UBS and Credit Suisse Merger Not Likely in Near Future

The possible merger of Credit Suisse and UBS might have taken a halt as UBS chairman Axel Weber recently told Bloomberg that he doesn’t see the closure of the deal in the new future.
“It’s always accretive if two domestic banks talk about mergers, but they are very, very hard to implement,” Weber said. “I don’t expect these things to happen at the current juncture. I think this will be things discussed for years to come before we see any concrete movement.”
Weber’s statement came just after Group’s chairman Urs Rohner said that the merger wouldn’t be ‘unreasonable.’ He also thinks that there would be many benefits from the merger.
Reports of the first came in September. Though neither the banks confirmed the news, Weber was likely to become the chairman of the combined entity, and someone from Credit Suisse might take up the position of CEO. 
Shuffle in Management
Both Weber and Rohner are stepping down from their position and the banks also had a reshuffle in their management.
Though Weber rejected any talks on the merger two months ago, Credit Suisse CEO Thomas Gottstein said that the banks might consider the merger.
“We just had new management,” Weber added. “The chairman over there is changing, my term is nearing an end. This is not the time where you go into discussions like that.”
If merged, the combined Credit Suisse and entity will be a major banking player but will still remain smaller than its US competitors. A deal of this size, however, is expected to attract regulatory scrutiny.
Meanwhile, profits of UBS in the third quarter after its business tanked with the Coronavirus pandemic impact.