Oakland restaurant owner slams city’s crime problem

Stories about high-profile companies in Oakland closing shop or hiring extra security have made grim headlines in recent months.

But it’s not just corporations that are feeling the crunch of increased crime in the Bay Area.

One local Oakland restaurant owner bluntly told Fox News Digital that the city where she’s spent nearly all her 45 years is “the worst I’ve ever seen it.”

Target closed its downtown Oakland location last year after police responded to more than 100 smash-and-grab thefts and similar incidents in 2023.

In-N-Out recently announced its sole Oakland burger joint was closing, the first time in the company’s history it had to make such a decision, due to rampant burglaries, property damage and armed robberies in the area.

A Denny’s also closed down last month because of the crime epidemic.

Then there’s Blue Shield, Clorox, and Kaiser Permanente, the largest employer in Oakland, who have issued warnings to employees, hired security guards or taken other actions in response to a crime surge in the city. 

Weyanti Ahmed, who runs Y’s Choice restaurant in the city’s Jack London district near the waterfront, says the developments show Oakland won’t begin to thrive until it makes serious changes.

The neighborhood has been beset by rising crime, forcing local hubs to close or raise prices in response. 

“It’s scary for business owners,” she told Fox News Digital.

Stories about high-profile companies in Oakland closing shop or hiring extra security have made grim headlines in recent months. AP

“It’s scary for even a citizen just walking down the street. It’s just not comfortable. You’re always on guard, and it’s absolutely affected my business tremendously.”

She described one particularly terrifying incident in December when a shooting occurred near the restaurant while she had customers inside.

She has seven employees, and she says she no longer allows them to use public transportation if they don’t have their own vehicle.

“There’s just not enough police presence in Oakland,” she said.

“Especially in our area, like downtown, Jack London, it’s a tourist attraction. So it only makes sense for a lot of the crimes to happen there, because they know a lot of tourists are down there.”

One local Oakland restaurant owner bluntly told Fox News Digital that the city where she’s spent nearly all her 45 years is “the worst I’ve ever seen it.” AP

One woman told local outlet KTVU last year the once-vibrant district was turning into a “ghost town,” recounting seeing cars broken into in broad daylight while she walked her dog.

Another man said, “this could be a vibrant community but it ain’t right now.”

“Defund the police? That don’t work,” he said.

Ahmed says she and her fellow business owners in the neighborhood do their best to look out for one another, but they’re limited in what they can do.

She’s been forced to rely more on delivery apps like DoorDash and Grubhub because people don’t feel comfortable dining at her restaurant, which specializes in soul and seafood.

In-N-Out recently announced its sole Oakland burger joint was closing, the first time in the company’s history it had to make such a decision, due to rampant burglaries, property damage and armed robberies in the area. Getty Images

She also said she’s considered closing down her own location because of how many dine-in customers she’s lost.

“So when you’re going to have dinner or lunch or whatever it is, and then you go outside and your car’s broken into, that $30 meal has now cost you over $230,” she said.

“Would you go back? Probably not… The whole dining experience in Jack London, it’s just not going to happen because no one is comfortable to sit down and eat.”

Oakland is the county seat of Alameda County, whose District Attorney Pamela Price has faced criticism for being perceived as soft on crime with her progressive policies, including such measures and efforts as not trying juveniles as adults, seeking lower sentences and probation for more crimes, and doing away with special-circumstance sentencing enhancements.

Oakland is also without a permanent police chief at the moment, and Ahmed said she’s “fed up” and disappointed with Democratic Mayor Sheng Thao and the City Council.

Weyanti Ahmed, who runs Y’s Choice restaurant in the city’s Jack London district near the waterfront, says the developments show Oakland won’t begin to thrive until it makes serious changes. Google Maps

“I feel like the police officers are a little bit more timid,” Ahmed said.

“They’re not as aggressive as they should be. They don’t have authority in our city, so… we live in a lawless city. It’s really sad.”

Oakland’s troubles have gotten the attention of state leaders as well.

California Gov. Gavin Newsom blasted the “completely unacceptable” rise in crime and announced a surge of 120 California Highway Patrol officers to Oakland the East Bay, leading to dozens of arrests this week on everything from auto theft to drug possession.

According to a recent CBS News report, Oakland crime statistics showed robbery (37%), burglary (24%) and motor vehicle theft (45%) were all up double digits year-over-year.

The office of Mayor Thao has told local outlets that reducing crime is a top priority for City Hall, pointing to funding for more police academies to train new officers and bringing back foot patrols.

