UBS has reallocated all Credit Suisse affluent bankers in Switzerland – as research by finews.ch reveals. This change is going to hurt some people.
The preparations for transferring clients from Credit Suisse to the new, combined UBS are running at full speed. And this is now also impacting advisors serving affluent clients in the acquired bank’s home market.
Simone Westerfeld Takes Over
As research confirms, these Credit Suisse employees were allocated to UBS last week in preparation for the integration of the Affluent business. Although it sounds only logical, it is likely to leave a nasty taste in the mouths of those affected. This department at the banking giant is part not of Private Banking (Wealth Management) but the Private Clients business (Personal Banking).
Organizationally, this means that the reallocated bankers will in the future report to Simone Westerfeld, who is head of Personal Banking at UBS. At the same time, Credit Suisse employees with larger books and more demanding clients will remain with Swiss Wealth Management under August Hatecke.
Everyone Previously in the Same Boat
At Credit Suisse Switzerland, on the other hand, they were all previously in the same boat. Affluent advisors, high-net-worth and ultra-high-net-worth bankers were all part of Private Banking Switzerland under Roger Suter, the successor to Serge Fehr at the major bank.
UBS Switzerland confirmed the reallocation when asked and said that this was an internal, structural alignment. It stated that this would not change anything for employees or clients. The bank did not comment on how many Credit Suisse employees the change affects. Because the reallocation applies across Switzerland and affluent advisors cover a relatively broad segment, finews.ch estimates that it will be hundreds of employees.
Comparable – And Yet Not the Same
Products and services at UBS and at Credit Suisse are clearly comparable. In the past, both banks have also defined the affluent segment as a growth segment where the banks also wanted to grow in Switzerland.
Nevertheless, sources report that the reallocation away from the illustrious Wealth Management division to Personal Banking, which also serves «ordinary» savers, has made some Credit Suisse employees frustrated and caused them renewed uncertainty. Seen from this perspective, UBS has once again forced through its own structures in the ongoing integration process, and the employees of the acquired bank have no other option than to comply.
Clients Migrate Next Year
The integration in fact envisages that the Credit Suisse brand will disappear completely by 2025. By the end of 2024, the plan is for the most important units of the two banks to be under a common legal structure. The first clients in the core divisions of the combined bank are also to migrate to the UBS platform next year.
