Transformational acquisitions are often a tough sell on Wall Street, particularly when the assets purchased are of dubious quality.
The morning after UBS revealed it was buying Credit Suisse and absorbing its $581 billion balance sheet for the paltry sum of $3.3 billion, for example, shares in the Zürich lender fell as much as 16% in the session. Investors feared integrating an arch-rival and one of the 30 systemically important global banks might prove too formidable a challenge.
