UBS has delayed the migration of a subset of ultra‑high‑net‑worth Credit Suisse clients to its platforms by several months, reported Reuters, citing sources.
The delay interrupts the bank’s integration process, which had largely advanced without major issues.
It raises doubts whether UBS will meet its end‑March target for migrating all clients with Swiss accounts.
UBS spokesperson told Reuters that the bank remains committed to achieving the target, and the migration in Switzerland was “proceeding as planned”.
According to the report, the transfer of ultra‑rich Credit Suisse clients has been pushed back to the first quarter of 2026.
The clients, initially scheduled for transfer in September this year, were moved to January 2026.
Another wave is now planned for February, and a further group for March.
The account population booked through Switzerland includes domestic clients and international clients who hold Swiss accounts.
According to Reuters, UBS’s 2023 emergency takeover of Credit Suisse produced the largest bank merger since the 2008–09 financial crisis.
It initiated a multi‑year integration covering more than one million clients.
Investors view the integration of technology and data as central to UBS’s plan to achieve $13bn of cost savings from the deal.
Reuters said the reasons for the delay were not clear. However, integration teams faced heavy workloads, and a change to client status before year‑end could have complicated tax filings.
Also, UBS delayed the transfer of some wealthy clients after earlier transfers of less affluent customer segments revealed operational issues.
Reported problems included transactions that required revision and systems that were temporarily unavailable, according to the sources.
UBS reported in its third‑quarter results that it had migrated more than two‑thirds of Swiss‑booked client accounts and remained on track to deliver the integration.
The bank expects to complete the overall integration by the end of 2026.
The results included $668m of released litigation reserves, which largely stemmed from settling legal issues related to Credit Suisse’s Residential Mortgage-Backed Securities (RMBS) operations and previous UBS cross-border activities in France.
