UBS Chief Executive Sergio Ermotti on Friday warned of painful decisions about job cuts following the takeover of Credit Suisse , which he said he hoped would be formalised in coming days.
"We won't be able to create, short term, job opportunities for everybody. Synergies is part of the story," Ermotti said at an event organised by the Asset Management Association Switzerland in Bern.
"We need to take a serious look at the cost base of the standalone and combined organisations and create a sustainable outcome," he added. "It will be painful."rescue"Hopefully in the next few days it's going to be done," Ermotti said on Friday. "We are finalising the last the last few miles ... we have more than 170 approvals from regulators."to oversee the biggest banking deal since the global financial crisis.
While he stressed it was a takeover and not a merger, Ermotti said Credit Suisse had many good people and talents, suggesting its executives may play a greater role in the combined group than the initial leadership team unveiled last month might indicate. That management"We will have a more even distribution of jobs ..than the one I did myself," he said. "When the dust settles down ...
He also insisted that the new combined entity, which will have a balance sheet of $1.6 trillion - roughly double the size of Switzerland's annual economic output - was not too large for Switzerland.to shrink UBS assets after its takeover of Credit Suisse to reduce the risk of another expensive state-backed rescue.Reporting by John Revill Editing by Tomasz Janowski
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