UBS Investment Bank teams have come together according to bosses
Published: Monday, Nov 11th 2024, 16:10
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UBS is very satisfied with the integration of CS in the Investment Banking Switzerland division. The integration of the client-related teams was completed some time ago, Jens Haas, Head Investment Bank Switzerland, told Swiss journalists on Monday. "We are now operating as a combined investment banking team from UBS and the former Credit Suisse."
UBS Investment Banking consists of the advisory business for takeovers, IPOs and other capital market transactions ("Global Banking") and securities trading ("Global Markets"). The former is first and foremost a "people's business", so that the integration went very quickly, Haas continued. The colleagues there (from UBS and CS) had mostly already known each other well beforehand, as they had often worked on joint deals for weeks.
The employees and teams at Global Markets have already physically grown together on the trading floor, said Casey Whymark, Head Global Markets Switzerland at UBS. However, the trading business is more balanced than before in terms of the weighting of different asset classes (credit, FX, rates, equities). Individual areas are therefore less dominant than before, said Whymark.
No cultural problems
When asked about major cultural differences overall, Haas said: "That wasn't a big problem. After all, this is Switzerland, where the basic approach is very similar. The fact that they can work well together is also evident in the division's management team, which is made up of both traditional UBS managers and former CS managers.
"Overall, the integration of Investment Banking in Switzerland went smoothly and without any major problems," continued Haas. There were also no significant client losses in the course of the integration. Apart from that, individual movements in one direction or the other over time are quite normal. "However, this is independent of the integration and has always been the case."
Team will be bigger than before
In terms of the current workforce, Haas believes the Swiss Investment Bank is now "well positioned": "The future development of the workforce will largely depend on market developments and no longer primarily on the integration." And he emphasized: "The team as a whole is now substantially larger than before the CS acquisition."
Haas is now the sole head of Investment Banking in Switzerland. Just over a year ago, Sabine Keller-Busse, Head of UBS Switzerland, put together her management team for the local business following the CS takeover. This resulted in a dual leadership of UBS and CS executives in the Investment Bank Switzerland: Jens Haas (CS) and Martin Kesselring (UBS) became CO-Head.
However, Kesselring has withdrawn over the summer of 2024. The bank did not wish to comment on the reasons for this on Monday. However, Kesselring is still part of the team, Haas emphasized.
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