Swiss rolls: Former Credit Suisse boss to leave UBS as forced merger completes
The former boss of Credit Suisse, who oversaw its untimely decline and forced sale to UBS, is set to step away from the newly enlarged bank.
Swiss-German Ulrich Korner will retire later this year, a statement from the bank said.
Korner had been serving to ensure “continuity” during the transition from two banks to one underneath UBS CEO Sergio Ermetti, who was brought in just weeks after the transaction to steer the Swiss giant.
Korner received a hospital pass in 2022, joining the bank just after a billion-euro annual loss, and most analysts believe the bank was heading for its demise even as he took the reins.
The formalities of the merger of the two entities will be signed, sealed and delivered by the end of this week, with the firm’s then joining in a single holding company in the US in June.
The Korner departure came about as part of a wider reshuffle of the top team.
Ermotti said: “Since acquiring Credit Suisse last year, we have continued to deliver on our integration priorities while staying close to our clients, positioning us well for future growth. I would like to thank (those leaving) for their exceptional contributions to the firm over the years, especially during this period of change.”
UBS has promised to launch a new share buyback programme of up to $2bn (£1.6bn) after suspending its previous plan last year following its acquisition of former rival Credit Suisse.
UBS announced last month that it would restore its repurchase programme and expected to buy back up to $1bn (£800m) in 2024.
The bank said the repurchase scheme would begin after the completion of the merger of the UBS and Credit Suisse parent companies,