- When UBS AG UBS agreed to acquire Credit Suisse Group AG C for $3.2 billionThe deal angered shareholders and many in Switzerland.
- A poll by political research firm gfs.bern found a majority of Swiss did not support the deal that would create a financial institution with assets twice the size of the country’s annual economic output.
- Connected: Massive Credit Suisse bailout cost $13,500 per person in Switzerland,
- UBS executives told shareholders that the unexpected acquisition of Credit Suisse was a milestone for the industry and a significant challenge for the bank, reuters informed of.
- Describing the transaction as “the first merger of two globally systemically important banks”, chairman Colm Kelleher sought to reassure investors that it meant “a new beginning for the combined bank and for the Swiss financial center as a whole”. And there are huge opportunities ahead.”
- Last week, UBS Sergio Ermotti hired again As chief executive to drive massive acquisitions. According to recent reports, UBS is preparing to liquidate about 20 to 30% of jobs worldwide,
- Addressing shareholders for the last time as chief executive officer, Ralf Hamers acknowledged that the merger had led to new priorities for the bank, leading to changes in its operations.
- “The acquisition of Credit Suisse will be a major challenge,” Hammers said.
- “The business is expected to create over $5 trillion in total invested assets,” he added.
- Price Action: Shares of UBS fell 0.81% to $20.83 during the premarket session on Wednesday.
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