The integration of Credit Suisse (CS) into UBS is facing challenges in the Swiss market. Concerns among CS bankers have arisen as UBS aims to present a positive image of the integration. The Central Switzerland region, which stretches from the Bernese Oberland to Solothurn, has become a hotbed for bankers switching to competitors. In addition, there have been departures in Graubünden.UBS has set an ambitious timeline for the integration, with the goal of eliminating the Credit Suisse brand by 2025. By the end of 2024, the plan is to have the key units of both banks operating under a unified legal structure. However, the exodus of experienced CS bankers raises concerns about the success of this integration.In preparation for the customer transfer, CS customer advisors who serve affluent clients have been placed under UBS’ Personal Banking division. It remains to be seen how many CS frontliners will follow this path. In the Mittelland region, which extends from the Bernese Oberland to Solothurn, it appears that few experienced private bankers from CS will remain. Several have already left for competitors such as Vontobel and LGT.Notably, the Private Banking team in Gstaad has joined EFG International, a Zurich-based private bank. Additionally, CS bankers in Solothurn have formed their own wealth management firm, Ambassador Investment Partner (AIP), under the Aquila Group.While the UBS does not comment on personnel changes, it is reported that customer service is fully ensured. Succession planning is underway in Bern, and the vacant positions will be filled soon. The Solothurn team, in particular, has already been replenished with internal and external members.Overall, the integration of Credit Suisse into UBS faces challenges as experienced bankers depart for competitors and form their own firms. The success of the integration remains uncertain in light of these developments.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
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