The Swiss government said it would provide more than $9 billion "in order to reduce any risks for UBS" and "potential losses arising from certain assets that UBS takes over as part of the transaction."
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Shares in major investment bank Credit Suisse plunged by nearly 30 per cent overnight as the financial institution teeters on the brink.
Regulator took temporary control on Sunday
Recent bank failures have paled in comparison to today’s closures.
SVB was brought down by the oldest issue in banking — a run on the bank
US President Joe Biden on Monday reassured Americans that their banking system is safe in the wake of the sudden collapse of Silicon Valley Bank (SVB) and the federal takeover of a second bank.
Next steps could have ripple effects through the financial system
Bank, the 16th largest in U.S., failed after depositors hurried to withdraw money
Number is lower than January’s 504,000 jobs but comes as Fed signals aggressive interest rate hikes in bid to tame inflation
Disgraced FTX crypto mogul Sam Bankman-Fried’s ex-girlfriend Caroline Ellison was facing up to 110 years in prison before she started talking.
OPEC is an intergovernmental organization founded in 1960 in Baghdad, and their decision to cut oil production is seen as potentially upsetting the US mid-term elections
Move by alliance will boost sagging crude prices
Planned layoffs follow reinstatement of annual performance reviews and a slump in Wall Street deal making
Bed Bath & Beyond chief financial officer Gustavo Arnal and Gamestop Chairman Ryan Cohen were named in a class action lawsuit alleging a pump and dump scheme
Retail giant says it is gaining market share in some categories such as grocery, and its efforts to clear out excess inventory are continuing
Private-equity firm says Kewsong Lee will step down as CEO immediately and leave the firm at the end of this year
A new report from consulting firm Johnson Associates forecasts that year-end bonus pay will decline across financial services, with some bankers seeing bonuses gutted by 45% or more from last year.
Deal would create fifth-largest U.S. carrier after JetBlue wrests discount airline from Frontier
Lender names Ulrich Körner as chief executive and launches review to pare back its investment bank further