In March UBS agreed to takeover its struggling cross-town
rival for 3 billion Swiss francs ($3.37 billion) and said it
would assume up to 5 billion ($5.61 billion) in losses as part
of a deal hastily arranged by Swiss authorities.
On Sunday, NZZ am Sonntag newspaper reported that the
country's largest bank was working towards spinning off Credit
Suisse's domestic unit, with its current head, Andre
Helfenstein, expected to run it.
The Swiss newspaper cited a source as saying that UBS had come around to the idea of a spin-off, which it initially ruled out, because of growing public and political pressure. Ermotti on Wednesday also said it was too early to put a figure on how many jobs would be cut as a result of the merger. "Job cuts will not be avoidable," he said.
(Reporting by Noele Illien Editing by Tomasz Janowski)