Oakland is one of the bluest cities in the U.S.; Democrats dominate municipal leadership and President Biden took 80% of the vote in Alameda County in 2020. 

Requests for comment to the offices of Thao and Price were not returned.

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Sports Illustrated’s entire staff told they are getting laid off

It is a dark day for sports journalism.

The Arena Group alerted all Sports Illustrated staffers on Friday that their positions were being eliminated.


A George Mason fan holds up a Sports Illustrated magazine in 2006. AP

Richard Deitsch, a sports media reporter who left for Sports Illustrated for the Athletic, posted the email that all employees received on X.

It noted, in part, that some employees would be “terminated immediately.”

The decision comes after the Authentic Brands Group, the licensing group that bought Sports Illustrated for $110 million from Meredith five years ago, terminated the agreement it holds with The Arena Group to publish the magazine in print and digital, per Front Office Sports.

“Some employees will be terminated immediately, and paid in lieu of the applicable notice period under the [the union contract],” the notice read. “Employees with a last working day of today will be contacted by the People team soon. Other employees will be expected to work through the end of the notice period, and will receive additional information shortly.”

The Arena Group missed a $2.8 million payment that breached the company’s Sports Illustrated licensing deal three weeks ago.

It is unclear whether Authentic will establish a new operator or allow Arena to renegotiate its current deal.

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Why Millenials and Gen Z are over working 9-to-5

Videos of Gen Zers and Millennials complaining about the traditional 9-5 job have spread across social media platforms like wildfire and sparked debates about the younger generations’ work ethic, or lack thereof.

Some employers are even avoiding hiring from Gen Z, according to one recent survey, with 58% believing these workers are unprepared for the workforce.

Some experts argue Gen Zers aren’t lazy for griping about the corporate job structure, it just means they have radically different priorities than the generations before them.

“Gen Z is not a lazy generation, but it is an entitled generation because they have the freedom to make a more broad set of decisions than older generations that have financial obligations. They’re different,” labor force expert John Frehse told Fox News Digital.

Frehse, the senior managing director and head of global labor strategy for the consulting firm Ankura, explained how data shows younger adults aren’t getting married and having kids at the rates previous generations did.

Over half of younger adults are living at home with their parents while less than half say they’re a member of an organized religion, he said.

Because many Gen Zers don’t have a mortgage or family to support, they have more financial freedom to make different life choices, he argued.


Getty Images

Gen Z also wants their job to accommodate their lifestyle, rather than the other way around.

This leads to the younger generation being more likely to work in the gig economy or change jobs frequently, rather than stay in a work environment that they don’t like.

“This is very troubling to employers,” Frehse remarked.

His research shows Gen Zers are less likely to seek promotions because they don’t want to work overtime and have extra responsibilities that could impinge on their lifestyle.

These different motivations are fundamentally misunderstood by some older employers, he said.

Author and culture expert Jessica Kriegel believes the older and younger generations are more alike than they think.

But she says social media has added to misconceptions and generational conflict.

“I believe that we’re a lot more similar than we are different. However, what you are seeing, for example, is more activity on social media from young people, which then leads to more perceptions that Baby Boomers have, that Gen Z are a certain way because of what they’re seeing on social media, that they’re not seeing from Baby Boomers. And so, then that leads to conflicts between generations. And it’s sort of an ‘us versus them’ mentality that people dig into. And that becomes a source of a lot of these misconceptions,” she explained to Fox News Digital.

The job-hopping trend isn’t a new phenomenon with Gen Z, she argued.

While data shows that workers in their 20s and 30s on average stay at a company for just three years, versus ten years for those in their 50s to 60s, there was this same loyalty gap between the two generations, 60 years ago, she said, citing numbers from the Employee Benefits Research Institute.

“So, it’s really more of a life stage issue than a generational issue,” she remarked.

“I think what’s really going on is young people try out a career, don’t really love it, try a different career. Whereas older people have gone through that journey, and they’ve figured out where they want to be and stay, and they’re also closer to retirement, so they have more financial incentive to stay put,” Kriegel said.

The author also said that “new norms of behavior and social interaction” have made things “uncomfortable” for older employers dealing with Gen Z workers.

“There’s this bias that those people are bad. Therefore, we don’t want to work with those people, which I think is a shame,” Kriegel said.

If employers go into interviews with these biases, they are bound to find something “unprofessional” to fixate on with the younger generation, she argued.

