UBS delays migration of ultra‑high‑net‑worth Credit Suisse clients – report

Core Insights - UBS has delayed the migration of ultra-high-net-worth Credit Suisse clients to its platforms, raising concerns about meeting the end-March target for migrating all Swiss account clients [1][2] - The transfer of these clients has been postponed to January 2026, with additional waves planned for February and March [2] - UBS's integration of Credit Suisse is a significant undertaking, involving over one million clients and aiming for $13 billion in cost savings [3] Migration Delay Details - The delay in migration is attributed to heavy workloads faced by integration teams and potential complications with tax filings if client status changes before year-end [4] - Previous transfers of less affluent customer segments revealed operational issues, prompting UBS to delay the transfer of wealthier clients [4] Integration Progress - UBS reported that it has successfully migrated more than two-thirds of Swiss-booked client accounts and remains on track for overall integration completion by the end of 2026 [5] - The third-quarter results included $668 million in released litigation reserves related to Credit Suisse's Residential Mortgage-Backed Securities operations and prior UBS activities in France [5]