Credit Suisse Fallout
Swiss Look On in Dismay as Once-Mighty Credit Suisse Craters
- UBS to buy rival bank in government-brokered rescue deal
- Collapse is a stain on Switzerland’s reputation for stability
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On Sunday, one of Switzerland’s biggest newspapers featured a drawing of Credit Suisse Group AG’s headquarters in flames. The image, meant to evoke what the headline said were the bank’s “last days,” was also a metaphor for the embarrassment and consternation the lender’s swift unraveling has caused in its home country.
After days of frenetic government-brokered talks, it’s being taken over by larger domestic rival UBS Group AG, whose headquarters sits close to Credit Suisse’s main building at Paradeplatz in Zurich’s financial heart.