UBS CEO Cautious on Outlook Despite Progress on Inflation, Announces Job Cuts in Merger with Credit Suisse
• UBS CEO not convinced inflation fully under control despite recent moves by central banks • Remains cautious on economic outlook given difficulty predicting coming months • Watching to see if favorable inflation trends continue and get closer to 2% target • UBS merging with Credit Suisse, will cut 3,000 jobs in Switzerland to reduce costs • Making job cuts difficult given most Credit Suisse employees not responsible for bank's issues