You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. (Bloomberg) -- UBS Group AG is set to begin its latest wave of job cuts in mid-January, according to people familiar with the matter.  That step will be followed by another round later in 2026 as UBS intends to switch off computer systems it acquired when it took over its former competitor in 2023, the people said, asking not to be named discussing internal matters. UBS is entering the fi ...

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]

Core Insights - UBS reported a third-quarter net profit of $2.5 billion, a 74% increase from $1.43 billion year-over-year, exceeding analyst expectations of $1.85 billion [1] - The bank's third-quarter revenues reached $12.76 billion, slightly above the anticipated $12.68 billion [2] - UBS is in the process of integrating Credit Suisse, with completion expected by the end of next year [2] Regulatory Environment - UBS faces a potential increase in mandatory capital requirements as the government aims to mitigate risks following Credit Suisse's collapse [3] - The bank expressed disagreement with the proposed "extreme" increase in capital requirements while supporting most regulatory proposals [3] Market Performance - UBS shares have risen over 11% year-to-date [3]