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Sergio Ermotti faces the daunting task of integrating two globally systemic banks. The returning UBS boss’s first big decision, though, has a more domestic focus. The Swiss bank is under pressure to offload Credit Suisse’s local business to ease a political backlash in its home market. By avoiding immediate layoffs, and arguing that the division might not be viable on its own, he might be able to get away with keeping it.

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