UBS Group AG Reveals Leadership Team and Operating Model Following Credit Suisse Acquisition

UBS Group AG Reveals Leadership Team and Operating Model Following Credit Suisse Acquisition

(IN BRIEF) UBS Group AG has announced its new operating model and leadership team after the planned acquisition of Credit Suisse AG. The legal close of the acquisition is expected to occur soon, after which Credit Suisse Group AG will merge into UBS Group AG and operate as a consolidated banking group. UBS AG and Credit Suisse AG will continue to operate independently for the foreseeable future. The combined firm will operate with five business divisions, seven functions, and four regions, with each represented by a Group Executive Board member. Todd Tuckner will be appointed Group Chief Financial Officer, while Michelle Bereaux will be the Group Integration Officer. The new leadership team is confident that they have the right operating model for a successful integration, and UBS is committed to providing regular updates on the integration process in the coming months.

(PRESS RELEASE) ZÜRICH, 9-May-2023 — /EuropaWire/ — UBS Group AG (SWX: UBSG), a multinational investment bank and financial services company founded and based in Switzerland, has outlined its plans for the integration of Credit Suisse AG, following the announcement of its planned acquisition. The legal close is expected to take place in the next few weeks, after which Credit Suisse Group AG will be merged into UBS Group AG and operate as a consolidated banking group. While UBS AG and Credit Suisse AG will continue to operate independently for the foreseeable future, UBS will begin the integration in a phased approach.

Under the new governance structure, UBS Group AG will initially manage both UBS AG and Credit Suisse AG as separate parent companies, with each institution maintaining its own subsidiaries and branches, and serving its clients and counterparties. The UBS Group Board of Directors and the UBS Group Executive Board will have overall responsibility for the consolidated group.

Credit Suisse AG will continue to rely on its established governance and risk control frameworks for the time being, with new policies implemented to ensure effective oversight by UBS Group. UBS is committed to a successful integration process and will provide regular updates as the process continues.

UBS Group CEO Sergio P. Ermotti comments: “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. This transaction will allow us to offer attractive returns to our shareholders and give us capacity to further invest and grow. With the new operating model and leadership team, UBS is well-equipped to build on its existing strength and the successes of the past decade. The integration of the businesses and legal entities will take time. But adding Credit Suisse to UBS’s highly capital-accretive business model, diversified revenue streams, disciplined risk management and balance sheet for all seasons will benefit our clients, employees, investors, the economies we serve and the wider financial system.”
At the time of legal close, the following governance will apply:

The combined firm will operate with five business divisions, seven functions, and four regions, in addition to Credit Suisse AG, with each represented by a Group Executive Board member who will report to Group CEO Sergio P. Ermotti.

Ulrich Körner, CEO of Credit Suisse AG, will become a member of the UBS Group Executive Board upon transaction close, and will be responsible for ensuring Credit Suisse’s operational continuity and client focus, while supporting the integration process.

The following executives will head the five business divisions of the combined firm:

• Iqbal Khan will continue as President of Global Wealth Management.
• Rob Karofsky will continue as President of Investment Bank.
• Sabine Keller-Busse will continue as President of Personal & Corporate Banking and President of Switzerland.
• Suni Harford will continue as President of Asset Management and Lead for Sustainability & Impact.
• Beatriz Martin Jimenez will become the Head of Non-Core and Legacy and President of Europe, the Middle East, and Africa (EMEA). She will also continue to serve as UBS Chief Executive for the UK and Group Treasurer until a successor is named. Her extensive background in the Investment Bank, as Group Treasurer, and her expertise in restructuring and knowledge of the UK market make her an ideal leader for this role.

The following executives will be part of the seven functions of the combined firm:

• Todd Tuckner will be appointed as Group Chief Financial Officer, becoming a member of the Group Executive Board immediately and taking on the role of CFO at the acquisition’s close. With a history of holding various leadership roles across Finance in the US and Switzerland and currently serving as CFO and Head Business Performance and Risk Management for Global Wealth Management, Tuckner joined UBS in 2004. He will succeed Sarah Youngwood, who will leave the firm after the transaction closes. Sarah’s contribution in putting UBS in the financial position to make this acquisition is appreciated, and the firm wishes her well in her future endeavors.
• Michelle Bereaux will be the Group Integration Officer, bringing nearly 23 years of experience at UBS with various leadership roles across the company. She previously served as the Chief Operating Officer and Head of Human Resources for the Investment Bank, led multiple firm-wide transformation projects, and most recently served as the Chief Operating Officer and UK Country Head of UBS’s Asset Management business.
• Mike Dargan will be the Group Chief Operations and Technology Officer.
• Stefan Seiler will be the Group Head of Human Resources and Corporate Services, responsible for aligning Human Resources and Corporate Services to ensure effective and efficient management of employees, real estate, and vendor strategies. With a decade of experience at UBS, Seiler became Group Head of Human Resources in 2018, previously serving as Head of Human Resources for Region Switzerland and Group Functions and Head of Talent and Recruiting.
• Christian Bluhm will continue as Group Chief Risk Officer.
• Barbara Levi will continue as Group General Counsel.
• Markus Ronner will continue as Group Chief Compliance and Governance Officer.

After the transaction close, all Credit Suisse Executive Board members and permanent guests who are also division and function heads will report to their respective UBS Executive Board member and Ulrich Körner. This arrangement will ensure that Credit Suisse remains accountable for its day-to-day operations while facilitating the integration of respective areas into UBS over time. UBS will evaluate all options for Credit Suisse’s Swiss business, and further communication on this matter will follow in the coming months.

The following executives will be responsible for UBS’s four regions:

• Naureen Hassan will continue as President of the Americas.
• Sabine Keller-Busse will continue as President of Switzerland.
• Edmund Koh will continue as President of Asia-Pacific.
• Beatriz Martin Jimenez will become the President of EMEA.

UBS is confident that it has the right operating model and leadership team to ensure a successful integration and is committed to providing regular updates on the integration process over time.

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SOURCE: UBS Group AG