A December 2023 survey of 800 employers and hiring managers in the U.S. from Intelligent.com found over half of employers thought Gen Zers were unprepared for the workforce and displayed unprofessional behavior during job interviews.

The top criticism from employers about Gen Z behavior during interviews was that they failed to maintain eye contact.

Half of those polled also said they asked for unreasonable compensation, while 47% said they dressed inappropriately.

One in five employers even said they had candidates show up with a parent during a job interview.

Kriegel believes workplaces can benefit from abandoning generational stereotypes, a topic she discusses in her book “Unfairly Labeled.”

The author urges employers to work on overcoming any biases they have towards Gen Z, to overcome the “us versus them mentality.”

Younger Millennials and Gen Zers can help themselves by “showing up the way that corporate America wants you to show up,” if they want to succeed in a traditional job, she suggested.

“Now, does that mean you get to be your truest and authentic self? No, it doesn’t. Which can be challenging in and of itself. A lot of people are so frustrated with that they’re opting out, and they’re working in the gig economy as an alternative to having a 9 to 5 job. But if you want to play the game in corporate America, in a 9 to 5 job, you have to play that game. And so, it does require adjusting how you show up in order to make the best impression,” she advised.

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Hertz plans to sell 20,000 EVs, including Teslas

Rental firm Hertz Global Holdings said Thursday it would sell about 20,000 electric vehicles from its US fleet due to higher expenses related to collision and damage, and will opt for gas-powered vehicles.

Shares of the company, which operates vehicles from Elon Musk’s Tesla and Swedish EV maker Polestar among others, fell about 3% at market open.

Hertz had said it would order 100,000 Teslas by the end of 2022 and followed that with a decision to buy up to 65,000 units over five years from Polestar.


Hertz had said it would order 100,000 Teslas by the end of 2022. REUTERS

“Expenses related to collision and damage, primarily associated with EVs, remained high in the quarter…,” Hertz said in a regulatory filing on Thursday.

The company had previously set a target for 25% of its fleet to be electric by the end of 2024.

Hertz expects about $245 million of incremental depreciation expenses from the proposed sale in the fourth quarter of 2023 and warned of a hit to adjusted corporate core profit for the period.


Tesla shares fell on Thursday. CAROLINE BREHMAN/EPA-EFE/Shutterstock

The company said it would continue to focus on improving profitability for the remainder of its EV fleet.

Hertz’s used car website lists more than 700 EVs on sale including BMW’s i3, Chevrolet’s Bolt and Tesla’s Model 3 and Model Y SUVs.

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New York state to invest in $10B chip research complex

New York state is joining tech giant IBM and semiconductor manufacturer Micron Technology to invest $10 billion in a state-of-the-art chip research facility at the University of Albany, Gov. Kathy Hochul announced.

NY Creates, a nonprofit entity that oversees The Albany NanoTech Complex where the 50,000-square-foot facility will be built, will supervise the project, according to The Wall Street Journal.

Upon its completion in 2026, the facility is expected to include some of the most advanced chip-making equipment in the world courtesy of ASML Holding, a Dutch company that sells machines worth upwards of hundreds of millions of dollars, The Journal reported.

Once the machinery is installed, the project and its partners — including material-engineering company Applied Materials and electronics firm Tokyo Electron — will work on next-generation chip manufacturing there, per The Journal, citing Hochul’s office.

ASML’s advanced machines use lasers and drops of tin in a highly-complex process that uses silicon and ultraviolet light to turn semiconductor materials into chips, according to the company’s website — all while keeping the chip “about 10,000 cleaner than the outside air.”

New York state is joining semiconductor leaders including IBM, Micron Technology, Applied Materials and Tokyo Electron in their investment in a $10 billion chip research facility at the University of Albany. Gregory P. Mango
The 50,000-square-foot manufacturing destination will feature multimillion-dollar chip-making equipment courtesy of ASML Holding. REUTERS

Acquiring machines capable of this advanced technology at this Albany complex expansion is part of the $53 billion Chips Act, which the Commerce Department initiated earlier this year to counter technological advances in China while boosting national security by slashing America’s reliance on imported chips.

New York state has committed $1 billion to the project, which will be used to purchase the ASML equipment and construct the building, The Journal reported.

The facility could also help New York’s bid to be the designated research hub under the Chips Act — which included $11 billion for a National Semiconductor Technology Center designed to advance domestic chip research and development, according to The Journal.

