UBS and the Swiss government have agreed to see UBS take over Credit Suisse for $3.25 billion to prevent a broader international banking crisis. UBS, Switzerland’s largest bank, will become an even bigger player in the country’s banking sector. It is unclear yet the exact details of the deal, but it is thought that Credit Suisse employees may retain some autonomy. The Swiss government announced a takeover of UBS to protect the country's financial stability. Global leaders in Washington, Brussels, and London praised the move.
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