UBS won with CS
Do you think the-CS forced acquisition was actually a huge win for UBS?
UBS just said that it needs no more the cover of the Swiss Gov't ("SG"): $10 bln. You really need to be confident that the business and incorporation of CS will go extremely well to refuse authorities' intervention or backup (when they pushed it into you). The fact that you're leaving out the public agents from the reorganization that you're performing, for me, it's an indicator that the company is planning to implement (i) some business-wise decisions that may make the SG realize their mistake i.e., supporting a, and (ii) some more aggressive business strategies that may make the SG realize , instead of a burden, was a huge win.
Moreover, was CS really as fucked as it seem? I don't think so, the market thought they were in danger, but now with the banking 2.0 crisis behind, the bank is doing well and moreover, its debt, was wiped out by the SG.
So what a nice win for the UBS executives, I think they're popping champagne all over their boardroom.