UBS Group AG is weighing office options including moving its New York City-based investment bankers to 11 Madison Ave., where Credit Suisse Group AG — the lender it just acquired — is a tenant.
(Bloomberg) — UBS Group AG is weighing office options including moving its New York City-based investment bankers to 11 Madison Ave., where Credit Suisse Group AG — the lender it just acquired — is a tenant.
Also under consideration is shifting Credit Suisse’s markets team to 1285 Avenue of the Americas, the tower UBS occupies, according to people familiar with the matter, who asked not to be identified citing private information. The bank continues to evaluate possibilities and nothing is yet confirmed, the people said.
Representatives for UBS and Credit Suisse declined to comment.
UBS is navigating the integration of Credit Suisse after completing its acquisition on Monday. While the bank has said publicly that it would retain certain businesses, UBS has been weighing the future of other operations and culling some top Credit Suisse executives.
Read more: UBS Culls Credit Suisse’s Top Leaders After Historic Deal Closes
Credit Suisse in 2016 agreed to renew its lease at 11 Madison Ave., a 30-story building near Madison Square Park operated by SL Green Realty Corp. The bank’s lease there runs through 2037. The property is also home to Eleven Madison Park, chef Daniel Humm’s three-Michelin-star restaurant.
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