The move by UBS to acquire Credit Suisse represents the most significant banking deal since the 2008 global financial crisis. Ermotti and Kelleher added that there are challenges but also “many opportunities” for employees, shareholders, clients, and Switzerland itself.

The newly created banking giant will oversee $5 trillion of assets, meaning UBS will now take a leading position in key markets. It also Credit Suisse’s 167-year history has come to an end.

While it currently has a significant workforce, UBS said it will be cutting jobs to reduce costs.

The Financial Times, citing people with knowledge of the matter, reported on Sunday that UBS will impose strict restrictions on Credit Suisse bankers, such as banning new clients from high-risk countries and on complex financial products.

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