Pope’s Great Evangelical merger “Gamble”: UBS completes Credit Suisse “takeover” to become wealth management “behemoth”, Midnight Grain Banking Crisis

And he said unto them, How is it that ye sought me? wist ye not that I must be about my Father’s business? Luke:2:49

The logos of Swiss banks Credit Suisse and UBS are seen in Geneva, Switzerland, June 7, 2023. (Reuters/Denis Balibouse) Share Noele Illien (Reuters) Zurich   ●  

Mon, June 12, 2023

UBS on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of US$1.6 trillion and greater muscle in wealth management.

The powers of the whole being are to be engaged in unselfish service. Every talent is to be employed. Improve the future better than you have the past. Put your talents out to the exchangers, for Christ is hungry for souls.—Manuscript 20, 1905. Ev 646.1

In the world gigantic monopolies will be formed. Men will bind themselves together in unions that will wrap them in the folds of the enemy. A few men will combine to grasp all the means to be obtained in certain lines of business. Trades unions will be formed, and those who refuse to join these unions will be marked men. 18LtMs, Lt 26, 1903, par. 2

Ellen G White

“This is the start of a new chapter – for UBS, Switzerland as a financial center and the global financial industry,” UBS CEO Sergio Ermotti and chairman Colm Kelleher said in an open letter published in Swiss newspapers.

Whoso mocketh the poor reproacheth his Maker: and he that is glad at calamities shall not be unpunished. Proverbs:17:5

The biggest (grain) banking deal since the 2008 global financial crisis would create “challenges” but also “many opportunities” for its clients, employees, shareholders and for Switzerland, they said. They have no doubts that they will successfully handle the takeover, the letter added.

The group will oversee $5 trillion of assets giving UBS, the world’s largest wealth manager, a leading position in key markets it would otherwise have needed years to grow in size and reach.

It is time for us to take our work out of the cities. Our sanitariums should be furnished with facilities for giving the sick the best of care, and they should be properly conducted; but they should be as far as possible from the cities. The whole world is to be tested, and obedience to the law of God is to be the test.
Unionism has revealed what it is by the spirit that it has manifested. It is controlled by the cruel power of Satan. Those who refuse to join the unions formed are made to feel this power. The principles governing the forming of these unions seem innocent, but men have to pledge themselves to serve the interests of these unions, or else they may have to pay the penalty of refusal with their lives.
These unions are one of the signs of the last days. Men are binding up in bundles ready to be burned. They may be church members, but while they belong to these unions, they cannot possibly keep the commandments of God; for to belong to these unions means to disregard the entire decalogue.
“Thou shalt love the Lord thy God with all thy heart, and with all thy soul, and with all thy strength, and with all thy mind; and thy neighbor as thyself.” Luke 10:27. These words sum up the whole duty of man. They mean the consecration of the whole being—body, soul, and spirit—to God’s service. How can men obey these words and at the same time pledge themselves to support that which deprives their neighbors of freedom of action? And how can men obey these words and form combinations that rob the poorer classes of the advantages which justly belong to them, preventing them from buying or selling, except under certain conditions? How plainly the words of God have predicted this condition of things. John writes, “I beheld another beast coming up out of the earth; and he had two horns like a lamb, and he spake as a dragon. … And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: and that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” Revelation 13:11, 16, 17. 18LtMs, Lt 26, 1903, par. 3 – 18LtMs, Lt 26, 1903, par. 6

Ellen G White

The merger also brings to an end Credit Suisse’s 167-year history, marred in recent years by scandals and losses. The two banks jointly employ 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies.

The forming of these unions is one of Satan’s last efforts. God calls upon His people to get out of the cities, isolating themselves from the world. The time will come when they will have to do this. God will care for those who love Him and keep His commandments. 18LtMs, Lt 26, 1903, par. 7

UBS agreed on March 19 to buy the lender for a knockdown price of 3 billion francs in stock and up to 5 billion francs in assumed losses in a rescue Swiss authorities orchestrated to prevent a collapse in customer confidence from pushing Switzerland’s no. 2 bank over the edge.

On Friday, UBS struck an agreement with the Swiss government on the conditions of a 9 billion Swiss franc ($10 billion) public backstop for losses from winding down parts of Credit Suisse’s business.

UBS sealed the deal in less than three months – a tight timetable given its scale and complexity – to provide greater certainty for Credit Suisse clients and employees, and stave off departures.

Both UBS and the Swiss government have offered assurances that the takeover will pay off for shareholders and will not become a burden for the taxpayer. They say the rescue was also necessary to protect Switzerland’s standing as a financial center, which would suffer if Credit Suisse’s collapse triggered a wider banking crisis.

Who, when he had found one pearl of great price, went and sold all that he had, and bought it. Matthew:13:46, Buy the truth, and sell it not; also wisdom, and instruction, and understanding. Proverbs:23:23

UBS is set to book a massive profit in second-quarter results on Aug. 31 after buying Credit Suisse for a fraction of its so-called fair value. Ermotti has, however, warned the coming months will be “bumpy” as UBS gets on with absorbing Credit Suisse, a process UBS has said will take three to five years.

Presenting the first snapshot of the new group’s finances last month, UBS underscored the high stakes involved, by flagging tens of billions of dollars of potential costs – and benefits, but also uncertainty surrounding those numbers.

Limited Gospel Global Ambitions

And I saw another angel fly in the midst of heaven, having the everlasting gospel to preach unto them that dwell on the earth, and to every nation, and kindred, and tongue, and people,Revelation:14:6, And he said unto them, How is it that ye sought me? wist ye not that I must be about my Father's business?Luke:2:49 

Since the global financial crisis, many., have pared back their global ambitions as tougher regulations that followed large losses eroded returns and forced them to rethink their businesses.

And he said, This will I do: I will pull down my barns, and build greater; and there will I bestow all my fruits and my goods. And I will say to my soul, Soul, thou hast much goods laid up for many years; take thine ease, eat, drink, and be merry. But God said unto him, Thou fool, this night thy soul shall be required of thee: then whose shall those things be, which thou hast provided? Luke:12:18-20 The merchants of these things, which were made rich by her, shall stand afar off for the fear of her torment, weeping and wailing,
Revelation:18:15

The disappearance of Credit Suisse’s investment bank, which UBS has said it will seek to cut back significantly, marks yet another retreat of a European lender from securities trading, which is now largely dominated by US firms.

This article was published in thejakartapost.com with the title “UBS completes Credit Suisse takeover to become wealth management behemoth”. Click to read: https://www.thejakartapost.com/business/2023/06/12/ubs-completes-credit-suisse-takeover-to-become-wealth-management-behemoth.html?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1686551967.