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UBS s acquisition of Credit Suisse for $3.25 billion in March has been hailed as the "deal of the century" after UBS reported a net profit of $29.2 billion for the second quarter. The exceptional gain was attributed to the difference between the purchase price and Credit Suisse s book value. However, critics argue that the takeover has created a monopolistic situation and put Switzerland at risk if the new mega-bank faces a crisis. UBS still faces challenges ahead and it remains to be seen whether the deal was truly worth it. ....
UBS Group plans to cut more than half of Credit Suisse s workforce starting next month as a result of the bank s emergency takeover, the report said ....
Some of the investment bankers and wealth managers are expected to be poached by leading firms like Deutsche Bank AG, Citigroup Inc. and JPMorgan Chase. ....