UBS is set to dissolve Credit Suisse’s management team, according to reports. The old Credit Suisse has been gradually dissolving since its acquisition by UBS in 2022. Some sources have even predicted the impending D-Day, with the CS headquarters expected to disappear before the end of the month. This marks an important milestone in the merger of UBS AG and Credit Suisse AG, which was approved by their respective boards of directors at the end of 2023.
As a result of this merger, Credit Suisse AG’s management team will no longer be needed as it had been running the bank as a representative body since it was taken over by UBS. CS boss Ulrich Körner is reportedly set to leave UBS in the coming weeks, along with other executives such as André Helfenstein, head of CS’s Swiss business. However, Körner’s departure would not come as a surprise, given that other top executives who tried to save independent CS had already left earlier in 2023.
Körner played a key role in saving Credit Suisse from collapse during his tenure at the helm and was considered a CEO candidate for major Swiss banks several times prior to joining CS in 2011. However, he only made the jump when CS was already on fire and faced significant challenges due to regulatory issues and reputational damage.
UBS does not comment on these developments but will present its figures for the first quarter of 2024 on Tuesday and may also provide an update on strategy and CS integration. Investors are becoming increasingly impatient as they wait for progress in integrating CS into UBS and are calling for more expensive equity capital from Switzerland’s largest bank. Meanwhile, some former employees of Credit Suisse are facing layoffs or transferring to new roles within UBS or other financial institutions.