UBS Group AG (SIX:UBSG)'s CEO, Sergio Ermotti, addressed the complexities involved in the historic merger with Credit Suisse (SIX:CSGN) at a London event on Wednesday. Ermotti marked 2024 as the pivotal year for integrating Credit Suisse's operations and clientele into UBS's information technology infrastructure.
In his speech, Ermotti noted that UBS has a strong track record of assimilating businesses into its own platform, achieving this in 95% of cases. However, the task ahead is daunting; out of Credit Suisse's 3,000 IT applications, only about 300, a mere 10%, will be retained. This strategic move aims to streamline the IT platform and avoid complications similar to those experienced by Deutsche Bank (ETR:DBKGn) in the past.
The transition involves migrating approximately 1.5 million client accounts from Credit Suisse to UBS. The successful integration of these accounts is a crucial component of UBS's broader strategy to achieve more than $10 billion in cost savings through the merger.
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