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Credit Suisse’s chief executive officer, Ulrich Korner, is leaving the Switzerland-headquartered UBS Group. He is reported to be leaving the company in the coming weeks.
According to Reuters, Korner is the last CEO of Credit Suisse Group AG since it was acquired by UBS last year. The latter purchased the crisis-stricken global investment bank in a government-backed rescue move in March 2023. It was the biggest merger of banks since the financial crisis from 2007 to 2009.
Final Chief of Credit Suisse
As UBS took over Credit Suisse, the merger resulted in the dissolution of the latter’s management. Ulrich Korner stayed with the company after the buyout deal as they still needed to complete the merger and management transition.
A source said that UBS has been working to combine the companies to form a new legal entity and expects everything to be settled by the end of this month. Now that the merger is close to completion, Korner is set to step down from the board.
Korner’s Planned Exit from the UBS Group
Bloomberg reported that the last CEO of Credit Suisse was appointed in July 2022. He was brought in to try recovery for the ailing bank. But the turnaround plan failed, and the bank was on the verge of total collapse.
The Swiss government interfered to save the company and arranged for UBS to take over. He was appointed CEO of Credit Suisse after the deal was signed, but now that the merging is near completion, the chief executive post will become obsolete; thus, the 61-year-old Korner’s departure is at hand.
Meanwhile, UBS is scheduled to report its first-quarter earnings on Tuesday, May 7. Company executives were already warned that this year would be more difficult as the business faces challenges, including layoffs.
Photo by: Claudio Schwarz/Unsplash
