ZURICH - The Union Bank of Switzerland (UBS) on Monday (June 12) said it had completed its emergency takeover of embattled local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of US$1.6 trillion (S$2.1 trillion) and greater muscle in wealth management. 'This is the start of a new chapter - for UBS, Switzerland as a financial...
ZURICH - The Union Bank of Switzerland on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of US$1.6 trillion and greater muscle in wealth management.
The two banks jointly employ 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies. UBS sealed the deal in less than three months - a tight timetable given its scale and complexity - to provide greater certainty for Credit Suisse clients and employees, and stave off departures.
Ermotti has, however, warned the coming months will be "bumpy" as UBS gets on with absorbing Credit Suisse, a process UBS has said will take three to five years.
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