Credit Suisse Group AG has asked its staff to advise clients that plans for its investment banking business will be communicated in due course, as details of its acquisition by UBS Group are still being worked out, according to an internal note.
Credit Suisse has advised staff that its wealth clients’ assets are legally and operationally segregated from UBS at this time, but once that changes they may consider moving certain assets to another bank if the concentration was a problem, according to the memo.
The memo provides talking points for Credit Suisse staff for client interviews.
“We do not expect client services to be disruptive. We strive to ensure a smooth transition and a seamless experience for our valued clients,” a Credit Suisse spokesperson said.