UBS chairman wants to keep Credit Suisse’s Swiss unit

ZURICH (Reuters) – UBS Chairman Colm Kelleher said the bank wants to keep Credit Suisse’s Swiss unit, speaking at a news conference announcing the merger between Switzerland’s two biggest banks on Sunday.

“It is a fine asset that we are very determined to keep and hopefully service their customers and clients as efficiently as Credit Suisse has done,” Kelleher said.

The Chairman of Switzerland’s biggest bank said it “will be running down the investment banking part of Credit Suisse, because UBS itself has an investment bank-like model.”

Kelleher also said it was “too early” to say with regards to job cuts. “We need to do this in a rational way [and] thoughtfully, when we’ve sat down and analysed what we need to do.”

(Reporting by Noele Illien; Editing by Paul Carrel)