UBS and Credit Suisse are reportedly exploring a potential merger which would result in the formation of one of Europe’s largest banks.
Nicknamed «Signal», the project is being led by UBS chairman Axel Weber, according to a report from Swiss banking blog «Inside Paradeplatz» (German only). Weber has been actively working with Credit Suisse chairman Urs Rohner and the idea has also been discussed with Swiss finance minister Ueli Maurer and an agreement could be struck by early 2021.
Banking regulator Finma has also been informed of the developments.
Spokespeople for both UBS and Credit Suisse declined to comment.
Post-Merger Restructuring
A merger of Switzerland’s two largest banks is expected to result in a job reduction of 15,000 or more worldwide – or 10-20 percent of the total workforce.
The report names UBS’s Weber as the likely chairman of the post-merger bank and Credit Suisse’s Rohner as the chief executive.
