UBS today provided an update on Credit Suisse’s integration into its business.

UBS said it progressed its integration plans at pace during the second quarter of 2025. UBS has now completed the migration of Credit Suisse client accounts booked outside of Switzerland to the UBS platform and executed the first main wave of migrations in Switzerland, having now transferred approximately one-third of targeted client accounts.

UBS remains on track to complete the Swiss booking center migrations by the end of the first quarter of 2026.

Additionally, UBS has made substantial progress on the simplification of its legal entity structure in the US and Europe in the second quarter of 2025.

In the first quarter of 2025 UBS completed the consolidation of its branch network in Switzerland, and it has merged 95 branches with existing branches since the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG in July 2024.

Through disciplined execution of its cost-reduction work UBS delivered an additional USD 0.7bn in gross cost saves in the second quarter of 2025 by further downsizing Non-core and Legacy’s expense base and realizing cost synergies in the core businesses. To date UBS has decommissioned around 700 applications, or 56% of NCL’s initial stack. UBS has already achieved 70% of its plan and is well on track to deliver around USD 13bn in Group-wide annualized exit rate gross cost savings by end-2026.

As in previous quarters, UBS continued to exit positions in NCL leading to a USD 1.5bn RWA reduction in 2Q25 and bringing RWA to USD 32.7bn at the end of June. With 83% of its initial books closed, NCL remains on track to achieve its ambition to close over 95% of them by end-2026 and reduce RWA below USD 22bn.