Credit Suisse and UBS: The Mega Merger Rescue.

UBS Group's takeover of Credit Suisse, arranged by Swiss authorities to prevent a broader banking crisis, is set to become official as early as June 12. The closing of the deal marks the final chapter for the 167-year old institution after years of scandals and missteps eroded customer confidence and brought the lender to the brink of collapse. The deal faced several hurdles, including regulatory rebukes, postponement of annual reports, and political backlash. UBS CEO Sergio Ermotti warns of painful decisions about job cuts following the takeover of Credit Suisse, which he said should be finalized in a few days.