UBS and Credit Suisse could merge
The two main Swiss banks, UBS and Credit Suisse, could merge.
The rumour broke yesterday afternoon.
The plan would be to officially announce the move at the beginning of next year. If it does go ahead it would create one of the biggest banks in Europe.
It’s being reported the idea comes from the head of UBS, Axel Weber and the idea has already been discussed with the government and regulators.
A fusion of the two banks would likely mean thousands of jobs going – up to 15,000 worldwide.
The idea is being welcomed by the markets as shares in both banks moved higher.