UBS And Credit Suisse Swiss Unit Merger Set For July 1, Says Senior UBS Executive
Portfolio Pulse from Benzinga Neuro
UBS Group AG and Credit Suisse Group's Swiss units are set to merge by July 1, 2024, according to UBS Switzerland President Sabine Keller-Busse. The merger is progressing smoothly, with customer transfers to UBS's IT systems expected in 2025. The integration will result in 3,000 layoffs in Switzerland. UBS also announced a $2 billion share buyback program in April to enhance investor returns amid the acquisition.
June 11, 2024 | 7:35 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
UBS Group AG is set to merge its Swiss unit with Credit Suisse by July 1, 2024. The integration is progressing smoothly, with 3,000 layoffs expected. UBS also announced a $2 billion share buyback program in April to enhance investor returns.
The merger is a significant strategic move for UBS, consolidating its position in the Swiss banking sector. The $2 billion share buyback program is likely to boost investor confidence and support the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100