UBS, Credit Suisse Said to Explore Sharing Back-Office Costs
- Zurich-based banks said in early-stage talks on cost-sharing
- UBS CEO said recently banks can’t afford separate back offices
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Credit Suisse Group AG and UBS Group AG are in talks about combining some back-office functions to cut costs, according to people with knowledge of the matter.
Switzerland’s biggest banks -- competitors in investment banking and wealth management -- are in early-stage negotiations about co-operating in areas such compliance, settlements and trade processing, the people said, asking not to be identified because the matter is private.