Now comes the hard part: Winning back over $200 billion in assets that Credit Suisse clients had pulled in the quarters preceding its takeover by UBS.
That underlines the scale of job cuts to come as the Swiss bank absorbs its one-time rival. UBS intends to reduce its 120,000 global workforce by about 30%, Bloomberg has reported. Those efforts bore fruit in recent months: Credit Suisse started to see inflows at its wealth business in June and has already contributed $1 billion of net new assets for the third quarter to date, bringing the total for UBS as a whole to $8 billion.
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