UBS will absorb Credit Suisse's Securities Research service later this month, wrapping the business into its own research operations, the bank said in a letter seen by Reuters on Tuesday.
"Credit Suisse will commence the process of terminating coverage on September 18, 2023," Credit Suisse's Research clients were told.
Institutional customers are to be switched to UBS Global Research. Credit Suisse's Wealth Management clientele will not be affected by the transition as they have access to UBS IB Research, a UBS spokesperson said.
Integrating the banks' Global Markets services is a further step along UBS's tricky path to absorbing its fallen rival in the first-ever merger of two global systematically important banks.
Last week Credit Suisse said it will reduce the volume of new markets business from Sept. 22 as UBS moves to wind down trading in global securities at its former rival.
|UBS||UBS GROUP AG||28.12||+0.78||+2.83%|