Thousands of City jobs are at risk after UBS confirmed a takeover of its arch-rival Credit Suisse in a £2.6 billion deal. Credit Suisse is the most significant recent failure of a 'crisis of confidence' that has also seen the collapse of Silicon Valley Bank in the US - sparking concern over the global banking sector.

The Evening Standard’s Financial Editor, Simon English, explains the significance of the latest developments and what this all means for London as well as for you.

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