UBS buys Credit Suisse to stop banking crisis

“This is not a bailout; the bankruptcy of a global systemically important bank would have caused irreparable economic turmoil,” said Swiss Finance Minister Karin Keller as UBS struck a deal to buy over Credit Suisse in a 3 billion-Swiss franc deal backed by a massive government guarantee.

The bank has been mired in scandals since 2021 and before news of the UBS takeover, it was in the process of cutting 9,000 jobs in an effort to save itself.