UBS and Credit Suisse reported to be in merger talks
Europe’s banking industry is under pressure to consolidate
Shares of Credit Suisse rose 2.5 per cent in Zurich, and UBS gained 1.2 per cent
Mr Weber has discussed the idea with swiss finance minister Ueli Maurer and an agreement could happen by early next year, according to the report. Spokesmen for the two banks declined to comment.
Europe’s banking industry is under pressure to consolidate as the coronavirus pandemic adds to headwinds from negative interest rates.
Shares of Credit Suisse rose 2.5 per cent in Zurich, and UBS gained 1.2 per cent.
Mr Weber would probably stay on as chairman of the combined company, making it likely that the CEO would come from Credit Suisse, according to the report. Banking regulator Finma has been informed of the deliberations, Inside Paradeplatz said.
A merger could result in job cuts equal to between 10 and 20 per cent of the workforce, or 15,000 or more worldwide. – Bloomberg