Top headlines: UBS to buy Credit Suisse for nearly $3.25 bn amid turmoil

To calm turmoil, UBS to buy Credit Suisse in $3.25 billion rescue deal

Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers. Shares of Credit Suisse and other banks plunged this week after the failure of two banks in