UBS Concludes Swiss Mega-merger
In a significant development, UBS has concluded its emergency acquisition of troubled local competitor Credit Suisse, resulting in the formation of a formidable Swiss bank with a substantial balance sheet totalling USD 1.6 trillion.
This landmark banking deal, marking the largest since the 2008 global financial crisis, strengthens UBS' position in wealth management and ushers in a new era for both institutions.
In an open letter published in Swiss newspapers, UBS CEO Sergio Ermotti and Chairman Colm Kelleher expressed their optimism, stating that the acquisition marks the beginning of a new chapter. With combined assets worth USD 5 trillion under their supervision, UBS, already the world's largest wealth manager, now occupies a leading position in crucial markets, saving considerable time and effort that would have otherwise been required for organic growth.
Moreover, the merger brings an end to Credit Suisse's 167-year history, which had been plagued by scandals and financial losses in recent years.
The joint workforce of the two banks currently stands at 120,000 employees worldwide.
However, UBS has already announced plans for job cuts to capitalize on synergies and streamline operations to reduce costs.
