On Monday, UBS (UBSG.S) completed its emergency takeover of Credit Suisse (CSGN.S), establishing a $1.6 trillion Swiss bank with stronger wealth management.
In a Swiss newspaper open letter, UBS CEO Sergio Ermotti and Chairman Colm Kelleher stated, “this is the start of a new chapter” on the biggest banking merger since the 2008 global financial crisis.
UBS, the world’s largest wealth manager, will lead important markets with $5 trillion under management. Credit Suisse’s 167-year history of scandals and losses ends with the merger.
UBS will slash employment to take advantage of synergies and save expenses, although the two banks employ 120,000 worldwide.
