The Swiss Federal Council, a seven-member governing body that includes Berset, passed an emergency ordinance allowing the merger to go through without the approval of shareholders.
Even before Credit Suisse Group AG’s government-brokered takeover, the Swiss lender was in the process of cutting 9,000 jobs in an effort to save itself.
UBS agreed to buy troubled smaller banking rival Credit Suisse on March 19 in a $3.2 billion deal with with Swiss authorities expected to change the country’s laws to bypass a shareholder vote.