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Swiss roles reversed

Credit Suisse HQ
Photo: Getty Images

The two remaining global players in the once great Swiss banking empire have been required to combine. How did it come to this?

UBS has now taken over its previously formidable competitor, Credit Suisse (CS), after a sequence of events which led the CS share and bond prices to come under such intense pressure that global regulators felt obliged to mandate a takeover to ensure financial stability.

CS was renowned for its strong