The University of Albany’s new building is set to have a larger impact on the economy.

Hochul’s office predicts its opening will create some 700 new jobs and bring in at least $9 billion in private money.

The Post has sought comment from Hochul’s office, as well as the University of Albany.

The Albany NanoTech Complex — which was first constructed in the late ’90s as a lone 70,000-square-foot facility and has since ballooned into a 1.65 million square-foot complex — has already made headway on its chip research efforts.

The University of Albany is set to welcome the chip-making facility in two years. It will be a part of its Albany NanoTech Complex. The first building in the complex opened in the 1990s.

New York boasts a number of large chip factories, including ones operated by semiconductor manufacturer GlobalFoundries, which works with San Diego, Calif.-based Qualcomm, the maker of chips that come in Android, Asus and Sony devices.

Fellow semiconductor manufacturing company Onsemi also boasts a manufacturing facility in Rochester, NY, and Wolfspeed, a semiconductor manufacturer that focuses on silicon carbide, expanded to the East Coast with the opening of its Marcy, NY, facility last year.

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Eyedrops pulled by CVS, Target made by barefoot workers in India

Tainted eyedrops yanked from pharmacy shelves over fears they could cause infections and even blindness were made in a factory in India where workers walked around barefoot and safety test results were faked, according to an explosive report.

The 26 over-the-counter products — sold as store brands at retailers including CVS, Rite Aid, Walmart and Target — came from a company in Navi Mumbai called Kilitch Healthcare India Ltd., according to a Bloomberg investigation.

On Oct. 25, the Food & Drug Administration issued a recall on the more than two dozen eyedrop brands after agency investigators found unsanitary conditions at the India plant and “positive bacterial test results from environmental sampling of critical drug production areas in the facility.”

The government report, obtained by Bloomberg, said that workers were showing up to the factory barefoot or were not wearing protective gear in sterile areas while one person was observed combing their hair amidst cleaning equipment and others were forging the dates on products attesting to their sterility.

This factory in Mumbai India allegedly has ‘insanitary’ conditions that has led to contaminated eyedrops, according to an FDA inspection report seen by Bloomberg.
via Pharma Technology

The FDA did not immediately respond for comment but a spokesman told Bloomberg, “The agency proactively worked with retailers to have these products removed from the market before any known injuries arose,” Jeremy Kahn said in an email. “We urge consumers to stop using these products, as it could result in an eye infection.”

It’s the second time US authorities found problems with eyedrops made in India.

In February, health agents found that another eyedrop maker in India was linked to infections and to four deaths and 18 cases of vison loss in the US.

There has been an “alarming” rise in the number of eyedrops sold in the US that may cause health problems, according to the Dry Eye Foundation.
Jeffrey Greenberg/Universal Images Group via Getty Images

In that outbreak involving eyedrops from EzriCare LLC and Delsam Pharma LLC – that were recalled – a dangerous bacteria was found in the products, according to another investigation by Bloomberg.

Four people had their eyeballs removed to stop the spread of the bacteria while others experienced cloudy abscesses on their corneas, discharges from their eyes and migraines that lasted for months.

The contaminated eyedrops made their way to the US because of a lapse in the FDA’s supervision of over-the-counter medicines that allowed “two inexperienced entrepreneurs” in India to sell their products to distributors and pharmacists in the US, according to the report.

The FDA issued a warning in October about 26 brands of eyedrops that could cause infections or even blindness, including the Velocity brand.
Velocity Pharma

India bills itself as the “pharmacy to the world” because it is home to most of the pharmaceutical manufacturing.

However, the FDA has little power to force a drugmaker to recall its products.

But it did ban the Kilitch factory on Oct. 23 from sending more eyedrops to the US after inspecting the plant for a week, according to Bloomberg.

The agency also asked Kilitch to recall its products but it hasn’t so far, according to the outlet.

Many eyedrops are manufactured in India, which bills itself as the “pharmacy of the world.”
UCG/Universal Images Group via Getty Images

The FDA has warned consumers about 78 over-the-counter eyedrops this year, but only 13 have been recalled, according to the Dry Eye Foundation, a non-profit in Seattle. 

The group raised a warning flag back in April when it alerted the public about a “sharp rise in eye drops marketed in the US that may pose health risks to consumers.”

In August, the FDA issued a warning about a “life-threatening infection” associated with Dr. Berne’s Organic Castor Oil Eye Drops; and Dr. Berne’s MSM Mist 15% Solution.

