Credit Suisse is now a part of UBS | World Business Watch

World News

Swiss banking giant UBS has completed its emergency takeover of local rival Credit Suisse. This will make UBS a trillion-dollar banking behemoth. The combined group will oversee 5 trillion dollars of assets, which will give UBS a leading position in key markets. The two banks now jointly employ about 120,000 worldwide, although UBS has said it will be cutting jobs to reduce costs.

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