UBS Cost-Cut Gains Are A Double-Edged Sword

Arnd Wiegmann By Breakingviews UBS’s acquisition of Credit Suisse (CS) looks increasingly good – maybe a little too good. Boss Sergio Ermotti plans to keep the smaller bank’s domestic franchise and reckons he can slash costs harder and faster than his predecessor, Ralph Hamers, had planned. The problem is that the cuts also increase the…

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