UBS to buy Credit Suisse for nearly $3.25 billion to calm turmoil in banking industry

Axel Lehmann, chairman of Credit Suisse, speaks at a press conference Sunday in Bern. “It is a historic, sad and very challenging day for Credit Suisse, for Switzerland and for the global financial markets,” Lehmann said. Credit Suisse is considered a globally important bank, and its failure would have had ripples across the financial system. (AP Photos)

GENEVA — Banking giant UBS is buying troubled rival Credit Suisse for almost $3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system.

Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to $54 billion failed to reassure investors and the bank’s customers.