A merger between Switzerland’s two largest banks could ease growing concerns that turmoil at Credit Suisse could ripple through the global economy.
. The discussions are the latest development in more than a week of tumult and fears about the resilience of the global financial system after the shocking collapse of Silicon Valley Bank and subsequent actions on Wall Street and by regulators to shore up major financial institutions.
The banks’ key regulators in the United States, Britain and Switzerland also are considering the legal structure of a deal, as UBS seeks concessions, including some form of government agreement to cover future legal costs, according to the Financial Times. Credit Suisse’s shares jumped 7 percent in after-hours trading.
Credit Suisse and UBS declined to comment. The Swiss National Bank and the U.S. Federal Reserve did not immediately respond to requests for comment.Germany’s Deutsche Bank also is watching to see if it could acquire certain Credit Suisse businesses, according to aA takeover could limit fears that the turmoil at Credit Suisse and multiple troubled financial institutions in the United States would create a banking contagion, similar to the events of the 2008 financial crisis.
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