According to recent reports, Credit Suisse’s management team, including CEO Ulrich Körner, are set to leave and be dissolved as part of the ongoing merger with UBS. The merger of UBS Group AG and CS Group AG in June 2023 has led to Credit Suisse becoming a subsidiary of UBS Holding. The management team at Credit Suisse AG has been overseeing the bank as a representative body since its takeover by UBS, but their roles will no longer be necessary with the dissolution of their management team.
Körner’s potential departure is not surprising given that other top executives at Credit Suisse have left following the crisis faced in 2023. Reports suggest that Körner’s handling of the situation during this time was criticized for being too rigid and inflexible. Despite efforts to implement a new strategy, a bank run in October 2022 sparked a crisis that Credit Suisse could not recover from.
Körner’s legacy is one of meticulous approach and problem-solving skills, which he used to keep Credit Suisse afloat before its takeover by UBS. Following the acquisition, his focus shifted to integrating CS into UBS, a complex task that required significant effort from both his team and the larger UBS organization. With UBS preparing to present its first-quarter figures and make further strategic decisions, pressure remains high for progress in the integration process.
The impending departure of Körner and other former CS executives marks a significant shift in the Swiss banking landscape as the era of Credit Suisse within the new major bank comes to an end. Both UBS and former CS employees face challenges and uncertainties as they navigate the new banking environment.
In conclusion, Ulrich Körner is set to leave his position as CEO at Credit Suisse with his management team being dissolved soon after he steps down from his role at the company he helped rebuild after its near collapse during 2023 financial crisis. The merger between two major banks has brought about changes in leadership structure and job roles within both organizations.
