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Banking bosses at Autonomous pours a little cold water on any deal, but still leaves the door open for this or others....
1. We believe that combining CS and UBS is likely to offer generous opportunities for cost synergies, and we do not see domestic anti-trust or prudential concerns as deal breakers
2. On balance, the risk-reward does not look very enticing to us, and the pressure for either bank to try a transformational merger now may not be sufficiently high – although that could change if other deals occur in the European banking sector.