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UBS initially will operate Credit Suisse as a separate bank, says it expects full integration to take three to five years

UBS agreed to acquire Credit Suisse for $3.25bn in March

The Israeli maker of the controversial Pegasus software used to target government officials and activists has been pushed into a restructuring by its lenders.

Combined group would dominate parts of Swiss banking, but a full merger in Switzerland would likely involve thousands of job cuts

The bank released new details about the likely impact of the merger on its balance sheet

UBS will also set aside $4 billion for legal expenses from the deal.

Banks in the U.S. in the first quarter continued to tighten the availability of credit amid tumbling demand for loans, according to the Feds Senior Loan Officer Survey on Bank Lending Practices.

Economist’s nametag at recent event gave his professional affiliation as TBD

The central bank’s quarter-point increase comes a month after it paused to check the economy’s pulse

Regulators wrote down $17 billion of the collapsed banks AT1 bonds. Similar securities issued by other lenders now look cheap.