Credit Suisse-UBS deal offers hope, but bank doubts persist

By KELVIN CHAN
Associated Press

LONDON (AP) — Credit Suisse shares have plunged after Swiss authorities cut a deal with its bigger rival UBS to acquire the troubled bank at a marked-down price. But European bank stocks and the wider market gained Monday as investors watch whether moves to shore up banks will stem further upheaval in the global financial system. Credit Suisse’s shares closed nearly 56% lower, trading at about the level they’re valued at in the $3.25 billion deal. There’s still uncertainty over how the merger will play out for the combined lender and what comes next for the wider banking system.