UBS completes migration of Credit Suisse client accounts booked outside Switzerland

UBS said on 30 July 2025 that it had completed the migration of Credit Suisse client accounts booked outside Switzerland onto its own platform. UBS agreed to take over Credit Suisse in an emergency rescue in March 2023. The update accompanied second-quarter results in which UBS reported net profit of USD 2.4 billion.

In Switzerland, UBS said it had transferred approximately one-third of targeted client accounts in the first main wave of migrations and remained on track to complete the Swiss booking centre migrations by the end of the first quarter of 2026.

COST SAVES REACH 70% OF PLAN

UBS delivered a further USD 0.7 billion in exit-rate gross cost saves in the second quarter, bringing cumulative reductions to USD 9.1 billion, or 70% of the approximately USD 13 billion in gross saves it expects to achieve by the end of 2026.

The bank said it had decommissioned around 700 applications, or 56% of the initial application stack in its Non-core and Legacy unit, and had merged 95 branches with existing branches since the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG in July 2024. Continued exits from Non-core and Legacy positions reduced that unit's risk-weighted assets by USD 1.5 billion in the quarter to USD 32.7 billion at the end of June.

QUARTERLY RESULTS

UBS reported underlying profit before tax of USD 2.7 billion for the second quarter of 2025 and net profit of USD 4.1 billion for the first half. Its CET1 capital ratio stood at 14.4%. The bank said it had completed USD 0.5 billion of share buybacks and planned to repurchase up to USD 2.0 billion of shares in the second half of the year.