UBS has established a list of nearly 20 “red lines” that prohibit Credit Suisse bankers from engaging in a range of activities as the firm prepares to take over its struggling competitor, potentially as soon as today. The restrictions, developed by UBS’s compliance department, are designed to minimize risk from the transaction orchestrated three months ago by Swiss authorities to save Credit Suisse from collapse. The measures prevent Credit Suisse from taking on clients from high-risk countries, such as Libya, Venezuela, Sudan, and Russia, and introducing new products without UBS’s permission. Ukrainian politicians and state-owned enterprises will also be barred to prevent potential money laundering. “We are going to have an incredibly high bar for who we bring into UBS,” said UBS chair Colm Kelleher, citing concerns over “cultural contamination” from bringing Credit Suisse staff into the company. Meanwhile, the US budget balance will be released later today, with results also expected from Oracle.
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