UBS chairman Axel Weber has mapped out a merger with Credit Suisse that would create a unified Swiss champion in wealth management and investment banking.
Mr Weber has used external management consultants to examine the potential for a deal but no formal discussions have taken place with Credit Suisse or with managers or directors at UBS, according to people briefed on the matter.
The planning comes at a time of upheaval for both banks, with each undergoing leadership change and coming under pressure to cut costs, as the coronavirus pandemic prompts renewed interest in bank consolidation across Europe. Both banks declined to comment on the discussions.
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