The merger was finalised just under three months after a rapid agreement brokered by the Swiss government. Meanwhile, European leaders are exerting pressure on Tunisia to accept a $1.9 billion IMF bailout. In other news, financier George Soros is transferring control of his $25 billion empire to his 37-year-old son.
The bank is looking to trim down after the bloating caused by the merger of the two Swiss banking rivals. More than 10,000 jobs are on the chopping block in Switzerland alone.
Global stock markets plunged as they opened to the news of the shotgun buyout of Credit Suisse by rival UBS. Swiss authorities had hoped the takeover will calm investors.