Shares of Credit Suisse
plunged 60.5% in early trading on Monday
after the announcement that banking giant UBS would buy its troubled rival for almost $3.25 billion in a deal orchestrated by regulators to avoid further turmoil in the US. the world banking system.
UBS shares were also down 8% on the Swiss stock exchange.
Swiss authorities
have urged UBS to take over its smaller rival
after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure the bank's investors and clients.
Markets remained jittery on Monday despite the best efforts by regulators to restore calm.
Photo: Reuters
Shares of Credit Suisse and other banks tumbled last week after the failure of two US banks raised questions about other potentially weak global financial institutions.
Markets
remained jittery on Monday
despite the best efforts by regulators to restore calm.
In the US, the Federal Deposit Insurance Corporation announced Sunday night that New York Community Bank has agreed to
buy a significant portion of the failed Signature Bank
in a $2.7 billion deal.
Developing
Associated Press
ap
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