As the bank announced, UBS AG and Credit Suisse AG will act independently for the time being, and the integration is to be implemented in stages. Credit Suisse CEO Ulrich Körner will become a member of the UBS Executive Board. The bank is also getting a new chief financial officer.
UBS will initially operate two separate parent companies, with the Board of Directors and Executive Board being responsible for the consolidated group. Credit Suisse will maintain its governance and risk control framework.
The new Chief Financial Officer will be Todd Tuckner, currently CFO of Global Wealth Management. He succeeds Sarah Youngwood, who decided to leave the bank after the transaction closed. Michelle Bereaux, who has been working for IBS for almost 23 years, will act as Group Integration Officer.
The combined company will include five divisions, seven corporate functions and four regions, as well as Credit Suisse AG. Each of these units will be represented by a member of the Executive Committee, who will all report to Ermotti.
The UBS share is temporarily listed on the SIX 0.17 percent lighter at 17.45 francs.
FRANKFURT (Dow Jones)
Leverage must be between 2 and 20
No data
More news related to Credit Suisse GroupShs Sponsored American Deposit.Receipts Repr. 1 Sh
Image sources: 360b / Shutterstock.com, UBS