UBS is in talks to take over all or part of Credit Suisse, the Financial Times reported, citing multiple people familiar involved in the talks.
Earlier this week, the embattled Credit Suisse said it would borrow as much as 50 billion Swiss francs from the Swiss National Bank. But even with that move, Credit Suisse shares have continued to fall. Credit Suisse shares closed lower by nearly 7%, but are down 24% for the week.
Swiss regulators have told U.S. and U.K. regulators that a merger of the two banks was their "plan A," the people told the Financial Times. But there continue to be other options that may be considered, they said. The paper said UBS declined to comment, and Credit Suisse wasn't immediately available when the FT reached out.
The global banking sector has been under increasing pressure in the wake of Silicon Valley Bank's failure last week. Since that event, Signature Bank was also closed by regulators and regional bank shares have lost millions in market cap. Among the
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