The integration of Credit Suisse into UBS is making progress, as the first customer funds have been successfully transferred to UBS's platform. This important milestone was confirmed by Chief Technology Officer Mike Dargan, who mentioned that extensive testing with several hundred clients in Hong Kong and Singapore yielded positive results.

Group CEO Sergio Ermotti had previously emphasized the customer transfer as a significant risk in the merger process. UBS plans to migrate approximately 1.3 million Credit Suisse clients over the next few quarters, which will involve integrating customer, financial, and legal data. The data transfer is substantial, with Credit Suisse's information totaling around 110 petabytes. The upcoming migrations will focus on clients in Luxembourg and Hong Kong, followed by Singapore, with more countries to follow by the end of 2024 and into 2025.

As part of the integration, UBS aims to streamline operations by deactivating 90% of Credit Suisse's 3,000 applications. So far, 560 applications and 40,000 of the 100,000 servers from the former Swiss bank have already been shut down, marking a significant step in consolidating the two financial institutions.