UBS's acquisition of Credit Suisse: Wall Street's mixed reactions.

UBS has agreed to acquire Credit Suisse for $3.2 billion, with plans to quickly wind down its investment bank and take reserves against its litigation matters. Credit Suisse's stock fell over 55% in premarket trading while UBS shed around 3%. Wall Street analysts have mixed reactions, with some seeing the deal as positive for stability and global markets, while others warn of potential contagion risks for other weak European banks. The acquisition also changes the UBS investment case substantially, and the issues currently impacting the global banking sector are not over.