UBS Reaches Major Milestone In Absorption of Credit Suisse
(5 June 2024 – Europe) UBS has completed the merger of itself and Credit Suisse at a group level on Friday, which it acquired in a “shotgun wedding” arranged by regulators following its collapse last year.
The merger of the two Swiss behemoths concludes months of work to satisfy regulatory requirements, which was completed within the expected timeline and was done with a high level of support from global regulators, commented UBS.
The next phase of work will entail combining IT systems, migrating clients from Credit Suisse, and expected headcount cuts from the merged banks workforce of 110,000 staff. Part of the headcount shake up has also included a reshuffle of the board of directors and executive management team and has left Switzerland with a single global bank with a balance sheet double the size of the country’s annual economic output.
In a statement to the market, UBS said the transition to a single US intermediate holding company is planned for June 7, and the merger of the Swiss registered entities is still expected to occur in Q3 2024.
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