AS REPORTED BY GULF NEWS
- 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.