ZURICH - The banking giant UBS said Thursday it would fully absorb the Swiss unit of its recently swallowed rival Credit Suisse into its operations, without spelling out the implications for job cuts. Switzerland's largest bank, which was strongarmed into a $3.25-billion takeover of its closest domestic rival in March to keep it from going under, said it aimed to complete most of the integration by the end of 2026, and was eying more than $10 billion in cost savings by then. "Two and a half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in history," UBS chief executive Sergio Ermotti said.
Billions in cost savings expected from post-merger move
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