Credit Suisse, which is in the process of assimilating into UBS, announced on Monday a number of management changes, including the departure of Chief Operating Officer (COO) Francesca McDonagh.
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2 minutes
Keystone-SDA/ds
The former Bank of Ireland boss had joined the former Swiss No. 2 bank in April 2022 as head of the Europe, Middle East and Africa (EMEA) region, according to a press release. McDonagh had been promoted to COO last September, six and a half months before the announcement of the forced marriage with number one UBS.
In a memo to his staff consulted by Keystone-SDA, CEO Ulrich Körner points out that this departure will lead to a host of changes in the chain of responsibility. Indeed, UBS Switzerland CEO Sabine Keller-Busse has reshuffled her management team with people largely drawn from her own ranks. The appointments will take effect on September 18.
André Helfenstein will remain Chief Executive Officer (CEO) of Credit Suisse (Switzerland). Simone Westerfeld will retain her position as Head of Private Clients at UBS, Alain Conte will continue as Head of Corporate Clients in Switzerland, and Andy Kollegger will continue to look after international business.
The only two-headed management team will be that of the Investment Bank Switzerland, comprising Jens Haas (Credit Suisse) and Martin Kesselring (UBS). Reto Müller, head of risk for the Swiss business, also joins from Credit Suisse. His predecessor Frank Höner decided to leave the bank at the end of November.
The takeover of Credit Suisse by UBS would result in a total of 3,000 redundancies in Switzerland. According to UBS, 1,000 of these will relate to the integration of Credit Suisse (Switzerland) into the banking group, while a further 2,000 will affect other business areas.
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