Fed's Powell spoke with UBS CEO amid meetings flurry during March banking crisis

Credit Suisse AG

02/06/2023 19:22

June 2 (Reuters) - Federal Reserve Chair Jerome Powell
held a phone call with the head of UBS Group AG  UBSG.S  in the
days before the bank was propelled by Swiss authorities to buy
smaller rival Credit Suisse, just one of the dozens of calls and
meetings Powell held from mid-March onward as a banking crisis
unfolded.
    Powell's monthly meeting logs, released by the Fed on
Friday, showed the U.S. central bank chief spoke with Ralph
Hamers, then the UBS chief executive, for 30 minutes on March
14. That was five days before UBS agreed to buy Credit Suisse in
a deal engineered by Swiss authorities to avoid more
market-shaking turmoil in global banking.

 (Reporting By Dan Burns; Editing by Chizu Nomiyama)
 ((Daniel.Burns@thomsonreuters.com;))