The director of UBS Switzerland Sabine Keller-Busse accelerates the merger of the Swiss divisions of UBS and Credit Suisse. “The merger could take place as early as July 1, 2024,” she said in an interview broadcast Tuesday by the Neue Zürcher Zeitung.
It primarily concerns employees, who could already work together internally. “For Credit Suisse clients, only the legal consideration will initially change. They will continue to have their debit cards, mortgages or investment products with Credit Suisse as long as the IT systems are still functioning,” explains Ms. Keller- Busse.
For some complex customers, such as large enterprises, the migration will begin this year, she adds. The rest of the clients should be transferred to UBS systems by New Year’s Eve 2025, she continues.
The merger of the two banks is accompanied by a significant reduction in the number of branches. According to the director of UBS Switzerland, the aim is for the merged bank to have only 194 branches in Switzerland. Currently, UBS has 190 and Credit Suisse 95.
Layoffs in 2024 already
The branches of UBS and Credit Suisse have already been brought together in five locations as part of a pilot test. The choice fell on the site with the largest surface area, because the customer advisors have to move with their systems until the customers migrate, explains the manager. “There needs to be room for more advisors.”
The first tests are conclusive, notes Ms. Keller-Busse. “The introduction involves a one-off expense, but it allows us to quickly close supernumerary branches.”
For the manager, the credit granting procedures of Credit Suisse and UBS are “very similar”. “The differences appear especially in special operations.
The merger of the two banks should cause nearly 1,000 job cuts, confirms the director of UBS Switzerland. Layoffs linked to Swiss activities will begin in the second half of the year. “With the migration to the UBS platform, colleagues in the ‘back office’ will be more affected.”
ats, awp
