UBS & CREDIT SUSSIE IN BACK-OFFICE NEGOTIATIONS – Credit Suisse & UBS are in talks about the combination of their back-office functions in order to cut costs. These two banks are in serious discussions, but extremely early stages of co-operating, in area such as Compliance, Settlements and Trade Processing. Sergio P. Ermotti, UBS CEO, said that banks can no longer afford to separate back-office functions because of more stringent profit margins. Ermotti wants to focus on cutting costs and the bank could employ about 30% fewer staff in a decade as technological advances develop in the industry. #SpartanInternational