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Wall Street Breakfast: Must-Know News

Posted on June 19, 2008

Swiss CB says CS, UBS must hoard more money. The Swiss central bank is demanding (report (.pdf)) UBS (UBS) and Credit Suisse (CS) beef up their reserves in order to prevent a repeat of the subprime fiasco - especially in light of the big banks' dominance in the country. Switzerland, whose economy depends on banking with the world's elite, is still reeling from UBS's $37B writedown. Clients also appear nervous: money flows into UBS's wealth management unit were anemic in Q1. UBS is down 3.7% in pre-market trading. Bad hedges to prove costly. Analysts at Cazenove say European I-banks, includi...

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