Bloomberg Business

Swiss Look On in Dismay as Once-Mighty Credit Suisse Craters

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.

Swiss Bankers Association Backs UBS Takeover of Credit Suisse

Switzerland’s banking association said the takeover of Credit Suisse Group AG by UBS Group AG and the measures taken by the Swiss National Bank and Swiss federal authorities to shore up the banking sector “make good sense” in a statement published on their website Monday.