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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.

☆ UBS chief draws up Credit Suisse leadership shortlist, FT reports
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +1 min

May 6 (Reuters) - UBS Group AG's (UBSG.S) Chief Executive Sergio Ermotti has shortlisted the Credit Suisse Group AG's (CSGN.S) executives most likely to become part of the management team, the Financial times reported on Saturday, citing people familiar with the plans. Dixit Joshi, chief financial officer, Francesca McDonagh, chief operating officer, and André Helfenstein, head of the Swiss business, are most likely to remain a part of the Swiss bank's executive team, the report said. Credit Suisse declined to comment on the report. UBS did not immediately respond to Reuters' request for a comment. ($1 = 0.8910 Swiss francs)Reporting by Rahat Sandhu in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ UBS chief draws up Credit Suisse leadership shortlist, FT says
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +1 min

The future of Credit Suisse's business in Switzerland is being closely watched as one of UBS's key strategic decisions. Credit Suisse's Swiss bank is one of the lender's four operating units and is seen as the jewel in the crown. In January, Credit Suisse had moved the business from its broader investment banking division into the Swiss unit, according to Credit Suisse's 2022 annual report. On a possible sale, Ermotti has said all options for the Swiss business are on the table. On Sunday, NZZ am Sonntag newspaper reported that UBS was working towards spinning off Credit Suisse's domestic unit.

☆ UBS aims to close Credit Suisse deal by end of May, early June
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

ZURICH, May 3 (Reuters) - UBS (UBSG.S) Chief Executive Sergio Ermotti said on Wednesday that the Swiss bank was working on closing its merger with Credit Suisse (CSGN.S) by the end of May or early June. Speaking at the Finanz '23 conference in Zurich, Ermotti also repeated his bank's line that all options were still on the table concerning Credit Suisse's Swiss business. In March UBS agreed to takeover its struggling cross-town rival for 3 billion Swiss francs ($3.37 billion) and said it would assume up to 5 billion ($5.61 billion) in losses as part of a deal hastily arranged by Swiss authorities. On Sunday, NZZ am Sonntag newspaper reported that the country's largest bank was working towards spinning off Credit Suisse's domestic unit, with its current head, Andre Helfenstein, expected to run it. The Swiss newspaper cited a source as saying that UBS had come around to the idea of a spin-off, which it initially ruled out, because of growing public and political pressure.

☆ Swiss Re Chairman Ermotti to step down on April 30
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: 1 min

ZURICH, April 27 (Reuters) - Swiss Re (SRENH.S) Chairman Sergio Ermotti will step down from his post on April 30, the company said on Thursday, to "fully focus" on his new role as chief executive of UBS (UBSG.S). Jacques de Vaucleroy, Swiss Re Vice Chairman and Lead Independent Director, will lead the search for a successor and will chair the board in the interim, it added. Ermotti, who has been chairman of Swiss Re since 2021, is returning to UBS where he will oversee the massive merger with rival Swiss bank Credit Suisse (CSGN.S). Reporting by John Revill, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ New UBS investor pitch fits better than old one
▼ + stars: | 2023-04-25 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

LONDON, April 25 (Reuters Breakingviews) - UBS’s (UBSG.S) old strategy under former CEO Ralph Hamers was safe but not particularly rewarding. True, the wealth business pulled in about $20 billion of new fee-paying assets in the first quarter. The revenue UBS generates in wealth management fell to 78 basis points of average fee-earning assets in the first quarter, from 82 basis points a year ago. The second Ermotti era, by contrast, at least offers the chance of some upside. UBS reckons it can eventually wring $8 billion of annual cost savings from the combination with Credit Suisse.

☆ UBS retains risk chief to bolster controls for Credit Suisse deal
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

ZURICH, April 24 (Reuters) - Switzerland's UBS said on Monday it will retain Christian Bluhm as chief risk officer for the "foreseeable future" as it bolsters controls during the takeover of Credit Suisse. Vogel has now been appointed to a newly-created role of group risk control head of integration, where he will oversee risk functions related to the Credit Suisse deal, UBS said. Credit Suisse was mired in a string of scandals over the years, resulting in a Swiss-orchestrated takeover by UBS. The larger bank, which has largely avoided the missteps of Credit Suisse, will publish its first-quarter result on Tuesday. Credit Suisse said on Monday it suffered 61 billion Swiss francs ($68 billion) in net asset outflows in the first quarter.

☆ Rivals can feast on Credit Suisse client spoils
▼ + stars: | 2023-04-17 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Credit Suisse saw 110 billion Swiss francs flying out the door in the final quarter of 2022. These outflows were chiefly cash from wealthy clients and some deposits at Credit Suisse's Swiss bank unit. Those holding accounts at both Credit Suisse and UBS may dislike too much wealth concentration. And Credit Suisse is hardly incentivised to transfer securities swiftly. The minister said this was needed because Credit Suisse customers had again withdrawn money.

