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UBS reportedly reached a deal with Swiss regulators to buy Credit Suisse for $2 billion in a move to prevent the potential collapse of Credit Suisse from roiling markets.
Credit Suisse announced it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank to boost liquidity.
Swiss National Bank indicated in a statement Wednesday with the Swiss Financial Market Supervisory Authority it would step in to back Credit Suisse if necessary.
Former Treasury Secretary Larry Summers said Silicon Valley Bank made an "elementary" mistake in banking that led to its collapse and takeover by federal regulators.
FOX Business host Larry Kudlow shreds President Joe Biden's inflationary economic policies on Tuesday's "Kudlow."