UBS Group AG will replace its chief financial officer as part of a broader overhaul of its top management team following the takeover of Credit Suisse Group AG.
(Bloomberg) — UBS Group AG will replace its chief financial officer as part of a broader overhaul of its top management team following the takeover of Credit Suisse Group AG.
The bank tapped Todd Tuckner as chief financial officer, replacing Sarah Youngwood, according to a statement on Tuesday. UBS also said Credit Suisse Chief Executive Officer Ulrich Koerner will become a member of the UBS Group Executive Board following the close of the transaction.
“This is a pivotal moment for UBS, Credit Suisse and the entire banking industry,” Sergio Ermotti, who was brought back as CEO to oversee the merger, said in the statement. “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.”
The appointments come as the two firms embark on an integration process so complex that UBS’s board of directors had deemed a deal as not desirable only weeks before the shotgun wedding. UBS is aiming to complete the 3 billion-franc deal as soon as this month, with urgency heightened by Credit Suisse’s warning that the limbo state has already caused a spike in employee turnover.
UBS’s new appointments:
- Koerner to join UBS Group Executive Board
- Tuckner to become CFO
- Beatriz Martin Jimenez to head Non-Core and Legacy and President EMEA Region
- Michelle Bereaux named Group Integration Officer
- Stefan Seiler named Group Head Human Resources and Corporate Services
UBS will initially manage the two separate parent companies, UBS AG and Credit Suisse AG. Each will have its own subsidiaries and branches, serve its clients, and deal with counterparties. UBS said it will consider “all options” for Credit Suisse’s Swiss business, with an announcement likely in the coming months.
Koerner, who has worked at both banks, will be in charge of ensuring Credit Suisse’s operational continuity, with UBS planning a “phased approach” for the integration. UBS will put new policies in place to ensure it has effective oversight.
The combined firm will operate with five business divisions, seven functions and four regions, and in addition Credit Suisse AG, according to Tuesday’s statement. Iqbal Khan will continue to run the wealth business, Rob Karofsky the investment bank, and Suni Harford asset management. Sabine Keller-Busse will remain President Personal & Corporate Banking and President Switzerland.
Tuckner joined UBS in 2004 and is currently CFO and head of business performance and risk management for Global Wealth Management. Youngwood was brought in by former UBS CEO Ralph Hamers after a career at JPMorgan Chase & Co.
(Updates with details from release throughout.)
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