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UBS agrees to takeover of stricken Credit Suisse for $3.25bn
There is unease in Switzerland over the impact of the UBS-Credit Suisse deal on its banking sector, and the prospect of job cuts.
The Swiss Bank Employees Association, in a statement to Reuters, has demanded that UBS keep job cuts to an “absolute minimum”.
“The jobs of very many employees are at stake,”
“Regarding Credit Suisse, this is a bank which for several years now had problems regarding its business model and profitability, as well as insufficient internal controls.
The Swiss authorities were well mobilised this weekend to tie it up to UBS, which is a welcome solution.
“To once again state the obvious, French banks are solid.”
