Good morning. I'm senior editor, Max Adams, standing in for Phil Rosen.
It's official: UBS will take over Credit Suisse in a historic deal.
The Swiss National Bank made the announcement Sunday, saying that with the takeover, "a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation."
In an hour-long call held late on Sunday evening, top UBS executives defended their decision — and analysts began breaking down what comes next.
Meanwhile, markets are still reeling from the SVB fiasco, but there's a simpler reason why the stock market is going to be trading flat for the foreseeable future.