UBS Group AG has retained EY as the main auditor for its combined business with Credit Suisse starting next year, according to a person familiar with the matter.
EY has been UBS’s main auditor since 1998 and the bank paid the auditing firm $70 million in fees for 2022, according to its annual report. Credit Suisse had previously used rival big-four auditing firm PwC as its main auditor and paid $90 million in fees for 2022, according to its annual report.
The auditing fee for the combined group is expected to be less than the sum of the standalone audits, but would still be one of the highest in global banking, according to the Financial Times, which first reported the news. UBS declined to comment.
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UBS also hired strategy consultant Oliver Wyman soon after the takeover announcement to help with the integration process, which includes significant job cuts and winding down unwanted businesses.
Last month UBS closed the acquisition of its stricken rival following a government-brokered rescue deal that will hand the bank a potential windfall gain this quarter. At the same time, UBS had previously given guidance that legal liabilities related to Credit Suisse could run to as much as $4 billion over 12 months, and asset mark-downs could come in at some $13 billion.
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