According to recent reports, UBS is set to dissolve the management team of Credit Suisse, including CS boss Ulrich Körner, following the merger of the two banks. The old Credit Suisse will gradually be phased out from within UBS. It is expected that D-Day for the CS headquarters will take place before the end of the month. The UBS Board of Directors approved the merger of UBS AG and Credit Suisse AG in 2023, marking a major milestone in the banking marriage.
Following the acquisition by UBS, Ulrich Körner and his team were tasked with integrating Credit Suisse into UBS. However, their management has been criticized for their inflexibility during the crisis faced by CS in 2023, which ultimately led to financial challenges and costly scandals. Despite efforts to implement a new strategy, a bank run in October 2022 caused a crisis that Credit Suisse could not recover from.
The departure of Körner and other former CS executives signifies a significant shift in Swiss banking landscape as CS staff are gradually transitioned to UBS. The integration process continues, with both UBS and former CS employees facing challenges and uncertainties in navigating this new banking environment.
UBS is not commenting on these events at this time.
