UBS Completes Takeover of Credit Suisse, Sets Red Lines for Staff.

UBS has completed its takeover of Credit Suisse, creating a Swiss bank with a balance sheet of $1.6tn and a workforce of 120,000. The deal, worth $3.2bn, was agreed in March, with Swiss regulators playing a key role in the acquisition amid worries that severe losses at Credit Suisse could destabilize the banking system. Following the merger, Credit Suisse and its American Depositary Shares will be delisted from the SIX Swiss Exchange and New York Stock Exchange, with shareholders receiving one UBS share for every 22.48 Credit Suisse shares held.