One option is a tie-up with Credit Suisse's better-behaved compatriot, ubs.

一种选择是与瑞士信贷表现较好的同胞瑞银结盟。

As ubs steadied the ship, Credit Suisse sank lower in a series of high-profile mishaps.

随着瑞银稳住局势，瑞士信贷在一系列备受瞩目的事故中股价下跌。

Both suffered in the global financial crisis of 2007-09, when ubs received a bail-out from the Swiss government.

两者都在 2007-09 年的全球金融危机中遭受损失，当时瑞银获得了瑞士政府的救助。

A row over pay prompted Santander to rescind its appointment of Andrea Orcel, the former head of ubs's investment bank, as chief executive.

一场围绕薪酬的争执，促使桑坦德取消了对瑞银投行部门前主管安德烈·奥塞尔(Andrea Orcel)的首席执行官任命。

Both ubs and Credit Suisse have found it hard to strike this balance in recent years.

瑞银和瑞信近年来都发现很难达到这种平衡。

Since Credit Suisse's shareholders will be paid in stock, the bank's at1 holders will become only more vexed if ubs shares rally.

由于瑞士信贷的股东将以股票支付，如果瑞银股价上涨， 该银行的 at1 持有人只会更加烦恼。

In the future ubs will no doubt look at other ways to make its business less unwieldy and more focused on profitmaking.

未来，瑞银无疑会寻找其他方法来减轻其业务的笨重程度，并更加专注于盈利。

Ralph Hamers, chief executive of ubs, must adjust from running the profitable institution he inherited in 2020 to guiding a chaotic ship through choppy waters.

瑞银 (ubs) 首席执行官拉尔夫·哈默斯 (Ralph Hamers) 必须做出调整，从经营他在 2020 年继承的盈利机构， 转变为在波涛汹涌的水域中引导一艘混乱的船。

But a similar plan for a stand-alone Swiss investment bank could eventually prove attractive if ubs is able to combine its strongest bankers with those from Credit Suisse.

但如果瑞银能够将其最强大的银行家与瑞士信贷的银行家结合起来，那么针对独立瑞士投资银行的类似计划最终可能会证明具有吸引力。

Last year the bank lost SFr7.3bn ($7.6bn), its worst performance since 2008. Credit Suisse's share price had fallen by 70% in the three years before the deal; that of ubs had more than doubled.

去年该行亏损 73 亿瑞士法郎（合 76 亿美元），这是自 2008 年以来的最差表现。 瑞士信贷的股价在交易前三年下跌了 70%；瑞银的股价翻了一番还多。

But ubs, which has a disproportionately large number of at1 bonds, will probably be penalised by investors demanding higher returns if it does decide to issue more in order to bolster its balance-sheet.

但是拥有大量 at1 债券的瑞银如果确实决定发行更多债券以增强其资产负债表，可能会受到要求更高回报的投资者的惩罚。