UBS regrets rushed Credit Suisse merger as legal costs mount.

UBS was forced to buy Credit Suisse in a deal it did not want due to the worsening financial situation of its cross-town rival during the global banking crisis, according to a regulatory filing. UBS estimated a hit of about $17bn from the takeover. Credit Suisse's involvement in a series of corporate collapses spooked clients who began withdrawing their money, prompting Switzerland's central bank to offer Credit Suisse liquidity assistance. UBS had less than four days to conduct due diligence given the "emergency circumstances".