Credit Suisse, a 166-year-old company that is winding down trading in global securities, said it will reduce the volume of new market activity starting on September 22 while UBS (UBSG.S) integrates its former rival.
Clients of Credit Suisse, which trades a wide range of assets from equities to currencies, won’t longer be able to increase positions or extend maturity dates.
The servicing of current positions will continue, and flows to Global Wealth Management and the Swiss bank will continue as normal.
“Going forward, UBS shall focus on consolidating new client activity through UBS legal entities,” the letter said.
The action is another step in UBS’s difficult process of integrating its defeated rival in the first-ever merger of two globally significant banks.
The Swiss company will need to keep its current Credit Suisse clientele in order to complete the integration properly.
On Thursday, UBS will release its first earnings since acquiring Credit Suisse earlier this year: second-quarter earnings.
