03.21.23
UBS CEO to U.S. Advisors: Credit Suisse Deal Good for You, Too!
by: Jake Martin
UBS Group executives sought to reassure UBS’ roughly 6,000 U.S.-based advisors that its takeover of Credit Suisse would benefit them as well. UBS Chief Executive Officer Ralph Hamers, in a teleconference, said UBS will retain some of its rival’s investment banking business, especially in regard to the technology sector. He also argued that the addition of Credit Suisse could bolster UBS’ stateside research capabilities and jump-start its client referral engine. “Part of the growth in the U.S. that we want to do as a wealth manager is in the global family and institutional wealth space, for which our plan was and is to develop banking — investment banking activities,” Hamers said. Credit Suisse shuttered its U.S. wealth management business in 2015 after making a deal with Wells Fargo for about 275 of the 300 or so brokers in the unit. UBS reported 6,245 financial advisors in its Americas unit at the end of December 2022.
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