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UBS chairman Axel Weber has used external management consultants to examine the potential for a deal but no formal discussions have taken place with Credit Suisse or with managers or directors at UBS, according to people briefed on the matter. The planning comes at a time of upheaval for both banks, with each undergoing leadership change and coming under pressure to cut costs, as the coronavirus pandemic prompts renewed interest in bank consolidation across Europe.
A top-10 shareholder at one of the banks said he had not been consulted about a potential deal and would not be supportive. “There is a case for partnering in some of the businesses like investment banking markets [where] they don’t have the same critical mass as their US competitors,” he said, “but a full merger I cannot see the logic.”
https://www.ft.com/content/6eb02b5b-cfec-478a-ad04-adceb935ee54
