The newly recalled CEO of the big bank addressed the employees by mail to announce them changes and difficult decisions.
The new boss of UBS, Sergio Ermotti, has prepared employees for consequences before the takeover of Credit Suisse by UBS. There will be changes and tough decisions, he wrote Thursday in a letter to employees of the two-veiled bank.
The 63-year-old from Ticino took over as head of UBS on Wednesday after the general meeting, replacing Ralph Hamers. He had been called up by the bank’s board and surprisingly appointed chief executive a week ago. Although it is too early to speculate on the face of the merged bank, Mr Ermotti assures in the letter mentioned by Archyde.com that all employees, both CS and UBS will be treated correctly.
During the general assembly of the bank with the three keys, the vice-president Lukas Gähwiler had affirmed that it was premature to speak about jobs. Initially, it is necessary to continue the operation of the two banks and the integration will take place over the next few years. The task is herculean and will in the short term require more than less people. In the medium term, it is clear that the various options will have to be considered and, in the long term, there will be synergies, underlined Mr. Gähwiler, who had himself worked at Credit Suisse from 1990 to 2009.
Credit Suisse has certainly been stabilized, but the uncertainties surrounding the finalization of the transaction remain high. That’s why we want to close it as quickly as possible. In the best case it will be in a few weeks, but more likely in a few months. It will take a bit of calm for that and many of the proposals on what should be done rather lead to unnecessary uncertainty, said the vice-president.