UBS in Talks to Terminate Credit Suisse Deal, Banking Crisis Looms

UBS is reportedly in talks with Michael Klein to terminate a deal that would have seen him take control of much of Credit Suisse's investment bank. UBS has assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible. Klein was merging his advisory boutique into Credit Suisse's investment banking operations to create CS First Boston as a standalone business which he would have led from New York.