UBS estimates a financial hit of around $17 billion from its emergency takeover of Credit Suisse, according to a regulatory filing.
"If the circumstances of the due diligence affected UBS Group AG's ability to thoroughly consider Credit Suisse's liabilities and weaknesses, it is possible that UBS Group AG will have agreed to a rescue that is considerably more difficult and risky than it had contemplated," UBS said in the Risk Factors section of the filing.
before shareholdings, defying the conventional order of write downs and resulting in legal action from AT1 bondholders.
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