ZURICH, Switzerland -Banking giant UBS said Thursday it plans to fully absorb Credit Suisse’s century-old Swiss division and slash thousands of jobs across Switzerland, as it seeks to redress its recently-swallowed rival.
Switzerland’s largest bank, which was strongarmed into a $3.25-billion takeover of its closest domestic rival in March to keep it from going under, said it aimed to complete most of the integration by the end of 2026, with more than $10 billion in cost savings by then.
“Two and a half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in histo…
Keep on reading: UBS to absorb Credit Suisse domestic unit, eyes 3,000 job cuts
