Head of Credit Suisse talks of his profound sadness over UBS takeover

Credit Suisse branch in Bern, Switzerland. Steep falls in its share price raised doubts about its viability and led to its takeover. Photograph: Arnd Wiegmann/Reuters

The chief executive of stricken Credit Suisse has said that he shares its employees’ “profound sadness and disappointment” after its emergency takeover by rival UBS earlier this week.

UBS took over Credit Suisse on Sunday in a £2.65bn deal forced through by Swiss authorities amid fears that a failure to protect depositors would kickstart a global banking crisis.