Ulrich Korner to Depart UBS Amid Merger with Credit Suisse

Ulrich Korner to Depart UBS Amid Merger with Credit Suisse /Reuters

VoM News Desk | May 6, 2024 | 12:23 PM IST | Breaking News | Follow on Google News

Ulrich Korner to Depart UBS Amid Merger with Credit Suisse

Ulrich Korner to Depart UBS Amid Merger with Credit Suisse

Ulrich Korner, the former CEO of Credit Suisse, is reportedly set to leave UBS in the coming weeks, according to the Financial Times. This move comes as UBS took over Credit Suisse in a government-backed rescue last year, marking one of the largest mergers of banks since the 2007-2009 financial crisis.

Korner, who assumed the role of CEO at Credit Suisse during challenging times in 2022, transitioned to the board of UBS following the takeover. UBS is currently working towards finalizing the merger of its legal entities with those of Credit Suisse by late May. As a result of this combination, the management board of Credit Suisse will become obsolete.

The completion of the merger marks a significant milestone in the integration process between the two banks. However, UBS has yet to respond to requests for comment regarding Korner’s departure.

Source: Reuters

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