UBS has reportedly set in motion the process of erasing the international Credit Suisse brand following its takeover of the collapsed investment bank.

According to a report from the Financial Times, the Credit Suisse logo at the Madison Avenue, New York head office has been replaced with signage reading Credit Suisse AG, a UBS Group company. Sources told the paper that UBS will install its own logo in the near future.

The sources added that a similar logo-scrubbing action may be initiated at Credit Suisse’s Canary Wharf-based offices in London from September.

However, following reports that around 30 per cent of Credit Suisse roles in London may be cut as UBS continues integrating the bank’s headcount into its own operations, uncertainty lingers over the general future of the London site.

The report also notes there is a chance that Credit Suisse branding could be maintained in its Swiss homeland should UBS decide to sell its domestic operations.

UBS officially completed a $3 billion takeover of its rival on 12 June in a deal brokered by the Swiss National Bank. The state-facilitated deal happened following years of scandals and after customer confidence tanked to leave the institution on the verge of collapse.

The Swiss Financial Market Supervisory Authority agreed with the action, stating at the time there was “a risk of the bank becoming illiquid, even if it remained solvent, and it was necessary for the authorities to take action in order to prevent serious damage to the Swiss and international financial markets”.

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