Switzerland’s UBS Group has announced that Credit Suisse chief executive Ulrich Körner will join the executive board of the combined bank once the takeover is completed with a broader reshuffle set to take place within the bank.

UBS, which said it anticipates the legal close of the deal will take place in the next three weeks, also confirmed that Todd Tuckner will succeed Sarah Youngwood as chief financial officer as part of a reshuffle at the combined entity. Tuckner is currently finance chief and head business performance and risk management for global wealth management and has held various leadership roles across finance in the US and Switzerland.

Other appointments include UBS’s UK chief exec Beatriz Martin Jimenez being named head non-core and legacy and president of EMEA in addition to her existing responsibilities; UBS veteran Michelle Bereaux named group integration officer; and Stefan Seiler named group head human resources and corporate services.

UBS confirmed that both banks will continue to operate independently for the foreseeable future and UBS will carry out the integration in a “phased approach.”

The combined firm will operate with five business divisions, seven functions and four regions, and in addition Credit Suisse AG.

UBS Group chief executive Sergio Ermotti said: “This is a pivotal moment for UBS, Credit Suisse and the entire banking industry. Together we will solidify and represent the Swiss model for finance around the world, one that is capital-light, less reliant on taking risk and anchored by stability and high-touch service.”

Elsewhere, Credit Suisse's widely followed markets guru Zoltan Pozsar has reportedly departed the bank as part of an exodus of staff which began before the shotgun takeover by UBS. The Wall Street Journal has reported that the “financial-world rock star” and former Federal Reserve Bank of New York and the US Treasury employee left for unknown reasons, and recently spoke at a conference in New York wearing a name badge that said ‘TBD’ for his affiliation.

Share Story: