UBS in talks to terminate Credit Suisse deal as fallout continues.
TL;DR
UBS is reportedly set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker 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. The deal was done when the selling bank had a gun held to its head and we are no longer in that position, a person close to UBS said.
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