Lede

UBS executives believe the takeover of Credit Suisse will work and pay off for its shareholders, despite angering Swiss citizens and unsettling both banks' shareholders.

Summary

• UBS executives are confident in their ability to manage Credit Suisse's integration and that the combined bank will remain well capitalized.
• The hastily arranged rescue angered and unsettled both banks' shareholders, as well as many in Switzerland who did not support the deal.
• The combined bank would create a financial institution with assets double the size of the country's annual economic output.
• Vice Chairman Lukas Gaehwiler addressed concerns about job losses, stating that all options are on the table, and there were enough competition and it was too early to speculate about jobs.
• UBS has already taken the first steps towards integrating Credit Suisse by rehiring Sergio Ermotti as chief executive.
• On Tuesday, the Bank of England approved UBS' takeover of Credit Suisse in Britain.
• UBS secured a temporary green light from European Union antitrust regulators to complete its acquisition of Credit Suisse.
• UBS shareholders re-elected Colm Kelleher as chairman, as well as all existing members of the board of directors, and approved their and bank executives' compensation.
• Credit Suisse faced its own shareholders, and Chairman Axel Lehmann apologized for leading the bank to the verge of bankruptcy.
• Switzerland's financial regulator deflected blame for the collapse of Credit Suisse, calling instead for more powers to take lenders to task.