Swiss Lower House Censures UBS Guarantees in Symbolic Vote (1)

Switzerland’s lower house made a symbolic vote against providing state guarantees for UBS Group AG’s takeover of Credit Suisse Group AG, reflecting a high degree of public discontent with the deal.

The lower house rejected a compromise offered by the upper house, leading to a failure of the bill and ending parliamentary proceedings. Irrespective of the vote, parliament can’t stop the takeover negotiated last month as a designated committee of lawmakers had already signed off on it.

The rejection nonetheless casts a shadow over the already-fraught process of integrating two global banks, particularly as significant job cuts loom ...