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Economist Marc Chesney warns that the conditions for a new financial crisis are present following the acquisition of Credit Suisse by UBS. The transition marks a significant shift in the Swiss banking landscape, with UBS now occupying the former Credit Suisse headquarters at Paradeplatz in Zurich.
Following the merger with UBS, former Credit Suisse employees in the UK can retain certain benefits, including the ability to take a sabbatical of up to three months every five years, a privilege not available to UBS staff. As UBS plans to reduce its workforce from 109,000 to 85,000 by 2026, the integration of Credit Suisse employees poses challenges due to differing corporate cultures and client risk profiles.
UBS has replaced the Credit Suisse logos on the historic building at Paradeplatz 8 in Zurich, marking a significant step towards the establishment of the UBS Campus Paradeplatz. The renovation will enhance public access with retail and dining options, while the campus aims to accommodate 4,000 employees and serve Swiss customers. The adjacent Bankverein building is set to reopen in 2027, further contributing to the transformation of the area.
Ennio Leanza
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