The Swiss Times - Swiss News in English

UBS CEO promises clarity on CS merger by the end of summer

  • By The Swiss Times
  • 27 June 2023
By the end of the summer, UBS wants to provide more clarity about its integration with Credit Suisse. It has been more than three months since the banks announced their state-backed shotgun merger.
UBS CEO promises clarity on CS merger by the end of summer
UBS CEO Sergio Ermotti (left) being congratulated on the announcement of his new role in the bank (Keystone SDA).

(Keystone SDA) By the end of the summer, UBS wants to create significantly more clarity about the integration of Credit Suisse. It has been more than three months since the banks announced their state-backed shotgun merger.

Overall, the integration of the former competitor is going very well and customers have also shown a lot of support, said UBS boss Serio Ermotti on Tuesday at the “Point Zero Forum” in Zurich. He is very satisfied that the situation at Credit Suisse has since been stabilized.

The “third phase” of integration has just begun – in the next twenty days, 1,200 to 1,500 people will be given clarity about their responsibilities, he explained. All in all, it is a sign of the strength of the financial center that the rescue of UBS was successful without outside help and without the ailing big bank being dissolved, stressed Ermotti.

However, within three months, UBS had to carry out tasks that would have taken around nine to 12 months for a normal takeover.

Where does artificial intelligence fit in?

With regard to new technologies, Ermotti was also open to “experiments” and cooperation with fintech. For UBS, however, the focus of technology investments is always on its own infrastructure and the reliability of its services.

Many innovations served to make the back office more efficient, which ultimately benefited customers and shareholders alike. The CEO went on to say that the use of UBS technology can help not least in data management: When it comes to analyzing customer portfolios, for example, an enormous amount of data comes into play. He added that artificial intelligence could also make a contribution in this sphere.

“We use AI to provide customers with a better quality of service for customers,” says Ermotti.

This article was reprinted with permission from Keystone SDA.

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