Speaking at the Finanz ’23 conference in Zurich, Ermotti also repeated his bank’s line that all options were still on the table regarding Credit Suisse’s Swiss business.
The CEO of ubs, Sergio Ermotti said on Wednesday that the Swiss bank was working to close its merger with Credit Suisse in late May or early June, following the announcement in late March.
Speaking at the Finanz ’23 conference in Zurich, Ermotti also repeated his bank’s line that all options were still on the table regarding Credit Suisse’s Swiss business.
In March, UBS agreed to take over its Swiss rival for 3 billion Swiss francs ($3.37 billion) and said it would take up to 5 billion ($5.61 billion) in losses as part of a hasty deal by Swiss authorities.
On Sunday, the NZZ am Sonntag newspaper reported that the country’s biggest bank was working to spin off Credit Suisse’s national unit and that its current boss, Andre Helfenstein, was expected to lead it.
The Swiss newspaper quoted a source as saying that UBS had returned to the idea of a spin-off, which it had initially ruled out, due to mounting public and political pressure.
On Wednesday, Ermotti also said it was too early to put a figure on the number of jobs that would be cut as a result of the merger. “Job cuts will not be avoidable”he claimed.
Source: Ambito
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