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one weekend in march, and now we ll see two cultures colliding. there are likely to be manyjob losses, staff will be bracing for those. however, as you say, the boss of ubs has said, look, we have a lot of opportunities here as well, and of course it does mean that ubs is able to access key markets in wealth management that it would have taken years to do had it not taken over credit suisse. and of course the deal reached with the swiss government effectively for the government to back around $10 billion of losses that it could see when it sells of chunks of credit suisse s business, will have helped sweeten this deal. it is going to have a fight on its hand but arguably, credit suisse s footprint does mean that that is probably going to be easier to at leastjoin the fight now that it has all of these assets under management and of course, has already established partnerships around the world. so certainly that will be the ambition. it s a big ambition. i don t think ne ....
And british prime minister, rishi sunak, calls for the uk to be the world s regulator for artificial intelligence. welcome to world business report. i m ben thompson. we begin in the banking sector, and breaking news this morning that ubs has completed its emergency takeover of credit suisse. the deal is the biggest in the sector since the 2008 global financial crisis. it will create a swiss banking giant with a balance sheet worth more than $1.6 trillion. in an open letter to swiss newspapers, the company s chief executive said it was the start of a new chapter . earlier we spoke to one market analyst about what the new banking titan will look like. creating this mega bank in such a short turnaround time, effectively it was forced on ubs as part of that rescue deal agreed overjust ....
I m stephanie ruhle. time for your morning primer, everything you need to know to start your day. we begin with president trump touring hurricane harvey damage in texas and louisiana tomorrow. details of the trip are still being finalized. unfortunately, we are watching another hurricane growing as it moves through the eastern atlantic. irma is a category 3 now and it may be a category 4 status by early next week. no word yet on whether the storm poses a threat to united states. russia is now reacting to u.s. government s decision to close the russian consulate in san francisco. sergey lavrov says the kremlin is preparing a, quite, tough response. and controversial figure and trump supporter milwaukee county sheriff david clark has resigned. clark had no details about his next job. and this one blows my mind. wells fargo fake account scandal is getting even bigger. the banking titan now admits hit may have opened as many as 3.5 ....
Soon. another problem is when the airspaces do open up and planes can fly again, they re still going to have to take a day or two to get their schedules back in order. you ve got planes stranded at foreign ampirports that have to get back to their home countries, then start operations all over again. even if the airspace opened tomorrow or monday, it would take a few days for things to get back to normal. hundreds of thousands of passengers to be moved. alex? okay, nbc s tom as spell live for us at heathrow airport, thanks. still ahead for you, a live report from iceland on how the ash plume from the volcano is spreading. chris jansing will join us at the bottom of the hour. major aftershocks are hitting wall street after the government charged a banking titan with fraud. in a civil lawsuit, goldman sachs is accused of peddling a complex investment tied to subprime mortgages back in april 2007 as the housing market was just beginning to collapse. retired u.s. army colonel jack ja ....
Cancel because of that hovering cloud of volcanic ash, which has shut down all of poland s major airports and have left world leaders like germany s angela merkel stranded in portugal. she can t even get home to jump on a plane in berlin to come here. so, that was before. there is a last-resort clause we under that could delay things, but that s looking very unlikely. this will probably happen tomorrow. there s been so much effort now to make it happen tomorrow, simply without the world leaders that were expected. back to you. jim maceda in krakow. major aftershocks after the government charged a banking titan in fraud with a civil lawsuit. goldman sachs is accused of peddling an investment tied to subprime mortgages in april of 2007 while the housing market was beginning to collapse. jack jacobs is here. jack, i know you worked on wall street for many years. forget the suits on wall street. let s talk about the suits on ....