UBS is apparently considering terminating the contract with CS star banker Michael Klein

She therefore wanted to seek talks with Klein, according to a report by the Financial Times on Tuesday evening, which cited insiders as the source. UBS has hired a legal team to examine how the contract between Credit Suisse (CS) and Klein could be terminated in the most cost-effective way, the report said. UBS and CS declined to comment to the newspaper, as did a spokesman for Klein.

“The deal was closed when the selling bank got a gun on its chest,” a source close to UBS told the paper. However, it cannot be the case that Klein “enriches itself at the expense of our shareholders”. Immediately after the deal became known, UBS signaled that it wanted to hold on to Credit Suisse’s investment banking advisory business after taking over its rival. Strategic “global banking” areas would be retained, it said. “Global Banking” is what UBS calls its business of supporting companies with takeovers and mergers or IPOs.

Even then, the question arose as to whether Credit Suisse’s spin-off plans were off the table. CS had previously announced that it would outsource the capital markets and consulting business under the name CS First Boston and later list it on the stock exchange. Former CS board member Michael Klein was to take over the management of the new CS First Boston.

Part of the plans was also the purchase of the Klein Group by CS for around 175 million US dollars. It was precisely this multi-million dollar purchase of the US company with only around 40 experts that caused a great deal of discussion. When asked by the AWP news agency on Monday, Credit Suisse did not want to comment on whether this deal could now burst.


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