UBS Group AG (UBS.US) is close to completing the integration of Credit Suisse, with the finalization of the migration of the core IT system.

UBS Group AG has successfully migrated all former Credit Suisse clients to its own system, marking a key milestone in the integration process of this historic acquisition made three years ago. The bank announced on Wednesday that it has completed the transfer of former Credit Suisse clients in the Swiss domestic market. The next step will be to initiate the "integration closing phase," which includes gradually phasing out some IT infrastructure, with the expectation that the work will be "substantially completed by the end of the year as planned." "We have successfully migrated approximately 1.2 million clients globally," CEO Sergio Ermotti said in the statement. "This is another milestone reached in the history of the banking industry, as two globally significant banks merge in a single process, making it one of the most complex integration cases." In March 2023, as UBS Group AG's competitors were on the brink of collapse, the company acquired Credit Suisse through government bailout action. While this deal expanded UBS Group AG's scale, it also presented the challenge of integrating a vast business system, involving layoffs, divestment of legacy assets, and IT system integration. As the Swiss government seeks to strengthen the financial system, this Swiss banking giant now faces an additional capital requirement of billions of dollars. UBS Group AG is trying to persuade authorities to relax the related proposals, with a decision expected as soon as next month. According to previous reports, UBS Group AG is expected to soon initiate a new round of layoffs, originally planned to take place after some of the inherited Credit Suisse computer systems were retired. The bank will also be closing multiple information technology and data centers. "The integration work still has a long way to go," Sergio Ermotti said, "but the completion of the client migration has solidified the business foundation of UBS Group AG, laying the groundwork to provide a broader and more seamless service to all clients."