The potential deal would create a European financial powerhouse with nearly 1.6 trillion euros in deposits.
Inside Paradeplatz, which takes its name from Zurich's main financial square where both banks are headquartered, reported that Switzerland's Finance Minister, Ueli Maurer, has also been involved in the discussions. A spokesperson for UBS said the bank doesn't comment on "rumors and speculation." Credit Suisse also declined to comment.A merger of the two financial powerhouses would create one of the largest banks in Europe, with deposits totaling around 1.6 trillion euros. That would rank the combined bank as fourth in the continent, behind HSBC, BNP Paribas, and Credit Agricole,
Any deal could also result in up to 15,000 job cuts, or 15% of total staff worldwide, Inside Paradeplatz reported.
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