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The Telegraph
The Telegraph
12 Jun 2023


UBS has set ground rules for its new Credit Suisse staff after sealing the biggest merger in banking since the 2008 financial crisis following a state-orchestrated emergency rescue.

The combined Swiss banks will create a global wealth-management titan and ends Credit Suisse’s 167-years of independent existence.

UBS is to impose tight restrictions on its new bankers including a ban on new clients from high-risk countries and on complex financial products, according to the Financial Times.

Executives have reportedly drawn up a list of nearly two dozen “red lines” that prohibit Credit Suisse staff from a range of activities from the first day the two banks are combined.

The completion of the takeover ends more than two months of uncertainty for employees after UBS finalised negotiations with the Swiss government over a 9 billion Swiss franc (£7.9bn) guarantee against potential losses on Credit Suisse assets.

UBS agreed to take over Credit Suisse in March in an emergency sale brokered by the government, after a confidence crisis and a torrent of client outflows sent it hurtling toward bankruptcy.

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