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Citi's Michael Lavelle has been appointed vice chairman of lending after three decades, while Blackstone's Joseph Baratta and Michael Chae join the ranks of billionaires. UBS's Mike Dargan received a $12m loan to aid in the complex integration of Credit Suisse, as the demand for junior bankers dwindles amid a challenging work environment. Meanwhile, HSBC faces pressure in equities trading, with US banks increasingly dominating the market.
UBS is nearing the completion of a massive data migration of 110 petabytes from Credit Suisse in Asia, with preparations just starting in Switzerland. The process has been smooth, involving initial transfers to an external repository for checks before integration. While a few minor IT issues arose, overall progress has been positive, with no significant incidents reported.
UBS is progressing with the IT integration of Credit Suisse in Asia, having successfully migrated customer data in Hong Kong, Singapore, Japan, and Luxembourg. The process involves transferring data for 1.3 million customers and 110 petabytes to an external repository for checks before integration into UBS systems. Mike Dargan, UBS's Chief Operations and Technology Officer, noted that while the scale is significant, the technical challenges are manageable with a careful, multi-stage approach.
UBS is nearing completion of its data migration from Credit Suisse in Asia, having successfully transferred 110 petabytes of data with minimal issues. The process, which involved moving data to an external repository for checks before integration, has progressed smoothly, with Switzerland's migration now on the horizon. Chief Technology Officer Mike Dargan remains optimistic, noting that Asia served as a valuable preparatory phase.
UBS is nearing completion of the data migration from Credit Suisse, having successfully transferred 110 petabytes of client data in Asia, with no significant issues reported. The process, described as less complex than anticipated, will soon shift focus to Switzerland, where the largest data migration is set to occur. Mike Dargan, head of technology, emphasizes the smooth progress and standardization of financial products throughout the integration.
UBS is undergoing the largest data migration in a financial sector takeover, transitioning 1.3 million Credit Suisse clients to its platform while aiming for $13 billion in cost savings by 2026. However, significant improvements in cost structure are not expected until mid-2025, and uncertainty over future capital requirements is impacting UBS's share price. The bank's upcoming quarterly results are highly anticipated, especially in light of strong performances from major US banks, but UBS faces challenges in maintaining its investment banking growth strategy.
UBS is advancing its IT integration of Credit Suisse, with plans to migrate 1.3 million customers and 110 petabytes of data, marking it as a significant M&A data migration in the financial sector. The bank aims to increase its in-house IT teams from 60% to 85%, retaining specialists from Credit Suisse and reducing subcontractor reliance. Systems integration is progressing well, with 560 applications and 40,000 servers already decommissioned.
UBS's technology chief, Mike Dargan, announced that the integration of Credit Suisse is progressing well after a successful test run, migrating hundreds of clients from Hong Kong and Singapore. UBS plans to migrate 1.3 million clients, managing 110 petabytes of data, while reducing external contractors and retaining most of Credit Suisse's employees. Despite the complexities and risks involved, investor confidence remains high as UBS shares have surged nearly 56% since the acquisition announcement.
The integration of Credit Suisse into UBS is advancing, with the first client funds successfully transferred to UBS's platform. Approximately 1.3 million Credit Suisse clients are set to follow in the coming quarters, as UBS plans to migrate clients from Luxembourg and Hong Kong soon, followed by Singapore and other countries. UBS aims to streamline operations by deactivating 90% of Credit Suisse's applications and servers.
UBS is successfully migrating Credit Suisse clients to its systems, with the first transfers completed and tests in Asia yielding positive results. The integration involves transferring 1.3 million clients and 110 petabytes of data, with plans to shut down 90% of CS applications and 40,000 servers. Group CEO Sergio Ermotti has identified this data migration as the biggest risk in the integration process.
Mike Dargan
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