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CS loses $900 million with American shark Apollo – Inside Paradeplatz

CS loses $900 million with American shark Apollo – Inside Paradeplatz

The old CS leadership under Ulrich Körner and Axel Lehmann planned to create a “new Credit Suisse” with Apollo, the American financial “shark.”

At Apollo, Blythe Masters, who was a member of CS's board of directors, was serving as a consultant.

Today now Buyer CS UBS saysTo agree with Apollo to get out of the deal.

“As part of this agreement, Apollo will purchase an $8 billion secured financing facility from UBS,” the bank wrote.

The whole thing cost CS $900 million, while UBS made an increase of $300 million.

A UBS spokesman said this morning that only this profit was relevant.

Transactions from A to Z (UPS)

The fact that UBS is now making a $300 million profit for CS at a loss of nearly $1 billion shows the kind of deal the bank has made.

They valued CS's assets in investment banking at much less than they ultimately were.

plays a crucial role Beatriz JimenezHe is considered to succeed Sergio Ermotti as CEO of UBS.

Crown Prince (B. Jiménez; UPS)

Among other things, the manager heads the non-core and legacy business of UBS, that is, the part that the bank is dismantling and selling.

“We are pleased with this mutual agreement with Apollo,” says Sergio Ermotti in the statement.

“As we implement our integration plans, this is another example of our relentless focus on working with customers and counterparties to free up capital from non-core activities and reduce costs and complexity.”

For Jimenez, this is another step towards the crown. According to informed sources, UBS Chairman Colm Kelleher values ​​it highly.

However, things are boiling over in her crew. One person says that many senior people may leave their positions because of this woman's harsh leadership style.