Swiss bank shares crater after merger ...News

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Swiss bank shares crater after merger
A government rescue plan has failed to calm investors’ nerves The shares of Switzerland’s two largest investment banks, UBS and Credit Suisse, tumbled on Monday as their weekend merger failed to calm growing fears over the state of the global banking system. UBS shares were down 5% around 11:20 GMT, having regained some of their losses after plunging 10% in early trading. Credit Suisse shares collapsed by 60%. The pan-European Stoxx 600 banking index was down nearly 1.8% around the same time, with the shares of German banking giants Deutsche Bank and Commerzbank dropping over 3%. France’s BNP Paribas saw shares fa

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