Some of the changes to the management team of the new UBS subsidiary Credit Suisse were made known while others were the subject of speculation. Now UBS has made its selections.
The cadre of top executives for the new Credit Suisse under the UBS umbrella has been finalized, making it clear who is staying, leaving, or taking on less important tasks.
Credit Suisse's former wealth management chief Francesco de Ferrari will remain at UBS as an adviser to private banking chief Iqbal Khan, according to reports from «Bloomberg» (behind paywall) and «Reuters» reported, citing an internal UBS memo. The letter, signed by former Credit Suisse CEO Ulrich Koerner, was made available to finews.com.
Swiss Bank CEO Stays
As was speculated, André Helfenstein (pictured below) remains as CEO of the Swiss bank and the Switzerland region for Credit Suisse.
(Image: finews.com)
Christine Graeff will remain at Credit Suisse as head of human resources. Francesca McDonagh (pictured below) remains as COO and Nita Patel is the chief compliance officer. She will take on a global leadership role in compliance, regulation, and governance at the combined bank as the integration progresses, according to a statement.
(Image: Credit Suisse)
Former Credit Suisse technology chief Joanne Hannaford becomes head of technology for UBS's US Wealth Management unit, and former board member David Wildermuth has been named chief risk officer for UBS's Americas division and the combined US legal units. Michael Ebert, former co-head of Credit Suisse trading, will head the Americas investment bank and serve as head of the entire Credit Suisse business within the UBS investment bank.
Prominent Departures
Among the prominent departures from former Credit Suisse management are chief financial officer Dixit Joshi, and David Miller, co-head of the investment bank. Also leaving the combined firm are chief legal officer Markus Diethelm (pictured below), Asia head Edwin Low and Ken Pang, co-head of markets.
(Image: Credit Suisse)
Simon Grimwood becomes the new head of finance at Credit Suisse. He was previously head of tax and finance change and has been leading integration planning for the finance team since March. Isabelle Hennebelle joins the executive board as head of Credit Suisse Operations, as does Claude Honegger as head of technology.
The CEO of Credit Suisse Asset Management will be Mike Rongetti, who has already held various management positions in the division. Yves-Alain Sommerhalder will be appointed head of Wealth Management and head of EMEA.
Jake Scrivens joins from UBS as general counsel and Damian Vogel becomes risk officer. Both take on these responsibilities in addition to their previous roles at UBS.
According to a UBS spokeswoman, only one-fifth of the 160 management positions in the merged bank will come from Credit Suisse, according to «Bloomberg» reporting.
UBS announced its management team in May, filling all positions with existing board members or long-time UBS executives. Only the liaison function was given to former Credit Suisse CEO Koerner. CEO Sergio Ermotti who was brought back to the bank, replacing Ralph Hamers, said that with the acquisition it was no time to experiment with management.
