Dow sinks as much as 400 points as UBS's Credit Suisse rescue deal fails to ease US banking crisis fears
The indicated losses come despite Swiss banking giantagreeing to buy its longtime rival Credit Suisse in a deal worth 3 billion Swiss francs on Sunday. The Swiss government forced through the deal, the latest bid by authorities worldwide to try to quell the crisis looming over banks.
The takeover came after Credit Suisse's shares plunged nearly 70% last week. The collapse of Silicon Valley Bank has investors worried about contagion elsewhere, and big losses for US regional banks have weighed on stocks in Europe. "With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation," the Swiss National Bank said in a
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