UBS offers to buy Credit Suisse for up to $1 billion, the Financial Times reports - CNBC

A customer walks towards an automated teller machine (ATM) inside a Credit Suisse Group AG bank branch in Geneva, Switzerland, on Thursday, Sept. 1, 2022.

The UBS deal is being orchestrated quickly, so the Swiss are preparing for the case that it falls through, Bloomberg said, citing people with knowledge of the matter.

Credit Suisse's scale and potential impact on the global economy is much greater than the U.S. banks.

It is also far more globally inter-connected, with multiple international subsidiaries — making an orderly management of Credit Suisse's situation even more important.

Credit Suisse lost around 38% of its deposits in the fourth quarter of 2022, and revealed in its delayed annual report early last week that outflows have still yet to reverse.

A sale to UBS comes after Credit Suisse shares logged their worst weekly decline since the onset of the coronavirus pandemic.