Spring cleaning begins at Credit Suisse

Barely sealed the takeover of Credit Suisse by UBS at the end of a marathon weekend, the bank with the three keys sets the tone for the coming weeks and months to come: it will not let anything pass through a review that will announcement laborious and rigorous. For lack of having carried out due diligence before, she does them after and starts right away. First target: Michael Klein and his company, M. Klein & Company (MK&C), understands the Financial Times. According to the British specialized media, teams from the New York law firm Davis Polk & Wardwell would be mandated to unravel the transaction concluded on February 9 between the investment advisory firm and Credit Suisse, according to informed sources. For them, the objective of this deconstruction goes beyond the price paid by Credit Suisse: UBS would like to have free rein to reorganize the investment bank within the framework of a new strategy.