UBS Will Fully Absorb Credit Suisse’s Domestic Bank

UBS Group said on Thursday it would fully absorb Credit Suisse’s domestic bank – a decision that comes despite a likely backlash in Switzerland where it could result in the loss of thousands of jobs.

The long-awaited announcement was made in tandem with UBS’s first earnings report since taking over its stricken rival.

UBS could have spun off the business and floated it in an IPO but the domestic bank has been a solid profit-maker for Credit Suisse and last year it was the only division in the black.

Read the source article at Reuters