UBS has begun the process of killing off Credit Suisse's international brand, replacing signs at the collapsed bank's US headquarters and planning changes in other key offices, according to people familiar with internal discussions.
The Credit Suisse brand is being phased out globally, though it may be retained in Switzerland if UBS sells its former rival’s domestic business.
The Credit Suisse logos outside the bank’s New York head office on Madison Avenue and in its lobby have been replaced with signs saying: Credit Suisse AG, a UBS Group company.
UBS plans to replace these with its own logo in the coming months, according to three people with knowledge of the plans, doing away with references to an institution that dates back 167 years.
UBS could start a similar process at Credit Suisse’s London head office in Canary Wharf in September, two of the people added.
There is also some doubt about what will happen to the Canary Wharf office. Occupancy at the 21-storey tower is low and heavy cuts to Credit Suisse’s London workforce are expected as part of the UBS integration.
UBS rescued Credit Suisse from collapse five months ago, in a takeover orchestrated by Swiss authorities. It is the most significant bank merger since the financial crisis.
Credit Suisse had been the lifeblood of the Swiss economy since it was founded as Schweizerische Kreditanstalt in 1856. It rebranded internationally as Credit Suisse in 1978 after its involvement in a mafia-linked counterfeiting scandal known as the Chiasso Affair.
The Credit Suisse brand, which features prominently at its headquarters in Zurich’s Paradeplatz finance district, could survive if UBS sells the bank’s domestic business.
UBS chief executive Sergio Ermotti is expected to announce the bank’s decision at its second-quarter results on August 31, though the announcement could be made in September.
Ermotti told Credit Suisse staff in June that retaining the Swiss business was still the “base case scenario”, but added that UBS would not run the two banks as separate brands. “That’s not even imaginable, let’s be very clear,” he said at a company town hall.
UBS decided to switch to signs with both names at international branches as a first step to avoid confusing customers, according to people with knowledge of the plans. UBS declined to comment.
The integration of Credit Suisse into UBS has already begun, but is expected to take several years.
The Financial Times reported last month that UBS has chosen to retain EY as auditor of the combined group, while PwC will audit Credit Suisse’s books for 2023.
This article was written by Owen Walker and European Banking Correspondent from The Financial Times and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to legal@industrydive.com.