Credit Suisse’s current managing director Ulrich Körner will join UBS’s management team. The number one Swiss bank wants to finalize the merger between the two giants “in the coming weeks”.
Mr., who will lead Credit Suisse from August 2022. Koerner will assume his new role at UBS, according to a statement released on Tuesday. He will be responsible for the bank’s “operational continuity” with the two vessels, while “supporting the integration process”.
Another change in UBS management is expected: Todd Tughner, currently chief financial officer of the global wealth management division, will now occupy the post at group level, with Sarah Youngwood taking over at the end of the marriage between the two banks. Ms Youngwood, who takes office in May 2022 and is the first woman in the role at UBS, will leave the bank.
Mike Targan has been promoted to operations manager and Stephen Seiler will take over as head of human resources. Beatriz Martín Jimenez has been appointed president of the Europe, Middle East and Africa region.
Uncertainty about Swiss measures of CS
UPS described the merger process as the Federal Council stepped in on March 19 to save Credit Suisse from imminent bankruptcy. The legalization of this forced marriage is expected to take place “in the coming weeks,” without further details.
The two merged entities will become an integrated banking group but will operate independently “until further notice”. Integration will be done in “stages”. Sergio Ermotti, chief executive of UBS and future integrated banking giant, admitted the merger would “take time”.
Specifically, UBS Group will initially manage two separate parent companies, UBS AG and Credit Suisse AG. The latter keep their respective subsidiaries and agencies and their clients in their hands. Credit Suisse has retained its risk management and governance, but guidelines will be added to ensure UBS control.
The combined company will combine five divisions, seven units and four regions, as well as Credit Suisse AG.
No new details were provided on the future of Credit Suisse’s Swiss operations led by André Helfenstein. UBS will “evaluate all options” for the unit and “communicate in the coming months.”
This article was published automatically. Source: ats/awp
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