Swiss banking giant UBS has taken over its rival Credit Suisse in a $3.25bn deal fast-tracked by Swiss regulators. UBS, which has long worked to improve its culture after a series of embarrassing conduct scandals a decade or so past, must now carefully weave in Credit Suisse's risk-loving culture.
Insiders at UBS are concerned with protecting the bank's values from parts of Credit Suisse's "rancid" culture. "This is a forced marriage by the regulators to avoid a disaster and now everybody at UBS is going 'oh my god,'" said Chris Roebuck, a former UBS employee. "How do we make this work in a way that is financially viable, culturally viable, and does not kill off UBS?"
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