European financial institution shares have dropped sharply after troubled financial institution Credit score Suisse was purchased by its Swiss rival UBS in a government-backed deal.
UBS, which bought Credit score Suisse at a fraction of its closing market worth earlier than the weekend, is now down 8% in contrast with an earlier slide of 13%.
Credit score Suisse was essentially the most important failure of a disaster of confidence within the banking sector that additionally noticed the collapse of Silicon Valley Financial institution within the US.
Regardless of market turmoil in current weeks, consultants should not forecasting a repeat of the 2008 monetary disaster.
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