The FDA said the contaminated eyedrops could lead to “minor to serious” infections that could potentially affect vision and even “progress to a life-threatening infection.”

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UPS starts contract negotiations with Teamsters Union

UPS begins talks this week with the Teamsters Union on the largest collective bargaining agreement in the US, with the union calling on the parcel-delivery giant for improvements in part-timers and drivers’ compensation. 

The national negotiations held in Washington, DC will likely bring out an update to the current contract that expires on July 31, mapping out the delivery giant’s cost structure at a time when customers demand more delivery options, The Wall Street Journal reported

The union is demanding that UPS increase pay for part-time employees and eliminate a second category of drivers who handle weekend deliveries. UPS is seeking more flexibility to have employees work on weekends in response to changes in demand, as parcel recipients now expect deliveries on any day of the week.

The upcoming UPS contract is expected to cover approximately 330,000 employees in a five-year deal that will extend through 2028.

“We are committed to reaching an agreement that provides wins for our employees, the Teamsters, UPS and our customers,” said UPS spokesman Glenn Zaccara. 

“What we do in these upcoming negotiations is going to be the road map for the success of the labor movement, moving forward. So all eyes are upon us,” said Sean O’Brien, president of Teamsters, in an interview. “Every contract we negotiate is a template for nonunion industries, doing similar work.” 


The Teamsters leaders recognize the significance of the upcoming UPS contract, which is expected to cover approximately 330,000 employees in a five-year deal that will extend through 2028.
AP

The current two-tier system for drivers, according to the Teamsters, has allowed the company to use lower-paid workers to deliver packages on weekends, curbing delivery costs, and these drivers are doing the same amount of work as the higher-paid drivers who work on the weekdays and should get the same pay and benefits.

“We are not going to negotiate a contract that is cost neutral or with concessions. We are going to push this company and its management harder than they’ve ever worked before, and for the 1st time you’re going to face a productivity standard,” Sean O’Brien, President of Teamsters, told UPS across the table

O’Brien took over leadership of the Teamsters in March 2022 and was critical of the prior agreement with UPS. It is also the first negotiation for UPS CEO Carol Tomé, who took over in June 2020.


Around 55% of UPS workers represented by the Teamsters are part-timers, and according to O’Brien, the union is pushing for higher pay for these employees due to inadequate wages, particularly in areas with a high cost of living. 
SOPA Images/LightRocket via Getty Images

Around 55% of UPS workers represented by the Teamsters are part-timers, and according to O’Brien. 

UPS said its part-time employees currently receive at least $16.20 an hour and average $20 an hour after 30 days, and these workers receive the same health care benefits as its full-time employees, a pension, paid time off and tuition reimbursement.

The talks surrounding supplemental agreements, which started in January, deal with provisions not covered under the national agreement such as paid time off, discipline, grievance procedures, seniority, overtime and work hours. 

Delivery drivers and package handlers were designated essential workers during the pandemic, and many worked extra hours to cope with outsized demand. The union says that workers should have more say over whether or not to accept overtime work.


Delivery drivers and package handlers were designated essential workers during the pandemic, and many worked extra hours to cope with outsize demand.
REUTERS

The delivery titan reported record operating profit in 2021 and 2022, but said in January that it is preparing for a global delivery slowdown this year.

The parcel-delivery landscape has evolved since the International Brotherhood of Teamsters and UPS last inked a five-year deal in 2018. 

In recent years, both UPS and its rival FedEx have shifted their focus towards delivering more profitable packages instead of pursuing volume growth.

Despite a pandemic-induced dip in online sales, e-commerce remains a robust market segment, and delivery companies seek greater workforce flexibility to provide weekend services. FedEx recently unveiled a cost-cutting restructuring plan that merges its networks.

In the last contract negotiation in 2018, the Teamsters members voted down the agreement, but it was eventually ratified due to low turnout. The Teamsters have now confirmed that this loophole has been resolved in 2021 and will not impact the ratification process.

With Post wires



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Related Companies snags new leases at 55 and 50 Hudson Yards

Related Companies has scored 80,000 square feet of new leases at Hudson Yards, according to sources.

At 55 Hudson Yards, J.F. Lehman & Company signed for 29,000 square feet, replacing Vista which expanded into a larger space at neighboring 50 Hudson Yards.

Separately, Milbank LLP added 28,000 square feet to bring its total in the fully-leased 1.3 million square-footer to 315,000 square feet.


