Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

UBS chairman wants to keep Credit Suisse's Swiss unit

Published 03/19/2023, 03:45 PM
Updated 03/19/2023, 03:50 PM
© Reuters. Chairman of the Board of Directors of UBS, Colm Kelleher attends a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse

ZURICH (Reuters) - UBS Chairman Colm Kelleher said the bank wants to keep Credit Suisse's Swiss unit, speaking at a news conference announcing the merger between Switzerland's two biggest banks on Sunday.

"It is a fine asset that we are very determined to keep and hopefully service their customers and clients as efficiently as Credit Suisse has done," Kelleher said.

The Chairman of Switzerland's biggest bank said it "will be running down the investment banking part of Credit Suisse, because UBS itself has an investment bank-like model."

Kelleher also said it was "too early" to say with regards to job cuts. "We need to do this in a rational way (and) thoughtfully, when we've sat down and analysed what we need to do."

Latest comments

While having no clue about possible job cuts, I think UBS did this decision in a big rush just to save CS from collapse. Not a good sign for the European banking system.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.