UBS on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse , creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management.
, creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management.
The two banks jointly employ 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies. Both UBS and the Swiss government have offered assurances that the takeover will pay off for shareholders and will not become a burden for the taxpayer. They say the rescue was also necessary to protect Switzerland's standing as a financial centre, which would suffer if Credit Suisse's collapse triggered a wider banking crisis.
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