UBS boss announces the eventual disappearance of the Credit Suisse brand
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UBS turns the page Credit Suisse. The boss of the first Swiss bank, which bought its rival last Marchaffirmed this Tuesday that the Credit Suisse brand was destined to disappear in the long term, believing that it was not “realistic to keep two brands”, reported the Swiss daily The weather.
Questioned at a forum in Lausanne organized by the Swiss daily, Sergio Ermotti, who took over the helm of UBS in April following the forced takeover of Credit Suisse, declared that “perhaps, in certain places the brand will still exist” by 2026. But he then clarified that it was not “realistic to keep two brands” and that ultimately the Credit Suisse brand would “disappear”, detailed Le Temps.
In London, the Credit Suisse logo has already been removed from the building where the bank was located in the Canary Wharf business district, the Bloomberg agency reported on Monday.
3,000 job cuts
In March, UBS bought out its former rival under pressure from Swiss authorities who wanted to avoid the bankruptcy of the country’s second largest bank. The soap opera had caused destabilized the banking sector.
UBS hastily completed its takeover in early June for 3 billion Swiss francs (an equivalent sum in euros at the time of the merger) and has since begun a reorganization of Credit Suisse’s activities, starting with its Swiss branch.
VIDEO. Credit Suisse: shareholders in tears at the bank’s last general meeting
When publishing its quarterly results at the end of August, the banking giant announced that this branch – which includes Credit Suisse’s retail banking and its mortgage loans as well as corporate loans in the Alpine country – would be absorbed by UBS, even though the group had weighed several options.
UBS plans 3,000 job cuts in Switzerland, including 1,000 by 2024 resulting from duplication linked to this decision to absorb this Swiss branch, to which will be added 2,000 positions over the coming years with the restructuring that the bank will have to carry out.
UBS is due to publish its third quarter results next Tuesday, with analysts and politicians in Switzerland remaining on the lookout for indications on its plans for Credit Suisse, in particular for its investment bank which had suffered numerous scandals.
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