UBS CEO, Sergio Ermotti, told Credit Suisse staff to remain client-focused and maintain operational excellence during the merger. The Swiss authorities announced last month that UBS would buy Credit Suisse to halt further banking turmoil after the smaller lender had come to the brink of collapse. UBS recently rehired Ermotti to take over as CEO and steer the takeover. The new bank is poised to reduce its workforce by 20%-30%, said Swiss daily Tages-Anzeiger. Ermotti asked staff to be patient while the company worked out its next moves, indicating that all employees' fair treatment is his priority.
