In the morning, a junior fellow apprentice who is a lawyer stopped by for a private conversation with Juyan, then left in a great hurry.
UBS is finished; even their ten-billion-dollar bailout couldn't save them. The Swiss government sold them off to a major domestic bank at a rock-bottom price and wiped out all 16 billion Swiss francs worth of AT1 bonds issued by UBS. This move turned all the bonds held by investors into waste paper, sparking global protests. European bank stocks plummeted last night.
Juyan likely held a fair number of these bonds and bank stocks. Between the heavy losses he already took from Gaoxin and this new blow from the bank stocks, he was distracted through lunch—his children had to call his name several times before he even heard them.
Chapter 362