☆ UBS can score a quick win with Swiss sale
▼ + stars: | 2023-04-12 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, April 12 (Reuters Breakingviews) - Credit Suisse’s (CSGN.S) Swiss business is theoretically the jewel in the bank’s tarnished crown. Hiving off the Credit Suisse local unit could save Kelleher and his Chief Executive Sergio Ermotti a lot of grief. By contrast, UBS is paying just $3.6 billion for all of Credit Suisse, based on the buyer’s most recent share price. Kelleher could in theory just hand the Credit Suisse local division to shareholders, but that could prove destabilising if they all cash out immediately. UBS will rescue Credit Suisse in a deal worth about 3 billion Swiss francs, Swiss authorities and the two banks said on March 19.

☆ Credit Suisse job cuts must be frozen -bank employees leader says
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

ZURICH, April 11 (Reuters) - Credit Suisse (CSGN.S) and UBS (UBSG.S) must freeze any job cuts planned as part of their emergency merger, the Swiss Bank Employees' Association (SBPV) said on Tuesday, in an open letter to the country's parliament. The Swiss parliament is due to meet in extraordinary session on Tuesday to discuss the state-sponsored rescue of Credit Suisse which took place last month. "For the past three weeks, many of the approximately 17,000 employees at Credit Suisse and the 22,000 UBS employees have been looking at their future with uncertainty," said Ferrara, referring to the staff numbers in Switzerland. Credit Suisse employs 45,000 people globally, while UBS has 74,000 in total. "But the affected employees of the two banks remain only a side note.

☆ Credit Suisse job cuts must be frozen, Swiss Bank Employees' Association says
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

ZURICH, April 11 (Reuters) - Credit Suisse (CSGN.S) and UBS (UBSG.S) must freeze any job cuts planned as part of their emergency merger, the Swiss Bank Employees' Association (SBPV) said on Monday, in an open letter to the country's parliament. The Swiss parliament is due to meet in extraordinary session on Tuesday to discuss the state-sponsored rescue of Credit Suisse which took place last month. Credit Suisse employs 45,000 people globally, while UBS has 74,000 in total. "But the affected employees of the two banks remain only a side note. "Now it is time for the affected employees of the two banks to be given protection and respect," Ferrara wrote.

☆ Credit Suisse job cuts must be frozen -bankers leader says
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: +2 min

Credit Suisse and UBS must freeze any job cuts planned as part of their emergency merger, the Swiss Bank Employees' Association (SBPV) said on Monday, in an open letter to the country's parliament. SBPV managing director Natalia Ferrara has written to lawmakers to demand they consider staff affected by the collapse of Credit Suisse and halt any job losses until the end of 2023. The Swiss parliament is due to meet in extraordinary session on Tuesday to discuss the state-sponsored rescue of Credit Suisse which took place last month. Credit Suisse employs 45,000 people globally, while UBS has 74,000 in total. "Now it is time for the affected employees of the two banks to be given protection and respect," Ferrara wrote.

☆ UBS CEO tells Credit Suisse staff to stay focused on clients and the business
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

ZURICH, April 6 (Reuters) - UBS (UBSG.S) Chief Executive Sergio Ermotti has told Credit Suisse (CSGN.S) staff it is "critical" to remain focused on clients and keeping the business running as the merger of the two banks proceeds, according to an internal memo seen by Reuters. Last month, Swiss authorities announced that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse. In his first communication to Credit Suisse staff after taking over as UBS CEO, Ermotti said there would be "change and hard decisions" ahead. UBS Vice Chairman Lukas Gaehwiler told the bank's shareholders on Wednesday that it was too early to speculate about job cuts. "While it’s too soon to speculate about the end state of the combined organization, you have my commitment that we will treat all employees of both Credit Suisse and UBS fairly," he wrote.

☆ UBS tells investors 'Herculean' Credit Suisse takeover will pay off
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +5 min

[1/3] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File PhotoBASEL, April 5 (Reuters) - UBS (UBSG.S) executives sought to assure investors on Wednesday that Switzerland's largest bank can make its unexpected takeover of Swiss rival Credit Suisse (CSGN.S) work and pay off for its shareholders. "We believe the transaction is financially attractive for UBS shareholders," he said. Looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, UBS has already taken the first steps. "The acquisition of Credit Suisse will be a major challenge," Hamers said, while echoing the bank's chairman in highlighting new opportunities.

☆ UBS seeks to assure investors shotgun Credit Suisse takeover can pay off
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

[1/3] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland, March 20, 2023. "We believe the transaction is financially attractive for UBS shareholders," he said. The hastily arranged rescue, not only angered and unsettled both banks' shareholders, but also many in Switzerland. Looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, UBS has already taken the first steps. "The acquisition of Credit Suisse will be a major challenge," Hamers said, while echoing the bank's chairman in highlighting new opportunities.

☆ UBS faces investors after shotgun Credit Suisse takeover
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

Last month, Swiss authorities announced that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse. After a run on deposits, the Swiss government had turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), while the Alpine state put up more than 200 billion francs of support and guarantees. Now, the bank is looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, without undermining its strengths. On Tuesday, Reuters also reported that the Bank of England had approved UBS' takeover of Credit Suisse in Britain, a key market for the Swiss lenders racing to close the rescue deal. UBS also secured a temporary green light from European Union antitrust regulators to complete its acquisition of Credit Suisse, but will still have to request clearance under EU merger rules, the European Commission said.

