Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen on Sunday welcomed UBS’s purchase of fellow Swiss bank Credit Suisse, saying they had been in close touch with Swiss officials.
“We welcome the announcements by the Swiss authorities today to support financial stability,” they said in a joint statement. “The capital and liquidity positions of the U.S. banking system are strong, and the U.S. financial system is resilient. We have been in close contact with our international counterparts to support their implementation.”
The deal comes amid jitters in the U.S. banking system after the failure of two regional lenders led American authorities to step in to protect uninsured depositors.