UBS is set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse's investment bank, the Financial Times reported on Tuesday.
for 3 billion Swiss francs in stock and agreed to assume up to 5 billion francs in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.his eponymous advisory boutique into Credit Suisse's investment banking operations to create CS First Boston as a standalone business which he would have led from New York.
UBS has now assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible, according to the"We assume he is cherry picking. The deal was done when the selling bank had a gun held to its head and we are no longer in that position," a person close to UBS said, according to the report.
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