Credit Suisse rejects UBS offer

A liquidity backstop from the Swiss central bank briefly halted the declines, but the market drama poses the risk that customers or counterparties will continue to flee, with possible repercussions for the broader industry.

The complex discussions surrounding the first merger of two global systemically important banks since the financial crisis have prompted Swiss and US authorities to get involved, according to people familiar with the matter. Talks accelerated on Saturday, with all sides pushing for a solution that can be implemented quickly after a week in which clients withdrew money and counterparties backed out of some deals with Credit Suisse.

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