UBS is fast approaching in the absorption of Credit Suisse

UBS had agreed to resume Credit Suisse for 3 billion francs.Image: KEYSTONE

The three keys’ bank says it is progressing in the integration of its ex-rival, which must be almost completed at the end of 2026. Accounts transfer, as well as cost and staff reductions are on track.

“In 2025, we will set up the next stage of integration” of Credit Suisse, launched the director general Sergio Ermotti, in a press release. The Ticino boss declared himself “confident to complete most of the integration by the end of 2026, to achieve our financial objectives and to implement growth initiatives”.

The Zurich banking giant has achieved gross additional saving of $ 700 million (nearly 639 million francs) in the fourth quarter, for a total of 3.4 billion over the whole year. In 2025, costs of costs should rise to 2.5 billion. In total, the group is counting on 13 billion discounts of expenses within two years, for charges of 14 billion.

The reduction of so -called risk assets (RWA) is increasing “faster than expected”, with a drop from 3 billion to 41 billion to the last partial.

Camps in the workforce

In terms of customers, the three keys bank intends to start in the second quarter and complete by the end of this year the transfer of most accounts in Switzerland from Credit Suisse to UBS, as well as portfolios in the management of assets. The IT services inherited from the two sails’ bank will have to have been disconnected by the end of 2026, “which will make it possible to generate substantial savings,” said UBS.

Abroad, 90% of the accounts were transferred to UBS, notably to Singapore, Japan and Luxembourg for wealth management.

The bank has also advanced in terms of workforce reduction, the total full -time equivalents set out at the end of 2024 to around 108,650, down 3.7% over one year.

Entered in repeated scandals for several years, Credit Suisse had seen his situation deteriorate quickly at the end of 2022, undergoing a hemorrhage of capital and being on the verge of bankruptcy. As part of the rescue plan unveiled on March 19, 2023 by the Swiss authorities, UBS then agreed to resume its former rival for 3 billion francs, after having obtained significant financial guarantees from the Confederation and the Bank Swiss national. (JZS/ATS)

The prices of housing in property continue to climb, both for apartments and individual houses.

The prices of ownership housing continued to progress in the fourth quarter. Between October and late December, they increased by 1.7%. The increase in both property apartments and individual houses, the Federal Statistical Office (OFS) explains on Monday.