Why Is Credit Suisse in Trouble? The Banking Turmoil Explained
Based in Zurich, Credit Suisse is Switzerland’s second-largest bank by assets. Francesca Volpi/Bloomberg News
Credit Suisse’s nearly 167-year run came to an abrupt end Sunday when its larger and longtime rival UBS Group agreed to buy it, marking the biggest deal in the global banking system in years.
UBS’s deal to take over Credit Suisse for around $3 billion came together quickly over the weekend, though problems at Credit Suisse brewed for years. The Swiss lender has long been viewed as the problem child of the banking system.
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