UBS Group AG is planning to move some Credit Suisse staff out of the latter firm’s offices in London’s Canary Wharf as part of plans by the Swiss banking giant to integrate its former rival.
(Bloomberg) — UBS Group AG is planning to move some Credit Suisse staff out of the latter firm’s offices in London’s Canary Wharf as part of plans by the Swiss banking giant to integrate its former rival.
The workers will be relocated to UBS’s offices at 5 Broadgate in the City of London, according to a memo to staff on Tuesday. As a result, the company will exit “a number of floors” in Credit Suisse’s former offices at One Cabot Square.
“Coming together under one roof as a combined firm is an important step in the integration process,” UBS said in the memo.
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 will begin removing Credit Suisse branding and signage at buildings across the UK in the coming days, according to the memo.
The company’s move will be the latest blow for London’s Canary Wharf neighborhood, which has seen a bevy of large banks and law firms opt to leave the neighborhood for offices elsewhere in London in recent years. HSBC Holdings Plc is also planning to leave Canary Wharf and will downsize to a smaller office in the City of London.
Financial News reported the memo earlier.
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