Credit Suisse

After its integration of Credit Suisse is complete, the bank eventually wants to buy another U.S. wealth management firm to expand its presence stateside.

The takeover of erstwhile rival Credit Suisse has allowed UBS to scale its business and push for a greater slice of the U.S. wealth management pie.

A Brazilian-American businessman who lives in Florida was charged with using Credit Suisse Group AG, UBS Group AG and other Swiss banks to hide more than $20 million in assets from U.S. tax authorities over 35 years.

The customers include a Brazilian businessman whose Florida residence was raided by the IRS and a Colombian family featured in a Senate report about the bank's role in tax evasion schemes.

UBS Group has decided to exit $5 billion in assets it manages for rich customers as the Swiss firm sorts out the pieces of Credit Suisse it doesn't want.

Despite the slight decline last year, researchers expect global growth of 38% by 2027.

The firm saw profits halved over the past year and had a net loss of 98 advisors in the Americas last quarter. But its wealth unit brought in $28 billion of net new money.

The outflows and expected losses this year at key businesses such as wealth and investment banking highlight the risks for UBS of its planned integration over the next four years.

Cultural differences with UBS, which is absorbing its Swiss rival, could push outflows even higher.

Analysts say the combined group could generate $7 billion in profits by 2027.