Neo 16 Posted June 12 Share Posted June 12 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. Read more of this story at Slashdot.View the full article Quote Link to comment Share on other sites More sharing options...
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