UBS(US:UBS) ZACKSยท2024-07-02 15:05Group 1: UBS and Credit Suisse Merger - UBS Group AG has completed the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG, marking a significant step in the integration process [1] - Following the merger, Credit Suisse (Schweiz) AG has been deregistered, and UBS Switzerland AG now holds all rights and obligations of Credit Suisse (Schweiz) AG [1] - The merger simplifies the transition for clients and operations, with Credit Suisse clients now becoming clients of UBS Switzerland AG while continuing to use existing platforms [1] Group 2: Client Transition and Cost Reduction Plans - The majority of client transactions in Switzerland will migrate to the UBS platform by 2025, with a gradual approach and tailored updates for clients [2] - UBS Group plans to wind down its Non-Core and Legacy portfolio, aiming to release over $6 billion in capital by the end of 2026 and achieve gross cost reductions of around $13 billion compared to 2022 levels [2] - The bank has already realized $1 billion in gross cost savings in Q1 2024 and targets an additional $1.5 billion in savings by the end of 2024 [2] Group 3: Market Performance and Future Plans - The merger of UBS Group AG and Credit Suisse AG was finalized on May 31, 2024, with a transition to a single U.S. intermediate holding company planned for Q2 2024 [3] - This transition is expected to enhance UBS's capabilities in wealth and asset management and support the growth of capital-light businesses [3] - UBS Group's shares have increased by 0.8% on the NYSE over the past six months, while the industry has seen a growth of 6.6% [3]