Swiss banking giant UBS announced on Tuesday that Credit Suisse chief executive Ulrich Koerner would join its leadership team following the takeover of its fallen domestic rival.
(Bloomberg) UBS Group AG appointed Ulrich Koerner to its top management body, giving the chief executive officer of Credit Suisse Group AG a key role in overseeing the complex combination of the two firms. Koerner, a veteran of both lenders who unsuccessfully tried to stabilize Credit Suisse over the past nine months, will oversee the latter’s operating businesses as UBS plans to integrate them over time, according to a statement on Tuesday. The announcement was part of a broader management reshuffle that also saw Todd Tuckner, a long-time UBS banker, take over as chief financial officer from Sarah Youngwood, who only joined the bank last year. The appointments are part of a push by Sergio Ermotti, who was brought back as UBS CEO to oversee the government-brokered rescue of the smaller rival, to install allies with deep knowledge of the firms. Urgency to complete the historic task of integrating the giant businesses has been heightened by Credit Suisse’s warning that the current
Credit Suisse's boss will join the board of UBS after it closes its rescue takeover of the Swiss banking rival. It is part of a major leadership reshuffle Credit Suisse's boss will join the board of UBS after it closes its rescue takeover of the Swiss banking rival.
UBS Group said on Tuesday that Credit Suisse CEO Ulrich Koerner would stay on after the takeover of its Swiss rival as part of a new leadership team of the.