UBS narrows list of Credit Suisse executives

UBS CEO Sergio Ermotti has shortlisted executives set to join Credit Suisse’s management team, betting they can contribute to the success of the most important banking deal since the financial crisis. .

Credit Suisse executives include chief financial officer Dixit Joshi, chief operating officer Francesca McDonagh and Swiss operations head André Helfen, according to people familiar with the plan. Stein is most likely included.

Ermotti back on the run UBSMore In March, the bank plans to unveil his new top team next week, after the bank agreed to save its Zurich rivals in a $3.25 billion deal coordinated by Swiss authorities. is expected to be completed by early June.

UBS is preparing for a costly and risky integration process as it seeks to combine two global systemically important financial institutions in the most important banking transaction since the financial crisis.

The bank’s chairman, Colm Kelleher, said the integration could take up to four years, with elements of the deal including a decision by Swiss banking regulator Finma. wipe out $17 billion Bond value — challenged in court.

Completion of the transaction is subject to regulatory approvals and approvals from competition authorities. Most of the major regulators have given the go-ahead, but the European Commission said the EU’s antitrust agency will make a decision by her June 7th.

Joshi and McDonough join credit suisse It’s not tainted by the bank’s recent scandal late last year.

Joshi will become CFO on October 1st. plunge right in Banks’ efforts to keep fugitive customers after a weekend hit by social media rumors about financial health.

In his first few weeks at the company, he was heavily involved in the bank’s $4.3 billion capital raising.His short stint in this role has also been marked by Credit Suisse delay the publication of the annual report March after the U.S. Securities and Exchange Commission made a last-minute request for additional information about internal controls dating back to 2019.

McDonagh resigns as Bank of Ireland chief executive Join Credit Suisse, was hired as head of the Emea region. Before she could begin, however, she was given the role of COO and instructed to oversee a major restructuring of the business.

As part of saving $2.8 billion in costs over three years, she began a reassessment of Credit Suisse’s global office footprint. This includes her disused 21-story London headquarters in Canary Wharf, which she leases from the Qatar Investment Authority. However, that review was put on hold when the deal with UBS was finalized.

Helfenstein has run Credit Suisse’s domestic bank for the past three years and is the longest-serving board member, joining Thomas Gotstein when he took over as CEO in 2020.

UBS executives see Credit Suisse’s domestic business as the “jewel in the crown” and want to keep it that way. But combining it with UBS’s own Swiss operations has proven unpopular domestically, with management saying all options for the unit are on the table.

Last week, Swiss newspaper NZZ reported that Tom Narratil, who was in charge of UBS’ US business and co-head of wealth management until last year, will return to the new management team as chief financial officer. .

Narratil left UBS in October this year to take up a finance role at West Point, the United States Military Academy. From 2011 he served as his CFO of UBS until 2015.

UBS declined to comment on plans for a new management team.