Banking giant UBS to buy Credit Suisse for $3.2 billion to rein in market-shaking turmoil in global banking

to prevent any further bank panics. Still, global financial markets have been on edge since Credit Suisse's share price began plummeting this week.

While UBS is buying Credit Suisse, UBS officials said they plan to sell off parts of it or reduce the size of the bank in the coming months and years. On Sunday, the Swiss central bank said it would provide a loan of 100 billion Swiss francs backed by a federal default guarantee to support the deal, which is expected to be completed by the end of the year.

Investors and banking industry analysts we`re still digesting the deal, but one analyst was sour on the news due to the reputational damage the deal might have on Switzerland’s global banking image.

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