UBS Group AG plans to house its investment-banking and trading operations in Credit Suisse’s New York offices as the Swiss banking giant continues to integrate its former rival.
(Bloomberg) — UBS Group AG plans to house its investment-banking and trading operations in Credit Suisse’s New York offices as the Swiss banking giant continues to integrate its former rival.
The investment-banking unit, which includes the firm’s markets division, will now be located at 11 Madison Ave., in New York’s Flatiron District, according to a memo to staff. Group functions, which include legal, compliance and human-resources staff, will also be moved.
“As we progress with our integration, we continue to prioritize opportunities to drive stronger collaboration and deliver the best of our combined firm to our clients,” UBS executives said in the memo, noting that the plan will be implemented over 18 to 24 months.
UBS has begun fully integrating its former rival just months after it finalized a historic deal that came after Credit Suisse almost collapsed in March. As part of the integration, the bank separately told employees in London this week that it’s planning to move some Credit Suisse staff to UBS’s offices at 5 Broadgate in the City of London.
Read More: UBS Plans to Move Credit Suisse Staff Out of Canary Wharf Office
In New York, staffers in the global wealth-management division will remain at UBS’s offices at 1285 Avenue of the Americas, in midtown Manhattan. Employees in the asset-management division and the staffers who support them also will be located there.
The banking giant is planning to make only modest changes to Credit Suisse’s former offices at 11 Madison Ave., including updating the trading technology and ensuring that how the office is set up meets UBS’s workplace standards. Staffers at 11 Madison will have access to modernized conference-room facilities, a cafe and a fitness center, according to the memo.
“Employees located at 11 Madison Ave. going forward will not be provided with dual offices at 1285 Avenue of the Americas,” according to the memo. “Employees that will be moving to a new office location will receive ample advance notice and support information to make their transition as seamless as possible.”
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