It's Jim Kramer here.

You're listening to the opening bell of CBC Squawk on the Street.

Don't miss a minute of the action.

Good morning and welcome to Squawk on the Street.

I'm David Faber with Sarah Eisen and Mike Santoli.

We're live from Post 9 at the New York Stock Exchange.

Jim and Carl, have the morning off. Let's give you a look at futures as we get ready to start

the trading week. 30 minutes from now, you can see things have turned decidedly positive.

We'll see when we get going again, 29 minutes or so from now. Let's start with our roadmap,

and that starts with a major development amidst worries about the banking sector.

As you probably know by now, UBS has agreed to acquire its troubled rival credit suites.

The price tag, a little more than $3 billion in UBS stock.

Also, at central banks, including the Fed and the European Central Bank, teaming up in an operation to keep U.S. dollars flowing through the global banking system.

And shares of First Republic, calling to all-time lows this morning,

S&P downgrading the bank deeper into junk status.

We'll discuss what's next for that troubled lender.

Yeah, that could be the more important story in some ways today.

But let's start overall with the banks, including, of course, that UBS takeover of Credit Suisse.

I'm reminded in some ways of that line.

I think it was Hemingway from the Sun also rises.

How'd you go bankrupt?

Well, slowly at first and suddenly.

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