The appearance of UBS boss Ermotti is historic: he is presenting the merged bank for the first time, Credit Suisse has disappeared. This does not only mean good things for Switzerland and the employees.
On paper, things are going brilliantly at UBS. By far the largest bank in Switzerland posted a profit of $29 billion in the second quarter of 2023 – more than any bank before it in three months. But behind the historical number there is also a historical fusion. In March, the situation of Credit Suisse, then number two in the Swiss banking sector, had deteriorated so rapidly that the Swiss government decided to urge UBS to take over its struggling rival.