UBS, Credit Suisse Swiss units merger expected by July 1

The merger of the Swiss units of UBS and Credit Suisse could be finalised as early as July 1, as reported by Reuters, citing a senior executive at UBS on Tuesday.

Sabine Keller-Busse, president of UBS Switzerland, stated in an interview with the Neue Zuercher Zeitung newspaper that the merger plan is progressing “very well.”

She mentioned that customers will begin transferring to UBS’s IT systems throughout 2025. The merger of the parent companies of UBS and Credit Suisse was concluded at the end of the previous month.

UBS’s absorption of Credit Suisse has resulted in Switzerland having a single global bank with a balance sheet approximately twice the size of the country’s annual economic output. Keller-Busse reiterated that there would be 3,000 layoffs in Switzerland due to the overall merger.

She also addressed speculation about her potential succession to UBS CEO Sergio Ermotti, stating that she is focused on her current role and considers such speculation irrelevant.