Source: Wall Street
The frenzied trading over the weekend changed not only Credit Suisse but also UBS. After acquiring its biggest domestic competitor at a discount of 3.2 billion US dollarsUBS has leapt to one of the largest wealth managers in the world.
The expanded UBS business will manage about $5,000bn in investment assets, surpassing US rival banks of wealth management departments such as Morgan Stanley, and being on the front line of Blackrock and Vanguard in the investment business. David de Serra, founder of Algebris Investments, said:UBS completed an once-in-a-lifetime deal. "
Of course, the merger of two systemically important global banks also faces an extremely complex task. Analysts sayUBS may be distracted by consolidation for years. UBS will also face greater risks in the short term by taking over Credit Suisse's troubled investment banking business.
Edit / Corrine