Some IT and some operations. When UBS and Swissbank merged, the international businesses’ systems were “integrated” for the most part by trading positions acro

Some IT and some operations. When UBS and Swissbank merged, the international businesses’ systems were “integrated” for the most part by trading positions across. UBS systems were mostly switched off in favour of their corresponding Swissbank systems. In Switzerland it will no doubt be more complicated, but elsewhere I wouldn’t be surprised to hear the same thing happen again.