AS RE­PORTED BY GULF NEWS

Gulf News - - Opinion -

- Two top Swiss banks de­cided to merge to cre­ate the world’s sec­ond big­gest bank by as­sets and the largest fund man­ager, worth $60 bil­lion (Dh220.68 bil­lion) and con­trol­ling al­most one tril­lion dol­lars of funds. Union Bank of Switzer­land (UBS) and Swiss Bank Corp (SBC) will form United Bank of Switzer­land. The move will prompt cuts of 13,000 jobs from a com­bined work­force of 56,000 over three or four years, in­clud­ing about 7,000 in Switzer­land and around 3,000 in London alone. The new bank will have man­aged funds of 1,320 bil­lion Swiss francs (Dh3.35 tril­lion). Com­bined as­sets will to­tal 922.3 bil­lion Swiss francs, sec­ond only to Ja­pan’s Bank of Tokyo-Mit­subishi. Mar­ket cap­i­tal­i­sa­tion would be $60 bil­lion, fifth high­est among world banks.

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