Today’s top headlines: UBS-Credit Suisse deal, Amazon layoffs, Xi-Putin meeting
Yahoo Finance's Seana Smith and Dave Briggs break down the three biggest stories investors were watching on Monday.
DAVE BRIGGS: It's closing time here at Yahoo Finance. Let's get you caught up on some of the biggest stories of the day. Swiss banking giant UBS will buy troubled rival Credit Suisse for about $3.2 billion. Credit Suisse had in recent years been plagued by mismanagement and scandal. The hastily-arranged takeover helped inject some calm into the markets with stocks ending the day higher.
SEANA SMITH: Let's see whether or not that holds. All right, well now to Amazon, which announced a second round of layoffs. CEO Andy Jassy telling employees that the company was cutting 9,000 jobs. Now that's on top of the 18,000 jobs that the tech giant has cut a few months ago. This time, the cuts will be-- will hit members of the cloud computing and advertising businesses along with its HR department and Twitch streaming service.
DAVE BRIGGS: Chinese President Xi Jinping meeting with Russian President Vladimir Putin in Moscow. The meeting comes just days after the International Criminal Court accused Putin of war crimes in Ukraine. The visit is probably not what ByteDance, the Chinese owner of TikTok, wants to happen this week. TikTok's CEO is set to be questioned on Capitol Hill Thursday about the security threat the app poses.