The announcement caps more than two months of uncertainty for employees after UBS finalized negotiations with the Swiss government over a 9 billion Swiss franc ($13.38 billion) guarantee against potential losses on Credit Suisse assets. The deal sets UBS up for a windfall gain in the tens of billions of dollars and begins a period of complex integration likely to involve thousands of job cuts.
UBS Group AG completed the acquisition of former rival Credit Suisse Group AG, sealing the biggest merger in banking since the 2008 financial crisis and creating a global wealth-management titan.
The Swiss bank announced the closing of the deal in an open letter in local and international newspapers on Monday. The takeover of Credit Suisse ends the lender’s 167-year independent existence.
