‘We believe the transaction is financially attractive for UBS shareholders,’ says UBS chairman Colm Kelleher.
A survey by political research firm gfs.bern found a majority of Swiss did not support the deal that would create a financial institution with assets double the size of the country’s annual economic output.
As shareholders expressed their frustration about being kept in the dark, with one calling it “an insult,” some also voiced concerns aboutVice chairman Lukas Gaehwiler sought to quell such fears saying there were around 250 banks in the country and therefore enough competition. He also said it was too early to speculate about jobs before the “Herculean task” of the merger had completed, which he expected to happen within a few months.cited an unnamed senior UBS manager as saying that the workforce of the combined group could shrink by 20% to 30%.Gaehwiler also said that “all options are on the table” concerning Credit Suisse’s domestic business, which would continue to operate under its old brand in Switzerland for the foreseeable future.
In contrast to its smaller rival, UBS had been on a steady course. It reported a net profit of $7.6 billion for 2022 and strong inflows in wealth management, the company’s flagship division. Looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, UBS has already taken the first steps. Last week, the bank announced it had
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