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☆ UBS just reshuffled its leadership ranks after buying Credit Suisse. See the new power players in charge of the $1.7 trillion Swiss banking behemoth.
▼ + stars: | 2023-06-12 | by ( Michelle Abrego | Kaja Whitehouse | ) www.businessinsider.com time to read: +11 min

The merger between Credit Suisse and UBS creates a new Swiss banking behemoth with $1.7 trillion in assets. Investment bank leadersThe president of UBS's investment bank, Robert Karofsky, circulated a memo on Monday announcing his new leadership team. Ebert, co-head of markets at Credit Suisse, was also named head of Credit Suisse for the Investment Bank, reporting to Karofsky. UBS global wealth management president Iqbal Khan revealed the appointments to its critical wealth business in an internal memo titled "Becoming a global wealth powerhouse." Members of the current Credit Suisse wealth management leadership team will report to both Yves-Alain and to their respective UBS global wealth management regional leader.

Persons: Yves, Alain Sommerhalder, Michael Ebert, Robert Karofsky, Ebert, Karofsky, Marco Valla, Valla, Javier Oficialdegui, Mike, I've, George Athanasopoulos, Jason Barron, Ros L'Esperance, Dan Dowd, Taichi Takahashi, Chris Leone, Julie Beavan, Tricia Hazelwood, Jeff Hinton, Kurt Anthony, Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer, Ken Tittle, Iqbal Khan, Francesco De Ferrari, Khan, Reuters Yves, Alain, Wiwi Gutmannsbauer, Benjamin Cavalli, Cavalli, Kinner, Amy Lo, Jin Yee Young, Young, Hatecke, UBS's Anton Simonet, Christl, Jason Chandler, Sergio Ermotti, Ralph Hamers, Ermotti, MICHELE LIMINA, Todd Tuckner, Sarah Youngwood, Michelle Bereaux, Stefan Seiler, Christian Bluhm, Damian Vogel, Ulrich Körner Organizations: UBS, Credit Suisse, Suisse, Credit, Wall Street, Investment, Investment Bank, Barclays, Global Banking, Investment Bank Management, Global Markets, Global Research, IB, Resource Management, Staff, MUFG Securities, Reuters, Yves, Deutsche, Switzerland, Swiss Re, Getty Locations: Switzerland's, Swiss, Americas, Asia, Singapore, Switzerland, Europe, Middle East, Africa, America, AFP

Besides Koerner, who spent over a decade at UBS before returning to Credit Suisse in 2021, UBS CEO Sergio Ermotti largely leaned on UBS executives in pulling together his new team. Commenting on Koerner's future role, UBS said Koerner would be responsible for Credit Suisse's operational continuity and client focus, while supporting its integration. Credit Suisse executive board members will report to both their relevant UBS executive board member and Koerner. Reuters reported last week that options under consideration for that business include a sale or an initial public offering of Credit Suisse's domestic unit. “This is a pivotal moment for UBS, Credit Suisse and the entire banking industry," Ermotti said in the statement.

☆ UBS says Credit Suisse CEO Ulrich Koerner will join its board
▼ + stars: | 2023-05-09 | by ( ) edition.cnn.com time to read: +4 min

Besides Körner, who spent over a decade at UBS before returning to Credit Suisse in 2021, UBS CEO Sergio Ermotti largely leaned on UBS executives in pulling together his new team. Some media had speculated that a number of Credit Suisse bankers would take up senior roles at the new group. Credit Suisse executive board members will report to both their relevant UBS executive board member and Körner. “This is a pivotal moment for UBS, Credit Suisse and the entire banking industry,” Ermotti said in the statement Tuesday. Zuercher Kantonalbank said this meant there would be initially no big changes for the current Credit Suisse management.

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