UBS Group AG has announced a significant reshuffling of top executives at Credit Suisse Group AG, with several high-profile departures and others assuming diminished roles, as the dominant bank asserts its control following the landmark acquisition.
Among the notable exits are Credit Suisse’s Chief Financial Officer Dixit Joshi and co-head of the investment bank David Miller. According to a UBS spokeswoman, only a fraction, specifically one-fifth, of the 160 leadership positions in the newly merged bank will be filled by individuals from Credit Suisse.
Regarding the executives who will remain, Francesco de Ferrari, former head of wealth management at Credit Suisse, will continue as an advisor to Iqbal Khan, UBS’s private banking head. Joanne Hannaford, previously Chief Technology Officer, will now lead technology operations for UBS’s US wealth unit. These appointments were announced through internal memos obtained by Bloomberg and later confirmed by a spokesperson.
With the completion of the takeover on Monday, the integration of the two financial behemoths begins in earnest, marking a significant milestone after the Swiss government brokered the $3 billion deal approximately three months ago to salvage Credit Suisse from impending collapse. UBS executives, including Chairman Colm Kelleher, have emphasized that the remaining Credit Suisse bankers will undergo a stringent evaluation process, referred to as a “culture filter,” aimed at eradicating undesirable practices inherited from the defunct bank.
David Wildermuth, a former executive board member, has been appointed as chief risk officer for UBS’s Americas division and the combined US legal entities. Michael Ebert, previously co-head of markets, will lead the Americas investment bank and assume the role of head of the Credit Suisse business within UBS’s investment bank.
Most of Credit Suisse’s top-ranking executives will either depart the firm or assume positions within the narrower scope of the Credit Suisse operating company. In May, UBS appointed its core leadership team, filling all positions with existing management board members or long-serving UBS senior leaders, with the exception of former Credit Suisse CEO Ulrich Koerner, who was given a liaison role. UBS CEO Sergio Ermotti now faces the complex task of integrating the two entities, a process that is expected to involve substantial job cuts.
Markus Diethelm, Credit Suisse’s general counsel, Edwin Low, head of APAC, and Ken Pang, co-head of markets, are also part of the exodus from the firm.
Meanwhile, four other members of Credit Suisse’s executive board will retain their existing positions within UBS for the Credit Suisse AG entity:
- Christine Graeff will serve as head of human resources.
- Andre Helfenstein will assume the role of CEO for the Swiss bank and the region of Switzerland.
- Francesca McDonagh will take on the position of Chief Operating Officer.
- Nita Patel, initially serving as chief compliance officer, will eventually expand her responsibilities to encompass global compliance, regulatory affairs, and governance leadership for the combined bank as the integration progresses.
Wealth Division Transformations
Out of the more than two dozen leadership appointments within UBS’s crucial wealth division, only five individuals hail from Credit Suisse, including Francesco de Ferrari. Yves-Alain Sommerhalder, who departed Credit Suisse in November, has been appointed by Khan to lead Credit Suisse’s wealth arm, working alongside Wiwi Gutmannsbauer, UBS’s chief operating officer for the wealth unit, to integrate the businesses.
Jin Yee Young, a prominent wealth banker in the Asia Pacific region, has returned to UBS after a stint at Deutsche Bank AG as the head of international private banking Asia. As previously reported by Bloomberg, Young will now co-head UBS’s wealth unit in Asia Pacific alongside Amy Lo.
UBS has created a new global team, headed by Benjamin Cavalli, to cater to its most important and wealthiest clients. This team reflects the amalgamation of UBS’s former global family office unit and Credit Suisse’s strategic client unit. Cavalli, previously the regional head of private banking for Credit Suisse in Asia, will assume his new role on July 3.
Additionally, UBS has appointed Kinner Lakhani as the chief financial officer for the combined wealth management division. Lakhani, who previously held positions in Credit Suisse’s investor relations, group strategy, and development departments, will play a crucial role in the ongoing integration process.