ZURICH: UBS is poised to complete on Monday (Jun 12) its takeover of Credit Suisse, but integrating the former rival is a Herculean task that clients, employees and Swiss political leaders will closely watch. The coming months are likely to be 'bumpy',
ZURICH: UBS is poised to complete on Monday its takeover of Credit Suisse, but integrating the former rival is a Herculean task that clients, employees and Swiss political leaders will closely watch., adding the integration will come with"waves" of difficult decisions, particularly regarding employment.
UBS has been preparing since mid-March and already has an idea of what it wants to keep, close or sell but"so far they are limited in what they could do" until the merger was sealed, Venditti said. The Swiss government, the central bank and financial regulators stepped in and strongarmed UBS into a US$3.25 billion takeover announced on March 19.
Many questions surrounding the merger remain unanswered, but Venditti said the picture should be clearer after second-quarter financial results emerge.Ipek Ozkardeskaya, an analyst at Swissquote Bank, said"talent retention" would be one of the biggest challenges, as staff departures multiply in the face of downsizing fears.
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