Swiss banking reputation at risk after UBS-Credit Suisse deal.

The merger of Switzerland's two biggest banks, UBS and Credit Suisse, has put the country's reputation for financial stability on the line, with one executive suggesting it will now be viewed as a "financial banana republic." The government-backed, cut-price deal has shattered Switzerland's standing as a financial centre, with serious ramifications for other Swiss financial institutions. The Swiss franc as a safe haven currency has lost some of its allure, but this is likely to be a short-term effect.