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UBS to enter talks with Michael Klein to terminate First Boston deal

UBS is set to enter talks with Michael Klein to unwind a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse’s investment bank. UBS executives believe Klein secured too favourable terms.

1 min read
  • UBS to enter talks with Michael Klein to terminate Credit Suisse deal.
  • UBS executives believe Klein secured too favourable terms.
  • UBS assigned legal team to examine how to void the contract with Klein.
  • First Boston's partnership with Credit Suisse's wealth management and trading operations unlikely to continue under UBS’s ownership.
  • Deal would have fulfilled Klein's ambition of running a high-profile Wall Street business.
UBS to enter talks with Michael Klein to terminate First Boston deal
Executives at Swiss bank believe Wall St veteran secured terms from Credit Suisse that were too generous
Financial TimesOwen Walker

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