Credit Suisse is set to be dissolved as part of the merger between UBS Group AG and CS Group AG, which was approved by the UBS Board of Directors at the end of 2023. This marks a significant milestone in the banking marriage that had previously only been completed at a higher-level holding level. The management team for Credit Suisse AG, including CS boss Ulrich Körner, will be dissolved as part of this restructuring.
Körner’s departure is not a surprise, given the exits of other top executives who tried to save the independent CS during the crisis faced in 2023. Körner and his team were criticized for their rigid approach during that time, which led to costly scandals and financial challenges. Despite efforts to implement a new strategy, a bank run in October 2022 sparked a crisis that Credit Suisse could not recover from.
Körner devoted his efforts to keeping Credit Suisse afloat before its takeover by UBS. Following the acquisition, he shifted his focus to the integration of CS into UBS, a complex and challenging task that required significant effort from both Körner’s team and the larger UBS organization. As UBS prepares to present its first-quarter figures and further strategic decisions, pressure remains high to demonstrate progress in the integration process.
The impending departure of Körner and other former CS executives marks a significant shift in the Swiss banking landscape. With the gradual transition of CS staff to UBS, the era of Credit Suisse within the new major bank is coming to an end. Both UBS and former CS employees face challenges and uncertainties as they navigate this new banking environment together.
