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Watch Citigroup CEO Fraser: Credit Suisse Sale Was Only a Matter of Time - Bloomberg

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00:00[CC may contain inaccuracies] Credit Suisse seems to dissolve very, very quickly. Were you surprised at how quickly that bank kind of went away after about 100 years of being around? So I think we're to about three or four banks out of the thousands that are here in the states and the rest of it. Let's put that in perspective. So Credit Suisse, I don't think anyone was falling off their chair. The Credit Suisse ultimately ended up where it did. It was really a question of time. It's been a troubled institution for a long time. Those of you who don't know it, it's a very global fact in sweats. It's got very strong operation Switzerland and good wealth management in Asia and investment bank here in the states and around the world. But it's had a lot of issues. It's had a lot of management instability. It's had a number of different crises and things that have hit it. So no one was hugely surprised that this happened. It was really a question of time in everyone's mind. One issue that seems very unusual there is that when Credit Suisse was taken over by UBS, they in effect protected to some extent the shareholders. They didn't wipe out the shareholders of Credit Suisse. They got two billion dollars or something like that, two billion euros, perhaps, or Swiss francs in compensation smaller than the value had been before. But the bondholders who issue who held a certain kind of bond, they were wiped out. Normally, bondholders get protected before the shareholders. Why did that happen? It's an anomaly in Switzerland. And we were very happy to see the Europeans come out very quickly and say and the U.K. as well saying that's not how is. That's not how the system works on it. So it was it was truly just a Swiss piece. And I think all of us were quite relieved when that clarification came came out as they obviously took people by surprise. OK. But let's also look at this. This is a very orderly process. This is a major global bank with operations everywhere. And here, again, that this was done extremely well over a few days because we were quite worried about what would happen on Monday morning. Was it going to be complete chaos and there wasn't. Credit Suisse has some great private bankers and they have some great clients. Are the city bankers calling up the Credit Suisse former employees and saying, you should come here now or something? No, I think they're calling us. They are.

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Citigroup CEO Fraser: Credit Suisse Sale Was Only a Matter of Time

Citigroup Inc. Chief Executive Officer Jane Fraser gives her take on UBS Group AG's takeover of Credit Suisse Group AG. She speaks with David Rubenstein at the Economic Club of Washington. (Excerpt) (Source: Bloomberg)