UBS SELECTS FOUR ADVISORS FOR THE INTEGRATION OF CREDIT SUISSE

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TO HELP IT WITH THE MERGER OF COMPETITOR CREDIT SUISSE UBS HAS DOWN ITS CHOICE OF CONSULTANTS TO FOUR.

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ONE OF THE MOST VALUABLE FINANCIAL SERVICES ADVISING CONTRACTS IN RECENT YEARS ACCORDING TO EXPECTATIONS.

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IN THE DAYS FOLLOWING ITS DECISION TO SAVE CREDIT SUISSE IN A HISTORIC $3.25 BILLION TRANSACTION BROKERED BY SWISS REGULATORS UBS EXECUTIVES REQUESTED PROPOSALS FROM MANAGEMENT CONSULTANTS.

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ALTHOUGH THE MERGED BUSINESS WILL HAVE 120000 EMPLOYEES WORLDWIDE TENS OF THOUSANDS OF JOBS ARE LIKELY TO BE ELIMINATED.

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ACCORDING TO KELLEHER THIS IS THE LARGEST FINANCIAL TRANSACTION SINCE 2008. "IT HAS A SUBSTANTIAL EXECUTION RISK."

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CLAIMING THAT AT A TIME WHEN BANKS ARE OFTEN REDUCING THEIR EXPENDITURE ON OUTSIDE CONSULTANTS THE DEAL WILL BE ADVANTAGEOUS FOR THE SUCCESSFUL BIDDER.

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RECENTLY UBS HAS HIRED MCKINSEY TO ASSIST HAMERS IN CREATING HIS BANKS STRATEGY.

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THIS WAS ANNOUNCED LAST YEAR AS WELL AS TO PUT INTO PRACTICE AN AGILE WORKING APPROACH THAT AIMS TO HASTEN DECISION-MAKING.

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SENIOR BANKERS ARE WORRIED THAT UBS WOULD BECOME OVERLY DEPENDENT ON THE COMPANY.

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ALSO CREDIT SUISSE HAD BEEN WORKING TO CUT BACK ON THE NUMBER OF OUTSIDE ADVISORS IT HIRED WITH A GOAL OF HALVING CONSULTANT SPENDING IN THE PREVIOUS YEAR.

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IN THE FOURTH QUARTER OF 2022 IT CUT THE HEADCOUNT OF ITS EXTERNAL CONSULTANTS BY A FIFTH.

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OLIVER WYMAN AND BCG WERE CONSULTED BY CREDIT SUISSE AS PART OF THE RELATED COST-CUTTING EFFORTS.

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WHEREAS DELOITTE ACCORDING TO OTHERS WITH KNOWLEDGE OF THEIR ENGAGEMENT CONTRIBUTED IDEAS REGARDING THE BANKS REMUNERATION POLICY.

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