Hi all,
Does anyone have any idea when the deal will close? After it does, how fast do you think they will begin with layoffs in the IB?
I heard next week for an announcement and June 1st as Day 1 of the new company. Can anyone confirm?
Thanks,
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end of month are the expectations.
Also there is an interesting development in the merger. According to yahoo finance: “Following the legal closing of the transaction, UBS Group AG plans to manage two separate parent companies - UBS AG and Credit Suisse AG, UBS said last week.” Interesting that Credit Suisse will remain a brand for the foreseeable future.
Also according to FT: “The main assets to be written down are Swiss mortgages and trading assets, particularly from those investment banking businesses that UBS plans to exit.” This shows the UBS plan that once the merger closes, layoffs will predominantly happen in their trading businesses rather than IBCM in the short term.