Credit Suisse is set to be dissolved as part of its merger with UBS AG. The old Credit Suisse has been gradually absorbed by UBS since their merger in 2023 at the holding level. The management team, led by CEO Ulrich Körner, will be dissolved as part of this restructuring process.
Körner’s departure from UBS is not a surprise, given that he has already taken on several roles at the bank and was previously considered a CEO candidate for major Swiss banks. However, his tenure at CS was marked by challenges and setbacks, including the failure of the hydrant during a fire in 2022. Despite this, Körner was committed to completing his work at CS and making progress towards integration with UBS.
The merger of UBS AG and Credit Suisse AG is an important milestone in the banking industry, but it has also faced significant challenges and setbacks. Investors have become increasingly impatient as progress towards integration has stalled, and the federal government may soon demand that UBS hold more expensive equity capital to maintain its financial stability.
On Tuesday, UBS will present its figures for the first quarter of 2024 and make further strategic announcements about its plans for integration with Credit Suisse. This presents a turning point for both UBS and former employees of Credit Suisse, especially in Switzerland where fewer staff with CS knowledge will be needed for clean-up and integration work.