UBS faces job challenges post-Credit Suisse takeover

Saturday, 3 June 2023, 23:08:07
The anticipated fusion of banking giants, UBS and Credit Suisse, has been met with enthusiasm by market watchers, even as UBS grapples with job complexities. Sergio Ermotti, UBS Chief Executive, recently addressed these concerns, acknowledging the difficult choices the merger necessitates in terms of job cuts. The top brass at UBS has been tasked with … Read more
— Cryptopolitan

Swiss government backs Credit Suisse parliamentary enquiry committee

Saturday, 3 June 2023, 16:31:44
Switzerland’s federal government has expressed support for a move by both houses of parliament to set up an enquiry committee on the emergency takeover of Credit Suisse by bigger rival UBS bank. “The Federal Council considers it useful and necessary to examine in detail the events leading up to the acquisition of Credit Suisse by UBS,” the government said in a notice issued on Friday. “It believes that the proposed mandate will enable this examination to be carried out.” The government is “therefore in favour of setting up a parliamentary committee of enquiry”, it continued, “and gives Parliament its full support”. Although it must be consulted, the government cannot actually oppose the parliamentary initiative. + Read our Explainer: What is a parliamentary enquiry committee? This government opinion was in response to a May 30 report from the Bureau of the lower house on setting up a parliamentary enquiry committee “to determine the responsibilities of the authorities and…
— Swiss Info

UBS CEO Sergio Ermotti warns of painful jobs decisions after Credit Suisse takeover

Friday, 2 June 2023, 21:30:09
“We won”t be able to create, short term, job opportunities for everybody. Synergies is part of the story,” Ermotti said at an event organised by the Asset Management Association Switzerland in Bern. “We need to take a serious look at the cost base of the standalone and combined organisations and create a sustainable outcome,” he added. “It will be painful.”
— Economic Times India

Fed”s Powell spoke with UBS CEO amid meetings flurry during March banking crisis

Friday, 2 June 2023, 20:27:35
Federal Reserve Chair Jerome Powell held a phone call with the head of UBS Group AG in the days before the bank was propelled by Swiss authorities to buy smaller rival Credit Suisse, just one of the dozens of calls and meetings Powell held from mid-March onward as a banking crisis unfolded.
— Reuters

UBS CEO warns of painful hiring decisions after Credit Suisse takeover

Friday, 2 June 2023, 18:53:53
BERNE (Reuters) – UBS Bank (UBSGS) CEO Sergio Ermotti warned on Friday of painful decisions…
— South Sudan News Agency