Credit Suisse is now a part of UBS | World Business Watch

Swiss banking giant UBS has completed its emergency takeover of local rival Credit Suisse. This will make UBS a trillion dollar banking behemoth. The combined group will oversee 5 trillion dollars of assets, which will give UBS a leading position in key markets. the two banks now jointly employ about 120,000 worldwide, although UBS has said it will be cutting jobs to reduce costs.