Credit Suisse clients may move their assets following UBS deal.

Christin4113 Apr, 2023Finance

Credit Suisse has advised its staff to inform clients that they may wish to consider transferring some of their assets to another bank if concentration becomes an issue following the bank's acquisition by UBS. The internal memo also instructed employees to inform clients that plans for Credit Suisse's investment banking division would be announced in due course. UBS is set to pay $3.23bn to buy Credit Suisse and take on up to $5.4bn in damages, thereby becoming the global leader in managing money for the wealthy.