the former CEO of Credit Suisse-Corriere.it is also in the management

UBS has announced a reorganization of its management leadership and operating model with a view to completing its acquisition of Credit Suisse in the coming weeks. Once the closing is complete, the two companies will merge and the combined entity will operate as a consolidated banking group, although the two units will continue to operate independently for the foreseeable future as part of a phased integration. At closing, there will be governance under which UBS will initially manage the two separate parent companies: UBS AG and Credit Suisse AG, each maintaining its own subsidiaries, servicing its customers and dealing with counterparties.

The skills

Meanwhile Credit Suisse AG will continue to build on its risk control and governance frameworks, although some new policies will be implemented to ensure effective oversight at UBS. In addition, the UBS Group Board of Directors and the Executive Committee will have overall responsibility for the consolidated group. This is a crucial moment for Ubs, Credit Suisse and the entire banking sector, said the CEO of Ubs, Sergio Ermotti, for whom this transaction will offer attractive returns to shareholders and give the opportunity to invest and grow even more.

The five divisions

Credit Suisse’s addition to UBS’s large-cap business model, diversified income streams, disciplined risk management and all-weather balance sheet will benefit our clients, employees, investors, the economies we serve and of the financial system in general, he assured, even if he warned that the integration of companies and legal entities will take time. The future group will operate with five corporate divisions, seven functions and four regions, as well as Credit Suisse AG and each will be represented by a member of the group’s board of directors, all reporting to Ermotti.

The managers

With his knowledge of both organizations, Ulrich Krner will be responsible for ensuring Credit Suisse’s business continuity and customer focus while supporting the integration process, the bank explained. In addition, the group announced that Todd Tuckner, currently Chief Financial Officer and Head of Risk Management of the Wealth Management area, will be appointed Group Chief Financial Officer upon closing of the transaction and will become a member of UBS’s Board of Directors effective immediately. following Sarah Youngwood’s decision to leave the firm following the close of the transaction.