UBS (UBS) said: "We expect the combination with Credit Suisse (CS) to strengthen our position as a leading and truly global wealth manager, with around USD 5trn in invested assets. We also expect to reinforce our position as a leading universal bank in Switzerland, and to enhance our complementary investment banking and asset management capabilities, while adding strategic scale in the most attractive growth markets. We intend to actively reduce the risk and resource consumption of Credit Suisse’s investment banking business. We plan for the combined Investment Bank (excluding assets and liabilities that we define as non-core) to account for around 25% of Group RWAs and to remain focused and strategically aligned to the products and capabilities that are most relevant to our wealth management clients. While acknowledging the magnitude of, and complexity associated with, the integration and restructuring of Credit Suisse, we believe that this combination presents a unique opportunity to bring significant, long-term value to all of our stakeholders."
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on UBS:
- UBS Attracts New Money; Profit Drops in Q1
- Credit Suisse reports Q1 net revenue CHF 2.73B vs. CHF 4.58B last year
- Credit Suisse bankers seek to secure limited jobs at UBS, Reuters says
- Credit Suisse suffers $4.4B in fund outflows since UBS pact, Bloomberg says
- Fed Reserve Board approves UBS acquisition of Credit Suisse’s U.S. subsidiaries
