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UBS agreed to buy Credit Suisse in a government-brokered deal aimed at containing a crisis of confidence.

UBS agreed to buy Credit Suisse in a government-brokered deal aimed at containing a crisis of confidence.

Photographer: Francesca Volpi/Bloomberg
Wealth
The Big Take

Credit Suisse’s Fate Was Sealed by Regulators Days Before UBS Deal

The Swiss bank had no choice but to accept a marriage of convenience with its rival after a crisis of confidence swept across debt markets.

Employees of Credit Suisse Group AG, desperate to learn of the fate of the Swiss bank after days of chaos and confusion, dialed into a hastily arranged call Sunday night after its $3.25 billion government-driven sale to UBS Group AG had been announced.

Their pressing question for CEO Ulrich Koerner: Do we still have jobs?

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