A bank employee association said it was deeply shocked by the potential consequences of the UBS-Credit Suisse deal.

Switzerland awoke to a new era on Monday after UBS swept up Credit Suisse in a government-brokered rescue that dented the country’s long-held pride in its banking expertise.

A bank employee association said it was deeply shocked by the potential consequences of the deal to save the 167-year-old Credit Suisse after customer and market confidence in the lender evaporated.

In a package orchestrated by Swiss regulators on Sunday, UBS will pay 3 billion Swiss francs ($3.24bn) for Credit Suisse and assume up to $5.4bn in losses.

With their headquarters just a few minutes’ walk away from each other, not far from Lake Zurich in the centre of the city with snow-capped mountains on the horizon, the two lenders have been pillars of global finance for decades.

The banks, two of the most systemically relevant in global finance, hold combined assets of up to 140 percent of the Swiss gross domestic product (GDP), according to the central bank, in a country heavily dependent on finance for its economy.

The Swiss Bank Employees Association, in a statement to Reuters news agency, demanded that UBS keep job cuts to an “absolute minimum”.

“The jobs of very many employees are at stake,” it said, adding that it was in touch with the management.

The statement underscores the sense of unease in Switzerland, with its reputation as a global financial centre on the line.

Swiss media were also shocked by the developments.

“A zombie is gone but a monster is born,” read the title of a commentary in the Neue Zuercher Zeitung, often seen as the voice of the establishment.

“A few months ago, nobody would have thought that Credit Suisse would fail. However it is not an accident,” the newspaper wrote in the piece accusing the bank of arrogance and pride.

“The Swiss bank had a stock market value of CHF 100 billion in 2007, of which CHF 7 billion were left last Friday,” it said.

“There has thus been a massive destruction of value, at the hands of managers who have carelessly underestimated risks and helpless board members who have too often failed to control things.”

The Tages-Anzeiger newspaper described the affair as a “historic scandal”.

Still, UBS Chief Executive Ralph Hamers – who will lead the new combined entity as CEO – was confident his bank was up to the challenge of making the takeover a success.

“The takeover means that we are bringing back stability and security for CS clients,” Hamers said. “But also that we are upholding the reputation of the Swiss financial centre.”