UBS Does Not See a Future for CS Switzerland
Published: Thursday, Aug 31st 2023, 21:41
Mise à jour le : Vendredi, 13 octobre 2023, 14:12
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The fate of Swiss traditional bank Credit Suisse is sealed. Its Swiss business will be fully integrated into UBS, resulting in 3000 job losses in Switzerland. Credit Suisse CEO Sergio Ermotti said that integration was the only option as the CS Switzerland would not have been able to survive on its own. The integration is expected to be completed by the end of 2026, with the legal integration of the CS Switzerland taking place in 2024. It is estimated that 30,000 to 35,000 jobs will be lost worldwide. In Switzerland, 3000 jobs will be lost due to the integration of the Credit Suisse business, with a further 2000 jobs lost in other Swiss business areas. Ermotti dismissed fears that the new UBS would be too big, saying that there would be no competition issues. He also said that the integration would ultimately save more jobs. UBS will do its best to defend its market share in Switzerland, and further details of the strategy will be released in November and February. The UBS Group achieved a record profit in the second quarter, with a net profit of 28.9 billion US dollars. The Credit Suisse business in wealth management has stabilised, with inflows of funds now being seen. UBS expects to achieve a break-even pre-tax result for the entire business in the third quarter. The UBS shares have risen by 6.1% to 23.50 francs, and are now at the same level as in 2008.nnnnnnnnnnnn
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