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Client letter: UBS winds down Credit Suisse Global Markets business

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ZURICH, Aug 30 — Credit Suisse said it will reduce the volume of new markets business from September 22 while UBS integrates its former rival, the bank said in a letter sent to...

ZURICH, Aug 30 — Credit Suisse said it will reduce the volume of new markets business from September 22 while UBS integrates its former rival, the bank said in a letter sent to clients, as the 166-year-old firm winds down trading in global securities.

Existing positions will continue to be serviced and flows to Global Wealth Management and the Swiss bank remain unaffected. The move is a further step along UBS’s tricky path to absorbing its fallen rival in the first-ever merger of two global systematically important banks.

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