risk profile.”
In return, the agreement displays that, after the takeover, UBS must support the development of Switzerland’s status as a financial center. The bank has confirmed intentions to keep the headquarters of the merged group in Switzerland for the duration of the loss protection provisions.
“UBS will manage these investments prudently and diligently and intends to minimize any losses and maximize value realization on these assets,” UBS said.
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