UBS Announces New Leadership Team After Takeover Of Credit Suisse

UBS Group has revealed that Ulrich Koerner, CEO of Credit Suisse, will be part of the new leadership team of the combined group following the takeover of its Swiss rival.

The announcement was made as part of a leadership reshuffle, which also saw Todd Tucker, now finance chief of UBS's core asset management business, promoted to group CFO.

Sarah Youngwood, the previous CFO, decided to leave once the deal closed after a year on the job.

UBS is taking over Credit Suisse as part of a Swiss government-orchestrated rescue backed by as much as CHF250bn ($281.25bn) of state support after recent banking sector turmoil brought the country's No. 2 lender to the brink of collapse.

Koerner, who spent over a decade at UBS before returning to Credit Suisse in 2021, will be responsible for Credit Suisse's operational continuity and client focus while supporting its integration, according to UBS.

Credit Suisse executive board members and Koerner will report to their relevant UBS executive board members.

However, it is unclear whether he will stay on after the integration is completed.

UBS has reiterated that it will evaluate all options for Credit Suisse’s Swiss business, which currently comprises wealth management, commercial and investment banking, and will "communicate further on this matter in the coming months."