UBS announced on Monday that it has completed an emergency takeover of its embattled local rival Credit Suisse, creating a huge Swiss bank with a balance sheet of $1.6tn and a larger position in wealth management. UBS CEO Sergio Ermotti and Chairman Colm Kelleher acknowledged that “this is the start of a new chapter” in an open letter published in Swiss newspapers. The merged group will oversee $5tn of assets, giving UBS, the world’s largest wealth manager, a leading position in key markets that would have otherwise taken years to expand in size and reach. The merger also marks the end of Credit Suisse’s 167-year history, which has been marred in recent years by scandals and losses. Though the two banks jointly employ 120,000 staff worldwide, UBS has already announced job cuts to take advantage of synergies and reduce costs.
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