UBS Group announced on Tuesday that Credit Suisse chief executive Ulrich Koerner will remain at the group following the rival’s takeover as part of the combined group’s new management team.
UBS has also promoted Todd Tuckner, current chief financial officer for the wealth management business, to group chief financial officer, succeeding Sarah Youngwood, who opted to step down after the deal closed a year after taking office.
UBS has bought Credit Suisse as part of a bailout orchestrated by the Swiss government after turmoil in the banking sector brought Switzerland’s second-largest bank to the brink of collapse.
In addition to Koerner, who spent a decade at UBS before returning to Credit Suisse in 2021, UBS Chief Executive Officer Sergio Ermotti has assembled an executive team made up largely of UBS insiders. Some press reports had speculated that a number of Credit Suisse executives would take on key positions from the combined company.
“The new leadership under Chief Executive Officer Sergio Ermotti clearly reflects the fact that UBS has bought CS. There are fewer changes than expected,” said Andreas Venditti, an analyst at Vontobel.
As for Koerner’s role, UBS said the executive will be responsible for Credit Suisse’s business continuity and customer focus, while also supporting the bank’s integration into the UBS structure. It is unclear whether he will remain with the group after the integration is complete.
Investor attention is now turning to the strategic plans of the combined group.
UBS reiterated that it will evaluate all options for Credit Suisse’s Switzerland business – which currently includes wealth management and commercial and investment banking – and that it will “make updates on this matter in the coming months”.
UBS must act quickly as Credit Suisse is structurally loss making, says a source.
Reuters reported last week that options being considered for the area include a sale or initial public offering of shares in the nationwide unit of Credit Suisse.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
