How Scandal and Mistrust Ended Credit Suisse’s 166-Year Run
- Government-brokered sale to UBS marks final fall from grace
- Decline stretched from the ‘burning bed’ to trading debacles
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Credit Suisse Group AG, once one of the stalwarts of the global financial system, is no more.
After tense talks over the weekend, UBS Group AG agreed to buy Credit Suisse in an all-share deal for about $3.25 billion, less than the market value of troubled US lender First Republic Bank. The government-brokered sale marks the Swiss bank’s final fall from grace, succumbing to a crisis of confidence that threatened to spread to global financial markets.