The Financial Times leads with Switzerland’s biggest bank UBS bringing back former boss Sergio Ermotti to steer the $3.25bn rescue of the second largest Swiss bank Credit Suisse. He will lead the effort to merge two of the world’s biggest banks, after UBS’s chief executive Ralph Hamers was “pushed aside”. It comes after Credit Suisse faced a crisis of confidence amid two smaller US banks recently failing.
Sources suggest the UK has moved past its technical recession with first-quarter growth surpassing that of the US and Eurozone, a positive development for Rishi Sunak.