Last Credit Suisse CEO Koerner to Leave UBS, FT Reports
--Former Credit Suisse chief executive Ulrich Koerner, the bank's last boss before its takeover by UBS Group, will leave the Swiss banking giant in coming weeks, the Financial Times reports, citing unnamed sources.
--Koerner's departure is linked to the merger of the two banks' legal entities, which UBS seeks to complete by the end of May and which will make Credit Suisse's management team obsolete, the FT reports.
--UBS aims to ramp up job cuts once the legal merger is completed, with the aim of reducing its total workforce to 85,000 by the end of the integration process, the FT reports.
--UBS didn't immediately respond to a request for comment.
Full story: https://shorturl.at/cOQT9
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
May 06, 2024 02:51 ET (06:51 GMT)
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