UBS CEO Warns Staff Credit Suisse ‘Is Still Our Competitor’
- Acquisition of rival expected to be completed by year end
- Ralph Hamers said the two remain competitors until deal closes
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UBS Group AG Chief Executive Officer Ralph Hamers has warned staff not to talk about business matters with counterparts at Credit Suisse Group AG, following the announcement of their government-brokered combination.
“Please remember that, until this deal closes, Credit Suisse is still our competitor,” Hamers wrote in a memo to employees. “We cannot discuss business matters with their employees or take any action that could be interpreted as a step toward the merging of business,” he said.