Credit Suisse shares slump 72% in opening trade after UBS deal

Credit Suisse shares
dropped 72% in opening trade, after agreeing to be bought by rival UBS in a deal underwritten by Swiss authorities. The steep share price drop came as Credit Suisse agreed to a discount, as well as the pressure for the drop in the value of UBS
shares. The Euro Stoxx banks index
which doesn’t include UBS or Credit Suisse, fell 5%.