With Credit Suisse, investors just got their first, messy view of what happens when a big global bank fails in the post-2008 era.

UBS agreed to buy its local rival over the weekend in a historic deal brokered by Swiss regulators. Credit Suisse shareholders will get UBS shares that were worth the equivalent of about $3.25bn before the market opened on 20 March, and less after the acquirer’s stock fell about 5% on the morning of 20 March. Credit Suisse had a market value of some $8bn at the end of last week and a tangible book value of $45bn.