According to recent reports, Credit Suisse CEO Ulrich Körner is set to leave UBS and his management team will soon be dissolved. UBS has not commented on the matter. The old Credit Suisse has been gradually dissolving since it was absorbed by UBS in 2023. Some sources have suggested that the end of the month will see the official dissolution of Credit Suisse as a subsidiary of UBS. The merger of UBS AG and Credit Suisse AG was approved by the UBS Board of Directors at the end of 2023, marking an important milestone in the banking marriage between the two banks.
With this merger, Ulrich Körner’s leadership as CEO of Credit Suisse AG came to an end. It is reported that his management team will also be dissolved as part of this restructuring process. Other executives like André Helfenstein, head of CS’s Swiss business, are being reassessed for their future roles at UBS.
The decision for Ulrich Körner to leave is not surprising given the exits of other top executives who tried to save independent Credit Suisse during the crisis faced in 2023. However, it has been criticized that Körner and his team were seen as sticking too rigidly to their own strategy instead of being more flexible and proactive. Ultimately, this led to costly scandals that resulted in a reorganization of the management team and financial challenges that could not be overcome even with new strategies implemented.
Ulrich Körner was known for his meticulous approach and problem-solving skills. He devoted all his efforts into keeping Credit Suisse afloat before its takeover by UBS. Following the acquisition, he shifted his focus towards integrating CS into UBS, a complex task that required significant effort from both his team and larger UBS organization. As UBS prepares to present its first-quarter figures and further strategic decisions, pressure remains high on demonstrating progress in this integration process.
The departure of Ulrich Körner and other former CS executives marks a significant shift in the Swiss banking landscape as we move towards a new era with Credit Suisse within major bank UBS coming to an end.
With this transition happening gradually, challenges remain for both UBS employees and former CS staff as they navigate through this new banking environment together.
