Authorities are scrambling to resolve a crisis of confidence in Credit Suisse, the mostly globally significant bank caught in the current turmoil.

UBS agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.

Switzerland’s government says it’s ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS

The Swiss government on Tuesday said it would restrict bonuses at Credit Suisse after the bank agreed to be taken over at a steep discount by UBS.

Investment banking roles expected to be worst hit at Credit Suisse in London