Switzerland's Credit Suisse brand to disappear, says UBS chief
The Credit Suisse brand will eventually disappear, the head of UBS told the Swiss daily Le Temps on Tuesday, saying it was not realistic to keep two brands after having rescued its failing Swiss rival earlier this year.
During a forum organised by the Swiss newspaper, UBS chief Sergio Ermotti said that the Credit Suisse brand may exist only in certain markets by 2026.
It's not realistic to conserve two brands, Ermotti was quoted as saying by Le Temps.
Over time, the Credit Suisse brand will disappear, he added.
The Swiss government prodded UBS to buy Credit Suisse in March as officials worried that the country's second-largest bank, weakened by years of scandals, would fail amid a growing panic in markets about the ability of lenders to handle rising interest rates.
UBS said in August it plans to fully absorb Credit Suisse's century-old Swiss division and slash thousands of jobs across the country.
READ ALSO: UBS to cut 3,000 jobs in Switzerland after merger
The Credit Suisse logo has already been removed the London building where its operations there are based, Bloomberg News reported on Monday.
UBS is set to report its third quarter earnings next Tuesday with investors and analysts eager to hear more about what it plans to do with Credit Suisse operations.
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During a forum organised by the Swiss newspaper, UBS chief Sergio Ermotti said that the Credit Suisse brand may exist only in certain markets by 2026.
It's not realistic to conserve two brands, Ermotti was quoted as saying by Le Temps.
Over time, the Credit Suisse brand will disappear, he added.
The Swiss government prodded UBS to buy Credit Suisse in March as officials worried that the country's second-largest bank, weakened by years of scandals, would fail amid a growing panic in markets about the ability of lenders to handle rising interest rates.
UBS said in August it plans to fully absorb Credit Suisse's century-old Swiss division and slash thousands of jobs across the country.
READ ALSO: UBS to cut 3,000 jobs in Switzerland after merger
The Credit Suisse logo has already been removed the London building where its operations there are based, Bloomberg News reported on Monday.
UBS is set to report its third quarter earnings next Tuesday with investors and analysts eager to hear more about what it plans to do with Credit Suisse operations.
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