Sabine Keller-Busse, the regional head of the domestic business, clears things up for embattled Credit Suisse employees by appointing a new management team.
Sabine Keller-Busse had to wait for the decision about the future of Credit Suisse's domestic business before she was in a position to do anything about the composition of her future team. On Monday, a couple of weeks after it was disclosed the two businesses would be fully integrated, she did just that.
She made a number of appointments for the soon-to-be-combined businesses effective 18 September 2023, according to an internal memo seen by finews.com and subsequently confirmed by the bank.
Exercising Prudence
When it comes to key operational roles, Keller-Busse relies on proven, trusted expertise from her own ranks. There will be no change to the new UBS Switzerland's personal banking business given it will continue to be led by Simone Westerfeld (image below). As previously announced, the wealth management and intermediaries business will be headed by August Hatecke.
Corporate and institutional clients will be under Alain Conte, with the overseas unit headed by Andy Kollegger.
(Image: UBS)
Investment Bank Co-heads
Asset management activities in Switzerland will be led by Aleksandar Ivanovic while the investment banking franchise, where Credit Suisse was traditionally the market leader, will be led by a double-hatted team comprising co-heads Jens Haas (Credit Suisse) (image below) and Martin Kesselring (UBS).
The CFO will continue to be Reto Wangler, as will the COO, who remains Sabine Magri. Reto Mueller, currently a regional director at Credit Suisse, will succeed Frank Hoener, who has decided to leave the bank at the end of November, according to an internal memo.
(Image: Credit Suisse)
Other Senior Appointments
André Helfenstein, the current head of Switzerland for Credit Suisse, will remain in his current position and report to Keller-Busse und Credit Suisse CEO Ulrich Koerner. The members of his management team will report both to him and the respective heads of UBS Switzerland. Besides being COO, Magri will also head the integration team for the domestic business. Ildiko Ring, the current head of Credit Suisse's Swiss retail bank, will manage the integration of that business and report to Magri.
The head of legal for UBS in Switzerland remains Ueli Studer while Karin Oertli will be responsible for compliance and risk management and Pieter Brouwer heading domestic back office and IT activities. Human resources will also rely on a known number with Patrick Stolz continuing in that role. It is not expected to be an easy role given the 3,000 immediate redundancies expected and further large-scale job cuts in the future.
