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UBS ‘Clean Team’ Descends on Credit Suisse as Deal Nears Closing

  • About 100 UBS employees are assessing formal rival’s business
  • UBS is aiming to close the deal as soon as this month
UBS Group AG Chief Executive Officer Sergio Ermotti Interview
Photographer: Stefan Wermuth/Bloomberg

UBS Group AG bankers have descended on Credit Suisse Group AG to start digging through their former rival’s books as the Swiss firm aims to kickstart an integration process it’s deemed one of the most complex ever.

UBS has sent a so-called “clean team” of about 100 people to assess client rosters and talent, as well as which business lines should be earmarked for a wind-down unit, the people said, asking not to be identified as the matter is private. UBS is aiming to complete the deal as soon as this month, with urgency heightened by Credit Suisse’s warning that the limbo state has already caused a spike in employee turnover.