- A Swiss finance blog reported On Monday, Credit Suisse and competitor UBS are considering a merger.
- The potential business would create a European financial powerhouse with deposits totaling nearly 1.6 trillion euros.
- Both companies declined to comment on "rumors and speculations".
- You can find more stories on the Business Insider homepage.
The management of two of the largest Swiss banks is considering a merger that could create the largest bank in Europe. according to a report from Inside Paradeplatz on Monday.
The chairmen of UBS and Credit Suisse were involved in the potential deal nicknamed Signal, which could be announced as early as early 2021, the financial news blog reported, citing two unidentified sources at the banks.
The Swiss Finance Minister Ueli Maurer was also involved in the discussions on Paradeplatz, which takes its name from Zurich's main financial center, where both banks are headquartered.
A UBS spokesman said the bank did not comment on "rumors and speculation". Credit Suisse also declined to comment.
Credit Suisse stocks rose around 4.8% on Monday, while UBS gained around 2.5%.
The merger of the two financial power plants would create one of the largest banks in Europe with deposits of around 1.6 trillion euros. This would make the combined bank the fourth on the continent after HSBC, BNP Paribas and Credit Agricole. according to S&P data.
Each deal could also lead to a downsizing of up to 15,000 jobs or 15% of the total workforce worldwide, reported Inside Paradeplatz.