2023-04-30 07:06:10
Sergio Ermotti knows he has no room for error. The integration of Credit Suisse, acquired by UBS on March 19, will not leave room for experimentation. The boss of the big bank is reshaping the management team, relying on experienced loyalists, says the NZZ on Sunday. The Ticino leader publicly asserts that the new UBS needs the best bankers – regardless of their age, gender and whether they work at UBS or CS today.
The exact list of members of the new management of UBS should be communicated in the coming weeks, Sergio Ermotti had indicated at the beginning of the week on the occasion of the figures for the first quarter. But Sunday newspaper sources say Tom Naratil, 62, co-chairman of global wealth management until his announced departure last summer, is expected to return to the bank and lead the integration, while becoming a director. group finance. UBS says it does not comment on rumours.
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Iqbal Khan confirmed, André Helfenstein approached
UBS’s current head of global wealth management Iqbal Khan (47) will also assume this role in the combined group. The same goes for the head of UBS Switzerland, Sabine Keller-Busse (58) and Markus Ronner, the chief compliance officer. The legal department is expected to be led by Markus Diethelm, who has held this responsibility at Credit Suisse since July 2022, following 14 years at UBS.
Read also: Which Credit Suisse branches are most at risk of closing
The boss of Credit Suisse Suisse, André Helfenstein (55), would be the preferred candidate to continue to lead this entity, which would be outsourced. This strategy, discarded at the start of the reflection on the integration of Credit Suisse, “appears to be the best option”, according to an insider, in particular because it would cause fewer layoffs. Asked on this point, UBS refers to comments made by Sergio Ermotti this week, who said that “all options” were on the table with regard to Credit Suisse Suisse, whose activities might be separated.
Read also our May 2022 interview: André Helfenstein (Credit Suisse): “Settling the business will take until 2024”
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