Banking giant UBS is buying its rival Credit Suisse, Swiss President Alain Berset announced on Sunday. Berset did not specify the value of the deal, but said it was being done in an effort to avoid further market-shaking turmoil in global banking.
- Credit Suisse ‘could not be saved,’ chairman says in apology to shareholders
- UBS to buy Credit Suisse in effort to create stability, Swiss president says