UBS’S ‘full integration’ of Credit Suisse comes at cost

Swiss banking giant UBS on Thursday announced plans to save $10 billion in costs, including through 3,000 staff reductions in Switzerland in the coming years, as it moves ahead with “full integration” of longtime rival Credit Suisse’s domestic operations following a takeover.

The announcement came as the Zurichbased bank reported $29 billion in net and pre-tax profit in the second quarter, its first earnings release since the government-orchestrated merger to help stave off a possible global financial meltdown.