The end is near for Credit Suisse as it is gradually being dissolved, according to media reports. UBS is not commenting on the events, but it appears that the old Credit Suisse will soon disappear. According to insiders, the management team of Credit Suisse AG will be dissolved as part of this restructuring. CS boss Ulrich Körner is expected to leave UBS in the coming weeks, and other executives will be asked what role they can play at UBS in the future.
Körner’s departure would not be a surprise, as he was already ready to tackle less glamorous clean-up work after the takeover by UBS. However, his tenure at CS was marked by setbacks and disappointments. In 2007, he was considered a CEO candidate for Credit Suisse, and in 2011 for UBS. He only made the jump in 2022 when CS was already facing financial difficulties.
The merger of UBS AG and Credit Suisse AG has been approved by the UBS Board of Directors at the end of 2023. This marks an important milestone in the banking marriage that has so far only been completed at the holding level. Since then, Credit Suisse AG has been a subsidiary of UBS Holding. With this merger, some staff with CS knowledge will no longer be needed for clean-up and integration work. Gradually fewer employees with many years of experience in the bank will also have to leave the new UBS.
UBS will present its figures for the first quarter of 2024 on Tuesday and make further strategic announcements. The pressure to demonstrate progress in integrating CS is great, especially for former employees of Credit Suisse who may lose their jobs as a result of this restructuring process.