UBS Completes $3 Billion Takeover of Credit Suisse in Major Banking Merger

UBS had been considering acquiring its rival Credit Suisse since December 2020.
The deal was announced in March and still requires approval from regulators in several countries, including in the EU.
UBS aims to close the merger by the end of May or early June, according to UBS CEO Sergio Ermotti.
UBS agreed to assume up to $5 billion in losses from Credit Suisse as part of the $3 billion deal.
UBS is considering spinning off Credit Suisse's Swiss business unit, and job cuts are expected as a result of the merger.