☆ UBS faces investors after shotgun Credit Suisse merger
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

ZURICH, April 5 (Reuters) - UBS (UBSG.S) will seek to reassure shareholders on Wednesday that its unexpected takeover of rival Credit Suisse (CSGN.S) in the biggest bank rescue since the great financial crash can work. Last month, Swiss authorities announced that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse. After a run on deposits, the Swiss government had turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), while the Alpine state put up more than 200 billion francs of support and guarantees. Now, the bank is looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, without undermining its strengths. The bank's annual general meeting comes a day after executives at Credit Suisse faced their own shareholders and Chairman Axel Lehmann apologised for leading the bank to the verge of bankruptcy.

☆ Swiss mega-bank has scope to shrink to greatness
▼ + stars: | 2023-04-05 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

In UBS (UBSG.S), which is rescuing Credit Suisse (CSGN.S) in a government-brokered deal, they almost have one. The combined Swiss mega-bank will start out with a $1.7 trillion balance sheet, making it the 10th largest Western bank, based on Refinitiv data. Credit Suisse was in the process of running down, selling or carving out trading and investment-banking businesses with risk-weighted assets (RWAs) of $68 billion. Credit Suisse CEO Ulrich Körner was hamstrung by large losses, which drained capital and limited how quickly he could shrink. The emergency combination of UBS and Credit Suisse has created a banking giant.

☆ UBS holds first shareholder meeting since controversial Credit Suisse takeover
▼ + stars: | 2023-04-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Newly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023. UBS will hold its annual general meeting on Wednesday morning against a fraught political backdrop, following its takeover of fallen rival Credit Suisse last month. New CEO Sergio Ermotti will take the reins on Wednesday after his shock reappointment last week, as UBS takes on the mammoth task of integrating its fallen compatriot's business. Ermotti's return was seen by many commentators as an attempt to restore calm, as the country's long-established reputation for financial stability teeters on the line. Credit Suisse held the final independent AGM in its 167-year history in Zurich on Tuesday, after Swiss authorities brokered an "emergency rescue" in late March, when the bank's share price tumbled and depositors fled en masse.

☆ Credit Suisse braces for stormy shareholder meeting
▼ + stars: | 2023-04-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Credit Suisse is set for a turbulent annual shareholder meeting Tuesday, after its emergency rescue by UBS two weeks ago left investors nursing heavy losses. Credit Suisse (CS) shareholders are expected to vent their anger over the forced takeover of the ailing Swiss lender by its larger rival. Norges Bank Investment Management, a top 10 shareholder in Credit Suisse, said it would vote against the re-election of Credit Suisse chairman Axel Lehmann and six other directors. Last week Credit Suisse withdrew two proposals up for a shareholder vote from its AGM agenda, saying they were no longer necessary following the planned merger with UBS. He is seen as a safe pair of hands capable of integrating Credit Suisse and salvaging core parts of its business.

☆ European stocks set to open higher as banking concerns continue to ease
▼ + stars: | 2023-03-30 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a higher open Thursday as concerns over the banking sector ease. European stock markets were higher on Wednesday, as concerns over the health of the sector continued to wane; UBS shares were up 4.5% mid-afternoon yesterday after the bank announced Sergio Ermotti would return to his role as group CEO from April 5, following the recent acquisition of Credit Suisse. Shares of the bank ended the session 3.7% higher. Asia-Pacific markets were trading mixed on Thursday, with Australia's benchmark index hitting a two-week high as concerns on the recent banking turmoil in the U.S. and Europe ease. U.S. stock futures were little changed Wednesday night.

☆ Stocks making the biggest moves midday: Bed Bath & Beyond, EVgo, UBS and more
▼ + stars: | 2023-03-30 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

A Bed Bath & Beyond store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023. Bed Bath & Beyond Inc. said it would shutter another 87 stores in addition to the 150 closures it announced in August. Juniper Networks — The cloud computing network provider added 1.3% on the back of an upgrade to outperform from in line by Evercore ISI. Crocs — Shares rose 3% after B. Riley initiated coverage of the stock as a buy, saying the shoe company is underappreciated. Interpublic Group of Companies — The advertising agency gained 3% following an upgrade to buy from neutral by Bank of America.

☆ Morning Bid: As banking worries slowly slip into rear view, markets fret on Fed
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

But as we are at the 'no news = good news' stage of the recovery from the banking worries, investors are preparing to try again as Europe wakes up with futures indicating a higher open. In a call to discuss the plan to split into six units, Group CEO Daniel Zhang said on Thursday the company's breakup plan will allow its units to become more agile and eventually list on their own. Investors hope the plan will help unlock value for the internet behemoth. Alibaba US shares traders at 11x forward earningsWith fears of a widespread banking crisis easing, investor attention has switched to Fed vs inflation. Meanwhile, the U.S. banking system's top cop said the scope of blame for Silicon Valley Bank's failure stretches across bank executives, Federal Reserve supervisors and other regulators.

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