UBS to take over Credit Suisse, assume up to $5.4b in losses

UBS to take over Credit Suisse, assume up to $5.4b in losses

FILE PHOTO: The logo of Swiss bank UBS at its Zurich headquarters in Switzerland, July 27, 2015. REUTERS/Arnd Wiegmann

UBS agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter