Mr. Haas, Mr. Kollegger, it has been nearly two years since the acquisition of Credit Suisse (CS). Where do your teams stand in the integration process?

Jens Haas: I am impressed with the integration process. In Investment Banking, the transition is largely complete—we are one team. Our daily operations are running smoothly, as evidenced by positive feedback from both clients and employees.

Andy Kollegger: In my area, most client relationships will be fully migrated to the UBS platform by the end of 2025. However, many teams from Investment Banking and Corporate Banking are already working together under one roof. There is a strong mix of expertise, close daily collaboration, and frequent joint client meetings. 

«The pace is intense. We are seeing increased activity from foreign banks.»

Is there no indication that former CS employees have been sidelined within your divisions?

Haas: We knew from the outset where both Credit Suisse and UBS had strong capabilities. The integration aimed to bring together the best of both institutions, and we have succeeded in doing so without sidelining anyone.

Of course, as the leading bank in the Swiss financial market, we must continuously improve. That is our duty to both our clients and the broader financial ecosystem.

Kollegger: Thanks to the merger, we now offer an even broader range of services and expertise, allowing us to provide more comprehensive advisory solutions. Both former CS clients and long-standing UBS clients benefit from this. We take our responsibility toward the financial center and the Swiss economy very seriously.

Collaboration seems to be a strong focus. Was this a directive from senior management?

Haas: That wasn’t necessary. It always comes down to meeting client needs and expectations. Everyone understood this from the start, and it is reflected in our daily interactions.

Kollegger: Moreover, many of our teams already knew each other from past professional interactions. Close collaboration is essential for delivering seamless, top-tier solutions to our clients.

«More than size, it is our breadth of offerings and client proximity that set us apart.» 

How do you perceive the current market dynamics?

Kollegger: The pace is intense. For instance, we are seeing increased activity from foreign banks. Those already present in Switzerland before the CS acquisition have reinforced their teams.

Haas: The market is competitive across all areas—capital markets, bonds, and M&A. Competition is healthy for the financial sector and for us. We welcome it. A dynamic market environment pushes us to continuously improve.

At the same time, our integrated solutions deliver clear added value for our clients.

«Some are now intensifying their partnership with us again.»

Is scale an advantage?

Haas: More than size, it is our breadth of offerings and client proximity that set us apart. The merger has allowed us to enhance our service portfolio. Certain solutions only become viable at a certain scale, and we now have that critical mass.

Kollegger: Our scale also enables us to invest in innovation, allowing us to deliver even better solutions than before.

Can you give an example?

Kollegger: Take our international footprint, for instance. Corporate clients, especially mid-sized firms with global operations, appreciate our on-the-ground presence in key markets. This advantage now extends to former Credit Suisse clients.

How has the relationship evolved with clients who initially expressed dissatisfaction?

Kollegger: The dialogue with these clients has become more factual and nuanced. They see that we keep our commitments and engage with them on an equal footing.

Haas: This demonstrates that our strategy is working. Some clients used the merger as an opportunity to explore relationships with other banks but are now intensifying their partnership with us again.

What are clients prioritizing the most right now?

Haas: Automation and, in particular, artificial intelligence are becoming increasingly important. Clients and other market participants expect us to be at the forefront of innovation.

Kollegger: The macroeconomic and geopolitical landscape has become significantly more complex. Different industries face unique challenges and opportunities, driving a growing demand for advisory services. This expertise is critical.