When the bank finds itself in the difficult position it is in Credit Suisse and the best solution is its acquisition by a competitor, there are many losers. In this case, perhaps the only winner is the country’s largest bank, synonymous with the banking industry: UBS, which, after a weekend of hectic negotiations, buys its competitor in a deal involving extensive guarantees and liquidity supplies.

For Ralph Hammers, chief executive of UBS, the deal means an increase in his bank’s wealth and investments to around $5 trillion. dollars. He is buying out Credit Suisse’s lucrative arm, Swiss Universal Bank, which is reportedly worth three times what UBS paid to acquire it, and very cheaply. After all, he gets access to the rich clients of the historic bank. Ralph Hammers, a former head of ING Group, and his team must decide which areas and which employees to keep and which to lay off. However, they will have access to liquidity from a credit line opened for this purpose by the country’s central bank, as well as guarantees from the Swiss state to cover losses.

The losers from the deal were the shareholders of Credit Suisse and, above all, investors from the Gulf countries. The Saudi National Bank’s investment proved extremely short-lived and unprofitable, with the Saudi bank losing 1.1 billion Swiss francs in less than 15 weeks after buying Credit Suisse shares. He thought he bought shares in the historic bank at a good price just a few months ago, when the purchase made him Credit Suisse’s largest shareholder. Some accused the Saudi bank of causing panic when it refused to inject new capital.

The Qatar Investment Fund suffered much more damage over a much longer period of time, initially investing during the global financial crisis, and also lost a large amount. It is the second-largest lender to the Swiss bank and previously bought AT1 bonds, which have now been fully written off as part of the deal. However, it is not clear if he still has them. After all, the bank’s shareholders have no say in the deal because Switzerland has been quick to amend relevant laws to speed up the takeover.

The losers from the deal were the shareholders of Credit Suisse and, above all, investors from the Gulf countries.

The big loser is certainly Urlich Kerner, chief executive of Credit Suisse, who will step down after failing to resurrect the troubled bank he inherited. He only took office last summer, developed a restructuring and derisking plan for the bank, and intended to focus on the asset management business. He also had a plan to liquidate the bank’s successful investment arm. But by all appearances, the bank never recovered from a crisis of confidence that cost it billions of dollars in October. In the past few days, pressure has increased and the Swiss Bank has had to intervene.

Holders of hybrid bonds are usually more protected than stockholders, but this time they are not. Swiss regulators have decided to write off $17 billion in AT1 bonds intended to ensure that taxpayers do not have to bear the costs in the event of a bank failure. The write-down of these bonds is the largest loss ever recorded in the European AT1 bond market, amounting to $275 billion.

The Swiss regulator was also among the losers as it was forced to oversee a systematic bank rescue for the first time since the global financial crisis. The Swiss government was forced to provide multi-billion dollar guarantees to UBS and the Swiss Bank to provide extensive liquidity to facilitate the bailout. So this puts taxpayers at risk 15 years after the UBS government bailout.