Ditch

On the markets side, UBS could find much of thee quity-trading business attractive, especially Credit Suisse‘s electronic and algorithmic capabilities. It will have work to do to make up lost ground, however. If these businesses had merged in 2019, the combined group would have been No. 4 in the world by revenue, behind Morgan Stanley, Goldman Sachs and JPMorgan Chase. Credit Suisse’s share has been almost halved, partly because it ditched its business dealing with hedge funds in the wake of the Archegos disaster. Last year’s combined equity-trading revenue put them fifth, some way behind fourth-place Bank of America Corp. UBS will need to get to the people involved in these areas and persuade them as quickly as possible to stay—much as Khan is doing in Asia.