UBS and Credit Suisse Could Merge
Posted on 09/15/2020
Inside Paradeplatz, a Zurich-based financial blog, reports that Credit Suisse AG and UBS Group AG are exploring a merger in creating a Swiss mega bank giant. Both Swiss banks have spent the last decade cutting costs in investment banking, while putting hope in wealth management. UBS chairman Axel Weber is driving the talks and the possible merger project is called Signal. The merger would results in massive cost savings at the expense of massive job cuts. Earlier finanical media was salivating over a Deutsche Bank and Commerzbank merger, which did not happen.
UBS was formed from the merger of Swiss Bank Corporation and the Union Bank of Switzerland. On 8 December 8, 1997, Union Bank of Switzerland and Swiss Bank Corporation announced an all-stock merger. Earlier in 1996, Credit Suisse had approached Union Bank of Switzerland about a merger.