BREAKING NEWS: UBS reportedly reaches agreement to buy Credit Suisse after upping offer
Former Federal Reserve Governor Robert Heller, Solus Alternative Asset Management strategist Dan Greenhaus and Zaye Capital Markets CIO Naeem Aslam discuss the Fed's rate hike trajectory as Credit Suisse instability threatens global markets.
Regulators faced a sense of urgency to push the deal through on Sunday before markets opened Monday, as the specter of Credit Suisse potentially failing next week loomed over the negotiations. Credit Suisse, which has been in business for 167 years, is one of 30 globally systemically important banks which heightened worries about how global financial markets would react to its implosion.
Layoffs are likely, as Credit Suisse had previously pledged to cut 9,000 jobs as part of its restructuring and the bank has investment and local banking divisions that overlap with UBS' operations.
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