UBS Group AG Outlines Targets for Integration of Credit Suisse

Major Cuts and Cost Savings Expected

UBS Group AG has announced its major targets for the integration of former rival Credit Suisse. The integration plan includes 3,000 domestic job cuts and aims to achieve more than $10 billion in cost savings. This development comes as UBS posted the largest ever quarterly profit for a bank, following the completion of the bargain acquisition in June.

Record-breaking Quarterly Profit

In the second quarter, UBS reported a staggering $29 billion profit before tax. This growth can be attributed to the accounting difference between the $3.8 billion acquisition price UBS paid for Credit Suisse and the value of the acquired lender’s balance sheet.

Complete Absorption and Retirement of the Credit Suisse Brand

UBS has confirmed that Credit Suisse’s local unit will be fully integrated into the parent company, with the brand likely to be retired by 2025. This move marks a significant milestone in the consolidation of the two banking giants.

Key Highlights:

• UBS Group AG outlines major targets for integration of Credit Suisse
• Targets include 3,000 domestic job cuts and over $10 billion in cost savings
• UBS reports $29 billion profit before tax in the second quarter
• Credit Suisse’s local unit to be absorbed into the parent company and brand retired by 2025