• UBS to buy Credit Suisse in $3.3 billion deal. The Swiss bank is paying 3 billion francs ($3.2 billion) for its rival in an all-share deal that includes extensive government guarantees and liquidity provisions. The price per share marked a 99% decline from Credit Suisse’s peak in 2007. The deal is aimed at containing a crisis of confidence* that had started to spread across global financial markets.
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  • First Republic shares slide 18% Monday after a credit rating downgrade. S&P cut its credit rating to B+ from BB+ on Sunday after first lowering it to junk status just last week. The rating remains on CreditWatch Negative, said S&P. The deposit infusion from 11 banks and the suspension of its common stock dividend collectively lead to the view that the bank was likely under high liquidity stress.

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