Related Companies has added 80,000 square feet of new leases at Hudson Yards.
ZUMAPRESS.com

Meanwhile, Liberty Mutual took 20,000 sf at 50 Hudson Yards, where major tenants include Point72 Asset Management. Related declined to comment.

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US employers added 236,000 jobs in March, unemployment at 3.5%

US hiring slowed in March – but the jobs market remains historically tight in a trend that could put pressure on the embattled Federal Reserve to proceed with another interest rate hike.

Nonfarm payrolls increased by 236,000 last month, according to the Labor Department’s closely-watched March jobs report released Friday.

The figure was roughly in line with expectations. Prior to the March jobs report’s release, economists polled by Dow Jones had forecast jobs growth of 238,000.

The US unemployment rate sank slightly to just 3.5%, down from 3.6% in February.

“Employment continued to trend up in leisure and hospitality, government, professional and business services, and health care,” the Bureau of Labor Statistics said in a release.

Average hourly wages ticked 0.3% higher, slightly more than economists expected. Wages have increased by just 4.2% over the last 12 months – the slowest clip since mid-2021.

Elsewhere, hiring in February was revised upward to show the US economy added 326,000 jobs that much – 15,000 more than what was previously reported.

Investors anxiously awaited the latest hiring data given lingering uncertainty about the Fed’s policy path. Fed Chair Jerome Powell has often cited tightness in the jobs market as the central bank enacted a series of rate hikes over the last year.


Hiring in March matched expectations.
AP

“The labor market is cooling down though not as quickly as the Fed would like it to,” Derek Tang, an economist at LH Meyer/Monetary Policy Analytics in Washington, told Bloomberg. “This keeps a May hike in play, though just barely.”


Wages increased by 0.3% in March.
AP

The market is pricing in a 69% probability that the Fed will implement another quarter percentage point interest rate hike at its next policy meeting on May 2-3, according to CME Group’s FedWatch tool. Investors see just a 31% chance that the Fed will pause its tightening campaign.

The Fed implemented a quarter-point hike last month, signaling its resolve to tame inflation despite weakness in the US banking sector. Inflation is still running abnormally high – with prices jumping 6% year-over-year in February, according to last month’s Consumer Price Index.

Powell and other experts have suggested that bank crisis could lead to tightened credit conditions that would further cool prices.


The US unemployment rate is just 3.5%.
AP

US stock futures were mixed as the market digested the March jobs report. Dow Jones Industrial Average futures fell about 55 points, while Nasdaq and S&P 500 futures were flat.

Hiring stayed resilient even as major US companies slashed jobs and enacted cost-cutting measures amid signs of a slowing economy.

Disney began its first of three planned rounds of layoffs in late March as part of plans to cut about 7,000 jobs and $5.5 billion in expenses.

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Credit Suisse, UBS shares drop after Swiss probe into merger

Credit Suisse and UBS shares fell on Monday after Switzerland’s federal prosecutor opened an investigation into the emergency merger of the two lenders.

The office of the attorney general said on Sunday that the prosecutor opened an investigation into the state-backed takeover of Credit Suisse by UBS Group last month, looking into potential breaches of the country’s criminal law by government officials, regulators and executives at the two banks.

UBS and Credit Suisse were each set for their biggest daily decline in 10 days, falling around 4% in early trading before paring losses to stay down 2% and 1.8%, respectively. 

The banks declined to comment on the investigation.

The UBS takeover of rival Credit Suisse was engineered by Swiss authorities in a bid to rein in turmoil in global banking.

But the Swiss public and politicians have voiced concerns about the level of state support offered in the deal, with nearly 260 billion Swiss francs in liquidity and guarantees offered by the government and Swiss National Bank.


The UBS takeover of rival Credit Suisse was engineered by Swiss authorities in a bid to rein in turmoil in global banking.
AP

“The government underestimated how much antipathy the public in Switzerland have against the deal,” said Michael Field, Europe Market Strategist at Morningstar.

“Comments in the media this morning about 30% of workforce being cut don’t help either,” he added.

Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager that the bank created by takeover of Credit Suisse is poised to reduce its workforce by 20-30%. The two banks combined have 120,000 staff worldwide and $1.6 trillion in assets.

Separately, data showed on Monday that sight deposits held by the SNB declined last week, suggesting that Credit Suisse and UBS may have cut back on use of emergency funds offered them.

The SNB, Credit Suisse and UBS declined to comment on the changes in sight deposits.

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