03:47 PM EDT, 05/06/2024 (MT Newswires) -- UBS (UBS) is expecting to complete the integration of legal entities in the Credit Suisse merger by the end of May, the Financial Times reported Monday, citing people familiar with the matter.

The formal acquisition of Credit Suisse's business units by UBS later this month marks another significant milestone in a process that began in March 2023 amid a liquidity crisis.

The combined company had around 120,000 employees globally last year. UBS reportedly is expected to eventually trim its post-merger workforce to about 85,000 people, the Financial Times reported.

Ulrich Korner, Credit Suisse's last chief executive of Credit Suisse, likely will be among the people leaving the company after the deal has its legal close later this month, the sources said.

Migration of Credit Suisse clients will likely extend into 2025 and IT integration of the two companies will go into 2026, the news outlet said.

UBS did not immediately respond to request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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