UBS completes merger of UBS and Credit Suisse parent companies

ZURICH - Swiss bank UBS said on Friday it had completed the merger of the main parent companies of the Swiss lender and its longtime rival Credit Suisse, which it acquired last year.

The parent merger is expected to allow the Swiss bank to get started with trickier stages of the integration such as combining IT systems, migrating clients from Credit Suisse and cutting the enlarged bank's workforce of more than 110,000. The step follows a shake-up in the executive board of the bank announced on Thursday which will split its top wealth management role, carving out new responsibilities for two leading contenders to run the bank after Ermotti.

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