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UBS Nears Credit Suisse Integration End Game
4 Feb
Summary
- UBS is in the final year of integrating Credit Suisse clients.
- Global political shifts drive client portfolio diversification.
- CEO Ermotti anticipates this trend to continue for years.
UBS is approaching the culmination of its integration of Credit Suisse, a process initiated with the acquisition in 2023. Approximately 150,000 of the most complex clients in Switzerland are still undergoing migration. Once this final phase is complete, UBS anticipates the shutdown of redundant IT systems and data centers.
CEO Sergio Ermotti highlighted that current global geopolitical and macroeconomic uncertainties are creating market volatility. He believes this environment is encouraging clients to re-evaluate their investment geographies and diversify their portfolios, a strategy he foresees continuing for the next decade. This allows UBS to leverage its global booking centers to facilitate client transactions.
Ermotti also commented on recent valuations in the software and technology sectors, suggesting that some adjustments are necessary, despite acknowledging the profound societal transformation driven by AI. He indicated that his tenure as CEO is expected to continue at least until 2027, with the board actively considering external candidates for future leadership.
