Credit Suisse’s Last CEO Koerner to Leave UBS in Coming Weeks

(Bloomberg) — Credit Suisse Chief Executive Officer Ulrich Koerner is set to leave UBS Group AG in the coming weeks after the completion of the merger of the two former Swiss rivals, a person familiar with the matter said.    

The Swiss government last year orchestrated a UBS takeover of Credit Suisse as it was teetering on the edge of collapse. Koerner, a veteran of Swiss banking with more than two decades at both Credit Suisse and UBS, had been brought in as CEO in July 2022 to try to turn the ailing firm around. 

Following the takeover, he was appointed as chief of the Credit Suisse subsidiary of UBS. The combination of the two banks’ holding companies means the Credit Suisse chief executive role will become obsolete.

The Financial Times reported the decision earlier.

Read More: UBS Culls Credit Suisse’s Top Leaders After Historic Deal Closes

Koerner, 61, had hoped to leave the business earlier but has been persuaded to stay until after the legal merger, the FT said. The bank is working to complete the process by the end of May, the FT said.

The German-Swiss dual national was the only Credit Suisse executive to gain a board seat following the takeover. He has since adopted a low profile as the integration of the two firms proceeds. 

UBS is due to report first-quarter earnings on Tuesday. Bank executives have warned that 2024 will be a more difficult year as the bank faces challenges ranging from staff layoffs to the integration of the two firms IT systems. 

 

 

(Updates with further background)

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