Watch from Zurich as news breaks that Credit Suisse will be taken over by its larger rival, UBS.
This feed shows the scene outside the Swiss bank as the financial capital of Switzerland wakes to the announcement.
News of the $3.2bn takeover brought the FTSE 100 down 0.7 per cent as markets opened in London.
Monday morning also saw that Asia markets were mostly down too, with Hong Kong’s Hang Seng index leading losses in the region.
However, the merger has been welcomed internationally. The US Federal Reserve and Treasury have said the move will bring about financial stability for Switzerland.
Chancellor Jeremy Hunt and the Bank of England have also hailed the deal as it was announced on Monday morning.
Credit Suisse was on its knees last week despite a £45bn emergency loan from Switzerland’s central bank.
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