Following the latest announcement of the planned acquisition of Credit Suisse, UBS details its new operational model and leadership team, marking a key milestone in the two firms’ integration.
UBS expects the legal process of merging with Credit Suisse to happen soon and the two banks will operate as one consolidated group.
Go deeper with GlobalData
However, UBS and Credit Suisse will still function independently for now and the integration will be done gradually.
UBS group CEO Sergio P. Ermotti comments: “This is a pivotal moment for UBS, Credit Suisse, and the entire banking industry. Together we will solidify and represent the Swiss model for finance around the world, one that is capital-light, less reliant on taking risk and anchored by stability and high-touch service. This transaction will allow us to offer attractive returns to our shareholders and give us capacity to further invest and grow. With the new operating model and leadership team, UBS is well-equipped to build on its existing strength and the successes of the past decade.’’
UBS group will oversee both UBS and Credit Suisse, but each company will still operate independently with their own subsidiaries, clients, and counterparts.
The UBS group board of directors and executive board will be in charge of the group as a whole.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCredit Suisse will maintain its current governance and risk control systems, but new policies will be implemented to ensure proper oversight by UBS group.
Group executive board
Once the acquisition has been achieved, Ulrich Körner, the current CEO of Credit Suisse, will join the UBS group executive board. He will use his experience in both organisations to keep Credit Suisse operating and focused on clients, as well as to help with the merger process.
Following the acquisition, Todd Tuckner will take over as group chief financial officer. He has been with UBS since 2004 and is currently the CFO and head of global wealth management business performance and risk management.
Beatriz Martin Jimenez will become head non-core and legacy and president EMEA, while continuing to serve as UBS chief executive for the UK and group treasurer until a successor is found.
Michelle Bereaux, who has been with UBS for nearly 23 years in various leadership roles, will be named group integration officer. She has previously worked as chief operating officer and head of human resources for the investment bank, as well as leading various transformation programme across the firm. Bereaux most recently served as chief operating officer and UK country head for UBS’s asset management business.
UBS appoints Stefan Seiler as group head of human resources and corporate services. He’ll aim to improve the alignment of personnel, real estate, and vendor management strategies. Seiler joined UBS in 2011 and previously served as head of human resources for region Switzerland and group functions, as well as head of talent and recruiting, until being named group head of human resources in 2018.
Following the completion of the deal, Credit Suisse executive board members and permanent guests who are division and function heads will report to both their respective UBS executive board members and Ulrich Körner.
This ensures that Credit Suisse retains responsibility for its day-to-day operations while also easing the integration of these sectors into UBS.
UBS will evaluate all alternatives for Credit Suisse’s Swiss operations and will give additional updates in the coming months.
