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FRANCESCA VOLPI/BLOOMBERG NEWS
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Credit Suisse’s CS -6.94%decrease; red down pointing triangle nearly 167-year run came to an abrupt end Sunday when its larger and longtime rival UBS Group UBS -5.50%decrease; red down pointing triangle 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.
Credit Suisse’s problems took on new urgency this month after the collapse of Silicon Valley Bank spurred questions among investors about which bank would be the industry’s next weak link. Swiss authorities helped steer the deal with UBS this weekend after Credit Suisse suffered a sharp fall in its stock price last week and steep outflows from customers.