Switzerland's two biggest and best-known banks, Credit Suisse and UBS, have agreed to merge into just one financial giant. The demise of banking giant Credit Suisse sent shockwaves through financial markets and appears to have dealt a blow to Switzerland's reputation for stability. UBS, Switzerland's largest bank, agreed to buy its embattled domestic rival Credit Suisse for 3 billion Swiss francs, as part of a government-backed, cut-price deal. Swiss authorities and regulators helped to regulate the agreement, which came amid fears of contagion to the global banking system.

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