First Republic shares tank 25% after UBS deal to buy Credit Suisse underscores risks of a banking crisis
First Republic Bank's shares tanked over 20% in premarket trading Monday after UBS's rescue deal for the beleaguered Credit Suisse ignited investor fears of a full-blown banking crisis.
On Sunday, UBS closed a deal with long-time rival Credit Suisse to prevent the latter's collapse. The deal values the embattled Swiss banking giant at"Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome," Axel P. Lehmann, chairman of Credit Suisse, said in a statement.
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