UBS Unveils New Leadership Team, Operating Structure

Tom Burroughes Group Editor London 9 May 2023

UBS Unveils New Leadership Team, Operating Structure

As UBS presses on with its acquisition and integration of Credit Suisse, it has set out a new leadership and operating structure.

UBS is setting out a new operating model and leadership team as it continues to integrate Credit Suisse, wrapping up its new legal structure in the next few weeks, the bank announced today.

Switzerland’s largest bank said it and Credit Suisse will continue to operate independently for “the foreseeable future” and UBS will carry out the integration in a “phased approach.”

“UBS Group AG will initially manage the two separate parent companies – UBS AG and Credit Suisse AG. Each institution will continue to have its own subsidiaries and branches, serve its clients, and deal with counterparties,” UBS said in a statement today.

“Together we will solidify and represent the Swiss model for finance around the world, one that is capital-light, less reliant on taking risk and anchored by stability and high-touch service. This transaction will allow us to offer attractive returns to our shareholders and give us capacity to further invest and grow,” UBS chief executive Sergio Ermotti said.

The SFr3.0 billion ($3.36 billion) takeover of Credit Suisse in March, announced in March and at the behest of Swiss authorities, came after a run of scandals and missteps that had felled Credit Suisse, a bank with a history stretching back to the mid-19th Century. Thousands of jobs are likely to be shed, and the transaction will, when completed, leave Switzerland with one universal bank. The saga has also happened at a time of stress for the Western banking sector, as seen by the rescues of Silicon Valley Bank and First Republic Bank in the US.

UBS said it will initially manage the two separate parent companies – UBS AG and Credit Suisse AG. Each institution will continue to have its own subsidiaries and branches, serve its clients, and deal with counterparties.

The UBS group board of directors and its group executive board will hold overall responsibility for the consolidated group.

Pending further integration, Credit Suisse will continue to “rely on its established governance and risk control frameworks, though some new policies will be put in place to ensure that UBS Group has effective oversight.”

The combined firm will operate with five business divisions, seven functions and four regions, and in addition to Credit Suisse. Each will be represented by a group executive board member, all of whom will report to Ermotti.

Ulrich Körner, as Credit Suisse CEO, will become a member of the UBS group executive board when the transaction closes.

-- Iqbal Khan will remain as president of global wealth management; 
-- Rob Karofsky will remain as president of the investment bank; 
-- Sabine Keller-Busse will remain as president of the personal and corporate banking arm, and president of Switzerland; 
-- Suni Harford will remain as president of asset management and lead for sustainability and impact; and
-- Beatriz Martin Jimenez will become head of non-core legacy and president for Europe, Middle East and Africa. She will remain as UBS chief executive for the UK and will continue in her role as group treasurer until a successor is named. She has experience in the Investment Bank and as group treasurer, as well as her restructuring experience and knowledge of the UK market.

Todd Tuckner is appointed group chief financial officer. He will become a member of the group executive board with immediate effect and take on the role of CFO at the close of the acquisition. Having joined UBS in 2004, Tuckner is currently CFO and head of business performance and risk management for global wealth management; he has served in various leadership roles across finance in the US and Switzerland; 

Tuckner will succeed Sarah Youngwood, who has decided to leave the firm after the transaction closes. She joined UBS in 2022;

Michelle Bereaux will be group integration officer. She has spent nearly 23 years at UBS and has held various leadership positions across the firm. Bereaux served as chief operating officer and head of human resources at the investment bank, led various firm-wide transformation projects and, most recently, was chief operating officer and UK country head of UBS’s asset management business;

Mike Dargan will be group chief operations and technology officer; 

Stefan Seiler will be group head of human resources and corporate services. He joined UBS in 2011; 

Christian Bluhm will remain as group chief risk officer; 

Barbara Levi will remain as group general counsel; and

Markus Ronner will remain as group chief compliance and governance officer. 

When the transaction is finished, all Credit Suisse Executive Board members and permanent guests, who are also division and function heads, will report to both their respective UBS executive board member and Ulrich Körner. This will ensure that Credit Suisse remains accountable for its day-to-day operations, while facilitating the integration of the respective areas into UBS over time. 

-- Naureen Hassan will remain as president for the Americas; 
-- Sabine Keller-Busse will remain as president for Switzerland;
-- Edmund Koh will remain as president of Asia-Pacific; and 
-- Beatriz Martin Jimenez will become EMEA president.

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