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“We won’t be able to create, short term, job opportunities for everybody. Synergies is part of the story,” Ermotti told a financial conference in Bern.
“We need to take a serious look at the cost base of the standalone and combined organisations and create a sustainable outcome,” he added. “It will be painful.”
Switzerland’s no. 1 bank, which agreed in March to take over its smaller Swiss rival as part of a rescue orchestrated by Swiss authorities, has said it aimed to close the deal quickly with Ermotti saying on Friday he hoped it could be done in the next few days.
