Migration of CS clients to UBS platform begins next year
Published: Wednesday, Aug 14th 2024, 12:50
Volver a Live Feed
Following the merger of the Swiss units of UBS and Credit Suisse, Credit Suisse clients are now to be migrated to the UBS platform from next year. The migration is expected to take until 2026, UBS CEO Sergio Ermotti said in a conference call on Wednesday. Around one million clients will be affected.
During a media call, the CEO also defended himself against accusations in the media that the big bank had worsened conditions in recent months, not least for Swiss corporate clients. However, UBS must put certain aspects of the CS business model, which is primarily geared towards growth, in order, emphasized Ermotti. Some of CS's conditions were "unacceptable" for UBS.
Not all customers are happy
Despite an environment of rising interest rates, higher capital requirements and changed economic conditions, UBS renewed around 30 billion in corporate and mortgage loans in the second quarter alone, the CEO emphasized: "This shows that UBS remains competitive.
The adjustment of the conditions is about the fact that UBS must also be adequately compensated for the risks taken with its pricing. "Of course, not all of our clients are happy about this." But it is not UBS's job to subsidize certain companies, he emphasized.
©Keystone/SDA
Spanish 
English 
German 
French 
Arabic