UBS's takeover of Credit Suisse sparks concerns over job losses and banking crisis.

Hedge fund CEO Jeffrey Gundlach has criticized Credit Suisse bondholders facing a $17bn loss in UBS's rescue deal, telling them to "put on their big boy pants" and learn how to manage risk. Gundlach suggested some debt managers had failed to properly assess the situation, leading to the loss. Credit Suisse's additional tier 1 bonds will be subject to a "complete write-down" in the UBS deal, meaning their investments are worthless. The decision has prompted outrage from bondholders who questioned how the government-brokered UBS takeover was allowed to proceed under such terms.