UBS announced it would buy Credit Suisse for almost $3.25bn in a deal quickly put together by regulators.
Why it matters
The takeover of Credit Suisse by UBS is significant as it is the second major bank to fail in a week, following the failure of Silicon Valley Bank in the US. The deal has caused market turbulence and raised concerns about the impact of rising interest rates on banks' bondholdings.
What the papers say
The Independent and AP News both report on the market turbulence caused by the takeover, while Sky News provides additional context on the recent failures of banks.
How we got here
The failure of Silicon Valley Bank in the US has caused market uncertainty, with banks being affected by the fastest flurry of hikes to interest rates in decades. The forced takeover of Credit Suisse by UBS has added to this uncertainty and caused market turbulence.
More on these topics
Credit Suisse Group AG is a global wealth manager, investment bank and financial services company founded and based in Switzerland.
Switzerland, officially the Swiss Confederation, is a country situated in the confluence of Western, Central, and Southern Europe. It is a federal republic composed of 26 cantons, with federal authorities based in Bern.
The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie", is a share index of the 100 companies listed on the London Stock Exchange with the highest market capitalisation.
UBS Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swiss banking
Silicon Valley Bank, a subsidiary of SVB Financial Group, is a U.S.-based high-tech commercial bank. The bank has helped fund more than 30,000 start-ups.
Deutsche Bank AG is a multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed in New York Stock Exchange and Frankfurt Stock Exchange.