Global wealth manager UBS is reportedly exploring a merger with fellow private banking giant Credit Suisse.
According to Bloomberg and Inside Paradeplatz, the M&A deal, known as ‘Signal’, is being led by UBS chairman Axel Weber and Credit Suisse chairman Urs Rohner.
Weber has reportedly discussed the idea with Swiss finance minister Ueli Maurer and an agreement could happen by early next year, according to the reports.
The two private banks declined to comment on the matter.
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UBS is currently in the middle of a change of leadership, with former ING Group head Ralph Hamers taking over from chief executive Sergio Ermotti in November.
If a deal takes place, Weber is expected to stay on as chairman of the combined company.
The reports said that a merger could result in job cuts equal to between 10% and 20% of the workforce, or around 15,000 worldwide.
Swiss financial regulator Finma has been informed of the reported plans, according to the media outlets.
Finma has declined to comment on the talks.
