UBS Group AG has announced the departure of several top executives from Credit Suisse Group AG, along with the restructuring of some leadership roles, as it asserts its dominance after the historic takeover. In particular, Credit Suisse’s Chief Financial Officer Dixit Joshi and co-head of the investment bank David Miller are among the high-profile departures. According to a UBS spokesperson, only one-fifth of the 160 leadership positions in the combined bank announced on Monday are coming from Credit Suisse. However, some former Credit Suisse executives will take on new roles and remain within the bank, such as Francesco de Ferrari who will serve as an adviser to UBS’s private banking head Iqbal Khan. Meanwhile, Joanne Hannaford has been named head of technology for UBS’s US wealth unit.
The official completion of the takeover marks the beginning of the integration process between the two financial giants. UBS executives, including Chairman Colm Kelleher, have indicated that Credit Suisse staff will be put through a “culture filter” to eliminate negative practices from the defunct bank. Ultimately, the integration process will culminate in likely thousands of job cuts.
The restructuring means that most of Credit Suisse’s top-ranking executives are either leaving the bank or remaining in smaller remits within the Credit Suisse operating company. In contrast, UBS appointed its key leadership team in May, with all positions being filled by existing management board members or long-term UBS senior leaders except for a liaison role given to former Credit Suisse CEO Ulrich Koerner.
Meanwhile, in UBS’s wealth division, only five of the more than two dozen leadership appointments are from Credit Suisse, including De Ferrari. Yves-Alain Sommerhalder, who left Credit Suisse in November, has been appointed as the head of Credit Suisse’s wealth arm, and has been tasked with collaborating with the UBS wealth unit’s chief operating officer Wiwi Gutmannsbauer to integrate the businesses. Additionally, UBS has rehired Jin Yee Young, a former star wealth banker for the Asia Pacific region who left Credit Suisse earlier this year for Deutsche Bank AG, as co-head of UBS’s wealth unit in Asia Pacific alongside Amy Lo.
Furthermore, UBS has created a new global team to serve its most important and wealthiest clientele, which reflects UBS’s former global family office unit and Credit Suisse’s strategic client unit. Benjamin Cavalli, formerly the regional head of private banking for Credit Suisse in Asia, has been appointed to lead this team, effective July 3. Finally, Kinner Lakhani has been appointed as chief financial officer for the combined wealth management division. Lakhani was formerly Credit Suisse’s head of investor relations, group strategy and development.