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Slashdot - UBS Completes Credit Suisse Takeover To Create Swiss Bank Titan


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UBS Group completed the deal to acquire former rival Credit Suisse Group, sealing the biggest merger in banking since the 2008 financial crisis and creating a global wealth-management titan. From a report: The Swiss bank announced the closing of the deal in an open letter in local and international newspapers on Monday. The takeover of Credit Suisse ends the lender's 167-year independent existence. The announcement caps more than two months of uncertainty for employees after UBS finalized negotiations with the Swiss government over a 9 billion Swiss franc ($10 billion) guarantee against potential losses on Credit Suisse assets. The deal sets UBS up for a windfall gain in the tens of billions of dollars and begins a period of complex integration likely to involve thousands of job cuts.

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