UBS chairman Colm Kelleher (pictured, left, left) said the task of integrating Credit Suisse was bigger than any deal executed at the height of the 2008 financial crisis.

(Reuters)

[Financial Channel/Comprehensive Report] UBS Chairman Colm Kelleher (Colm Kelleher) said that the task of integrating Credit Suisse Group is larger than any transaction executed during the worst period of the financial crisis in 2008, highlighting the new execution Chang'an Citrix (Sergio Ermotti) faces a daunting task.

Kelleher, who appointed Ermotti to lead the bank through the acquisition, highlighted the daunting task ahead for UBS to take over its biggest rival, saying: "This is the biggest single financial transaction since 2008, and I think it's bigger than what was done in 2008." Any deal is big because this is the first time two banks with systemic dependencies have merged, which also presents significant execution risk.”

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Ermotti will be in charge of closing most of Credit Suisse's investment bank operations and determining which of the firm's top executives, wealth managers and investment bankers will be retained in the future.

He previously served as a Credit Suisse executive for ten years and has in-depth knowledge of the bank, as well as extensive experience in crisis management and restructuring.

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