Something about the forced deal to have UBS takeover CS never seemed right. Despite rumors that there were financial problems at CS(what banks didn’t have them) the fact that UBS made billions on the deal, was protected from any loses by the Swiss govt. and is reaping huge profits going forward, it all stinks. This appears to be a political move, plain and simple. CS had no intention of going along with the US and the rest of the West’s sanctions on Russia. So, a forced take under occurred, with CS holders getting a small fraction of the banks actual wealth and UBS made out like bandits. UBS shares drop on report DOJ probes Credit Suisse over Russian sanctions evasion
Published: Sept. 27, 2023 at 7:02 a.m. ET
By Steve Goldstein From Marketwatch

The Justice Department reportedly suspects Credit Suisse helped Russian clients evade sanctions, according to a published report. The report, from Bloomberg News, said what was a wide-ranging set of subpoenas sent to multiple banks is now focused on Credit Suisse. The report said the DOJ also is looking at possible compliance failures at UBS, Credit Suisse’s new parent. The report said neither UBS nor the Justice Department commented.