Why UBS’s deal with Credit Suisse threatens its dominance over wealthy clients

UBS was already the world’s largest private wealth manager before agreeing to buy its Swiss peer Credit Suisse . A forced merger will expand UBS’s already extensive client base, but will also pose challenges to its wealth. Management brand image around the world. UBS and Credit Suisse are famous for their services to. The world’s richest—although UBS does so on a much larger scale. At the end of 2022, the acquiring entity had $2.8 trillion in wealth management assets, while Credit Suisse had $585 billion. Wealthy clients and industry analysts alike are concerned that UBS will have to spend considerable time and resources integrating Credit Suisse, an entity that has been marred by scandal for several years . For example, former Credit Suisse CEO Tidjane Thiam was ousted in 2019 after it was discovered that the bank had hired.

Does that degrade UBS because of their combination

Wealthy families, who tend to spread their money across banks around the world, are “worried about what UBS might find and what a drain it might mean on UBS,” acknowledges Wendy Craft , who runs the New York real estate heir’s family office . Kent Swig. “If you need to bank in Switzerland, you may have no choice, but otherwise people are waiting.” Google has another AI ‘woke’ problem with Gemini… and it’s going to be difficult to solve Michael Oliver, co-founder of Global Partnership Family Offices, has received numerous inquiries from members of the Greece Mobile Number Database British association of family offices about the acquisition. Most are concerned about the disruption to the “white glove” service they expect from UBS. Credit Suisse’s baggage doesn’t help the UBS brand either. ” Credit Suisse’s reputation is worse than UBS’s in the family office ecosystem.

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These startups and the increased competition they will bring

If the acquisition distracts UBS management from its core wealth management business, this wealthy clientele. Has many other options outside of Switzerland. One plus one does not equal 2 when it comes to client assets In the US, little is expected. To change when it comes to wealth management, as Credit Suisse sold its domestic wealth business to Wells Fargo in 2015. ( Investment banking is another story .) Business Insider spoke to 2 independent wealth advisors who say they are not worried and that clients have not expressed concerns. “Our experts believe Belgium phone number list that, with thousands of layoffs looming, it is highly likely that some of Credit Suisse’s management. Team will use their extensive contacts to start their own wealth managers,” Georgiou told Business Insider . ” could take some customers away from the newly merged bank.” Furthermore, this clientele prefers to operate with multiple.

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