UBS & CS: Swiss precision

The UK set the bar high on bank clean-ups. The Swiss vaulted it. The combined effect of sweeping government initiatives and private capital raising should go some way to shoring up confidence in the country’s two biggest banks. The actions taken by Swiss authorities closely follow those introduced a week earlier by their UK counterparts, but then take them a significant step further. There is a pledge to guarantee new short and medium term funding if needed, and an immediate “moderate” increase...