The banking sector was dealt another blow on Monday morning when stocks in several major European lenders plunged in early morning trading following UBS’s £2.7bn ($3.25bn) rescue deal to save struggling lender Credit Suisse.
Credit Suisse, Switzerland’s second-biggest lender, described in some quarters as “too important to fail”, was rescued in a deal brokered by the country’s central bank, which said the move was vital to restore confidence in the markets.
