• The Swiss government and regulators partly ousted the shareholders and AT1 bondholders via an emergency law on Sunday • UBS will take over Credit Suisse. CS shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held • UBS benefits from CHF25bn of downside protection. CS’s Additional Tier 1 Capital of approximately CHF16bn will be written down to zero • UBS is committed to a progressive cash dividend but has temporarily suspended share repurchases • Cost reductions of m ....