UBS winds down Credit Suisse Global Markets business

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSWatch on

ZURICH - Credit Suisse said it will reduce the volume of new markets business from Sept. 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. Increases in positions, or maturity extensions, will now not be possible for clients at Credit Suisse, which trades a wide variety of assets from stocks to currencies."Going forward, UBS shall focus on consolidating new client activity through UBS legal entities," the letter seen by Reuters on Wednesday said.

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. UBS will report its second-quarter earnings on Thursday, its first results since taking over Credit Suisse earlier this year.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UBS, Swiss finance blog settle Credit Suisse legacy lawsuitUBS and Inside Paradeplatz have settled a lawsuit initially brought against the popular Zurich based finance blog by Credit Suisse, the publication said on Tuesday. As part of the settlement, Inside Paradeplatz agreed to delete or amend user comments and three passages from posts. Credit Suisse launched a lawsuit against the blog, widely read in Swiss finance circles, in December over user comments left under posts.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

UBS, Swiss finance blog settle Credit Suisse legacy lawsuitZURICH (Reuters) - UBS and Inside Paradeplatz have settled a lawsuit initially brought against the popular Zurich based finance blog by Credit Suisse, ...
Source: SaltWire Network - 🏆 45. / 63 Read more »