Credit Suisse takeover: 'People are recalibrating what they thought the risk was'

Banking stocks have tumbled in Europe this morning as investors digest the news of UBS' forced takeover of its struggling rival Credit Suisse.

The move has failed to ease market concerns about the impact on other banks. Speaking after the takeover was confirmed, UBS' Chairman tried to allay fears that it would destabilise his bank.

Economist Dr Mohamed El-Erian told Sky's Ian King what is driving bank share prices even further down.

Read more on the story here: https://news.sky.com/story/ubs-to-take-over-credit-suisse-swiss-central-bank-confirms-12838193

#creditsuisse #takeover #snb #europeanmarket #skynews

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