New UBS CEO plays down concerns over size of Swiss bank combination

Incoming UBS Chief Executive Sergio Ermotti has sought to ease worries about the size of the new bank being created by its takeover of Credit Suisse. Critics have voiced concern about the forced deal, designed to help secure financial stability globally during a period of turmoil, which will create a new Swiss bank with $1.6 trillion in assets and more than 120,000 staff. "Even putting UBS and Credit Suisse together, we won't be at the top of the classification for international banks in terms of size," Ermotti said in an interview with Italian business daily Il Sole 24 Ore.