As UBS continues to integrate Credit Suisse, bankers are combing through Credit Suisse's books, so this report describes.

UBS bankers are working through Credit Suisse’s books of business as part of integrating the business, Bloomberg reported.

After the “shotgun wedding” that saw Credit Suisse taken over by its larger rival in April, the focus is on what sort of clientele Credit Suisse had on its books.

The newswire, quoting unnamed sources, said that UBS has sent a so-called “clean team” of about 100 people to assess client rosters and talent, as well as which business lines should be earmarked for a wind-down unit.

UBS declined to comment to this news service about the matter.

UBS wants to complete the deal as soon as this month, and is determined to move quickly heeding Credit Suisse’s warning that the state of limbo has already caused a spike in employee turnover, the report said. 

The report explained that electing which businesses should be tagged for disposal in a so-called bad bank is particularly important for UBS, since only those will be eligible for the approximate SFr9 billion ($10 billion) of loss guarantees that the Swiss government is offering as a sweetener for the deal. Those guarantees only kick in after UBS shoulders the first SFr5 billion of any losses – any hit outside the wind-down unit will be solely UBS’s problem. 

Among others, the team includes staff from UBS’s wealth, investment bank, credit analysis and operations divisions.

As reported here, law firms around the world are combining to launch lawsuits to recover money lost in the write-down of SFr16 billion of Additional Tier 1 debt issued by Credit Suisse as a result of the takeover. The deal had been brokered by the Swiss federal government, with liquidity backing from the Swiss National Bank.