Regulators arrange UBS buy of Credit Suisse

GENEVA -- Banking giant UBS is buying troubled rival Credit Suisse for almost $3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to $54 billion failed to reassure investors and the bank's customers. Shares of Credit Suisse and other banks plunged last week after the failure of two banks in the U.S. sparked concerns about other potentially shaky...