Credit Suisse and UBS shares fell on Monday after Switzerland's federal prosecutor opened an investigation into the emergency merger of the two lenders.
of Credit Suisse by UBS Group last month, looking into potential breaches of the country's criminal law by government officials, regulators and executives at the two banks.
UBS and Credit Suisse were each set for their biggest daily decline in 10 days, falling around 4% in early trading before paring losses to stay down 2% and 1.8%, respectively at 1410 GMT. They underperformed the European banking indexThe UBS takeover of rival Credit Suisse was engineered by Swiss authorities in a bid to rein in turmoil in global banking.
"The government underestimated how much antipathy the public in Switzerland have against the deal," said Michael Field, Europe Market Strategist at Morningstar.Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager that the bank created by takeover of Credit Suisse is poised to reduce itsSeparately, data showed on Monday that
held by the SNB declined last week, suggesting that Credit Suisse and UBS may have cut back on use of emergency funds offered them.Reporting by Joice Alves, Editing by Louise Heavens and Deepa Babington
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