CS-UBS close

end of month are the expectations.

Also there is an interesting development in the merger. According to yahoo finance: "Following the legal closing of the transaction, UBS Group AG plans to manage two separate parent companies - UBS AG and Credit Suisse AG, UBS said last week." Interesting that Credit Suisse will remain a brand for the foreseeable future.

Also according to FT: "The main assets to be written down are Swiss mortgages and trading assets, particularly from those investment banking businesses that UBS plans to exit." This shows the UBS plan that once the merger closes, layoffs will predominantly happen in their trading businesses rather than IBCM in the short term.

I don’t think that’s an accurate interpretation because no, they’re not looking to exit CS’ IB business, they will cherry pick the CS seniors (whoever is left considering the significant departures already) they want to bring over (and any few juniors who can be lucky enough to come). CS isn’t generating any meaningful deal flow now and most likely won’t be post closure. Short term or not, you don’t really believe UBS will let CS bankers do nothing all day under their management…especially when they have deal related cost synergies they have to hit. By now, based on CS senior banker departures and UBS recent hires it’s becoming clearer as to which groups from CS have the best chance of migrating to UBS. 

Could Credit Suisse AG only be the swiss business? They want to keep that separate for political reasons + divestiture/ipo down the line most likely

How fucked are investment banking summer analysts at CS?

IMO the entities are just a legal thing once it officially closes.. don't think CS will be a brand 5 or 10 years down the road, at least globally, but they need some separation as they pick apart CS and integrate what they want. it will take years to integrate and they can't just say they're a happy UBS family day 1. Most large mergers have 2 entities at first and integration happens over months or years 

Apparently being pushed to mid-June because of continuing negotiations with Swiss government on the extra regulations + guarantees for litigation, restructuring , NCU , etc

Why would we have layoffs before the deal is closed?