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Banking turmoil: Credit Suisse, UBS stocks see wild swings after deal

Credit Suisse nosedives 64%; UBS falls 15% in early trade but recovers later

UBS-Credit Suisse
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UBS-Credit Suisse

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Shares of Credit Suisse plunged 64 per cent in early trading 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 stave off further market-shaking turmoil in the global banking system.

UBS shares were down 14 per cent in early trading on the Swiss stock exchange.

Swiss authorities 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 investors and the bank's customers.

Shares of Credit Suisse and other banks plunged after the

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First Published: Mar 20 2023 | 11:09 PM IST

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