Lun, May 6th 2024
UBS is set to finalize the integration of Credit Suisse by dissolving its management, marking the end of Ulrich Körner’s tenure as CEO.
According to a report in the British “Financial Times”, UBS will dissolve the management of Credit Suisse, which was taken over almost a year ago, in the coming weeks. This means that the last CS CEO, Ulrich Körner, will also be leaving the major banking group.
UBS management is working on completing the merger of the UBS legal entities with those of Credit Suisse by the end of May, writes the British business newspaper, citing people familiar with the plans. At present, the legal entities UBS AG and Credit Suisse AG are still being managed separately.
Körner succeeded Thomas Gottstein as CEO of CS at the beginning of August 2022. He retained the position after the takeover and became a member of the UBS Group Executive Board. He had hoped to leave the company earlier, but was persuaded to stay until after the legal merger, the FT writes further.
Following the merger of the legal entities of UBS AG and CS AG, UBS Switzerland AG and Credit Suisse (Schweiz) AG are to be integrated by the third quarter, according to the big bank. CS Switzerland can then be gradually transferred to the UBS systems by 2025 and only then can the restructuring really get underway.
As soon as the legal merger has been completed, UBS intends to accelerate its job reduction program, according to the FT article. By the end of the integration, the banking group plans to have a total of 85,000 employees. At the end of December 2023, the combined UBS and CS Group had around 113,000 full-time employees, of which around 30% were in Switzerland. At the end of 2022 – before the takeover – the total was around 120,000.
According to the FT report, both UBS and Körner himself declined to comment. An inquiry from the news agency AWP to UBS has so far remained unanswered.
UBS will publish its first-quarter results on Tuesday (tomorrow).
©Keystone/SDA
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