Swiss financial group UBS wants to fully integrate the Credit Suisse bank. knowledgeable German magazine NZZ am Sonntag. According to the publication, a decision has been made in principle and the Credit Suisse brand will disappear.
After publication, Business Credit Suisse will also be integrated into UBS.
On June 12, UBS officially announced the completion of the acquisition of Credit Suisse. It was then reported that UBS Group AG would later manage banks UBS AG and Credit Suisse AG. In addition, it was noted that each institution will retain its branches and subsidiaries, and the work with customers and counterparties will continue unchanged. In the statement, it was stated that UBS will present the consolidated financial results of the group in dollars.
June 28, Bloomberg reported, citing sources, that UBS has decided to lay off more than half of its acquired Credit Suisse employees. After Greensill Capital’s bankruptcy in 2021, Credit Suisse blocked $10 billion in a group of funds the bank previously offered as safe investments, according to the agency. At the same time, the credit institution’s shares began to depreciate and it went bankrupt in 2023 amid financial turmoil around the world.
Previously reportedSwitzerland is investigating the ex-president of Credit Suisse.