More global banking drama. The Swiss banking giant UBS has acquired its rival Credit Suisse for £2.6 billion in an emergency rescue deal.
The takeover means thousands of London City jobs including those in investments, back office and technology are at risk.
Credit Suisse is the most significant recent failure of a crisis of confidence in the banking sector that has also seen the collapse of Silicon Valley Bank in the US in the last few weeks.
The market turmoil has sparked concern over what this could all mean but experts are not forecasting a repeat of the 2008 financial crisis.
The Bank of England says the UK banking system "remains safe and sound".
Simon English, the Evening Standard’s Financial Editor explains the significance of the latest developments and what this all means for London as well as for you personally.
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