Daily Management Review

Last head of Credit Suisse' will soon leave UBS


According to the Financial Times, which cites sources, Ulrich Körner, the last CEO of Swiss Credit Suisse, will leave UBS, which acquired this bank, in the upcoming weeks.

Ank Kumar
Ank Kumar
The sources claim that by the end of May, UBS management will have finished merging the two banks' legal entities. Consequently, the CEO post at Credit Suisse will be eliminated along with the board.

Körner continued in his role as CEO of Credit Suisse following the bank's acquisition. Despite his desire to retire sooner, he was convinced to hold off until the holding corporations of the banks fully merge.

The 168-year history of the bank, which was crucial in assisting with the funding of the industrialization of the Swiss economy and railroads, will come to an end with Körner's resignation and the dissolution of the holding company Credit Suisse, the FT notes.

According to the integration plan outlined in February by UBS chief Sergio Ermotti, the holding structures of the two banks will merge in the second half of the year, with Credit Suisse clients continuing to be transferred to UBS next year.

The merging of IT systems, the final step of integration, will go on until 2026.

Following the legal entity merger, UBS intends to increase the scope of its employee reduction initiative. By the time the integration process is completed, it hopes to employ 85,000 people.

source: ft.com