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Activists are calling for accountability from UBS, Switzerland's largest bank, which successfully acquired Credit Suisse in 2023, averting a financial crisis. The takeover has significantly boosted UBS's profits and share price, enhancing its reputation as a leading asset manager. CEO Sergio Ermotti was named "Leader of the Year" in Switzerland and became Europe's highest-paid bank executive with a remuneration of CHF 14.4 million.
UBS, after a record profit of $28 billion last year, is struggling in the stock market, with shares up only 4% this year, lagging behind major competitors like Morgan Stanley and Goldman Sachs. The merger with Credit Suisse has not yielded the expected cost savings, leading to increased stress among employees and skepticism among clients. UBS's market capitalization has seen minimal growth, raising concerns about its future performance amid political uncertainties and competition.
Ralph Hamers, the former CEO of UBS, has taken on a new role as an advisor and investor at fintech Arta Finance, marking his first public commitment since leaving UBS in March 2023. His departure followed the Credit Suisse takeover, where he was replaced due to trust issues regarding the integration.At Arta Finance, which is backed by former Google executives, Hamers aims to demonstrate his understanding of the digital business, positioning the platform as a contender among leading wealth managers globally.
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.
Sabine Keller-Busse faces significant challenges in Personal & Corporate Banking at UBS Switzerland, particularly after the Credit Suisse takeover, as she aims to restore profitability while managing diverging stakeholder interests. Meanwhile, Iqbal Khan oversees Swiss Wealth Management, which is highly profitable, complicating Keller-Busse's position as a potential successor to CEO Sergio Ermotti. The bank emphasizes a shared responsibility for wealth management success, despite the competitive dynamics between the divisions.
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.
UBS has begun migrating Credit Suisse clients to its platform, with initial tests in Hong Kong and Singapore proving successful. Over the coming quarters, approximately 1.3 million clients will be integrated, involving the transfer of vast amounts of data, while UBS plans to eliminate around 90% of Credit Suisse's applications and servers.
Ralph Hamers, former CEO of UBS, has joined Arta Finance, a digital wealth firm founded by ex-Google employees, as an external senior adviser and investor. Arta aims to democratize family office-style investing using AI, targeting accredited investors in the US and Singapore, with plans to expand into India. Hamers, who previously led ING through a digital transformation, is exploring various fintech projects while taking a measured approach to future executive roles.
Sergio Ermotti
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