*CRUNCH TIME FOR CREDIT SUISSE AS UBS AND SWISS REGULATORS RUSH TO SEAL TAKEOVER DEAL AS SOON AS SUNDAY: REPORTS
- Authorities were scrambling to rescue Credit Suisse on Sunday ahead of the reopening of markets as UBS AG sought $6 billion from the Swiss government if it were to buy its struggling rival, a person with knowledge of the talks said.
While regulators want a resolution before markets reopen on Monday, one source cautioned the talks are encountering significant obstacles, and 10,000 jobs may have to be cut if the two banks combine. UBS was under pressure from the Swiss authorities to take over its local rival to get the crisis under control, two people with knowledge of the matter said.
Switzerland is preparing to use emergency measures to fast-track the deal, the Financial Times reported, citing two people familiar with the situation.
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