Swiss Banks UBS and Credit Suisse Face Turmoil and Scrutiny.
Swiss Finance Minister Karin Keller-Sutter sees no obstacles to UBS's state-sponsored takeover of Credit Suisse, which will be discussed in an extraordinary session of the Swiss parliament next week. The minister defended the government's intervention, which critics have said came too late and promised too much taxpayer support for a bank that paid out billions in bonuses to executives. The new combined bank will have $1.6tn in assets and more than 120,000 staff, and Keller-Sutter said the structure of UBS would have to be considered in the future.