2023-07-07 07:21:20
According to Archyde.com, the head of the division Iqbal Khan indicated in an internal memo that these appointments must make it possible to offer as quickly as possible and without rupture the best common organization.
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UBS returns to India
A few Credit Suisse managers have also been appointed, including Andreea Grop, hitherto director of the Israel-Central Europe market at the two-veiled bank. She becomes director of the new Turkey, Israel, Greece and Africa region.
Puneet Matta, head of Wealth Management India at Credit Suisse, remains director of Indian client affairs. This marks UBS’s return to India, a country it had previously left. This also applies to Australia. The management of Wealth Managements Australia is entrusted to Michael Marr, who previously held this position for Credit Suisse.
UBS will also take over CS’s ship finance business and these businesses will be combined into the aircraft and ship finance business division, headed by UBS’s Ruben Mangold.
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Shifted half-year results
Since his return to business, the general manager of the bank Sergio Ermotti has been actively working on the integration into the Credit Suisse group, which was formally resumed on June 12. One of the biggest questions relates to the future of the Swiss entity of the former number two Swiss bank. Unconfirmed rumors point to a dissolution of the Swiss activities of CS in those of the banking giant, a scenario which raises fears of a bloodbath for employment.
However, we will probably have to wait until August 31 to find out more. It is on this day that the bank with the three keys must present its half-yearly results. Scheduled for July 25, this publication has been postponed to be able to work on the bank’s integration and restructuring plan, which has burned its wings following more than 150 years of existence. An end that might lead to the elimination of some 30,000 jobs worldwide since during the second half of the year, the impact of the “merger” of the two banks on the workforce will also become clearer.
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