Swiss authorities urged UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs failed to reassure investors and the bank's customers. Shares of Credit Suisse and other banks plunged after the failure of two banks in the U.S. raised questions about other potentially shaky global financial institutions.
Markets remain jittery despite the best efforts of regulators to restore calm. Global stock markets sank Monday, with Hong Kong's main index sliding more than 3%. Market benchmarks in Frankfurt and Paris opened down more than 1%. Shanghai, Tokyo and Sydney also declined. Wall Street futures were off 1%. Oil prices plunged more than $2 per barrel.
The combination of the two biggest and best-known Swiss banks, each with storied histories dating to the mid-19th century, amounts to a thunderclap for Switzerland's reputation as a global financial center - putting it on the cusp of having a single national banking champion. Investors and banking industry analysts were still digesting the deal, but at least one analyst suggested the deal might tarnish Switzerland's global banking image.
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