UBS says Credit Suisse CEO Koerner to join leadership of combined group By Reuters

© Reuters. FILE PHOTO: Credit score Suisse’s new CEO Ulrich Koerner is seen in an undated handout photograph supplied to Reuters, July 27, 2022. Credit score Suisse/Handout by way of REUTERS

ZURICH (Reuters) -UBS Group mentioned on Tuesday Credit score Suisse CEO Ulrich Koerner will be part of the chief board of the mixed financial institution as soon as it closes its takeover of its Swiss rival, whereas Todd Tuckner will substitute Sarah Youngwood as chief monetary officer.

The management reshuffle follows the government-orchestrated rescue of Credit score Suisse, which UBS agreed to takeover in March for 3 billion Swiss francs ($3.4 billion), saying it might assume as much as 5 billion francs in losses as a part of a rescue backed by as a lot as 250 billion francs of state assist.

Commenting on Koerner’s future position, UBS mentioned he had information of each organisations and could be liable for Credit score Suisse operational continuity and shopper focus, whereas supporting its integration.

UBS reiterated that it’s going to consider all choices for Credit score Suisse’s Swiss enterprise and can “talk additional on this matter within the coming months.”