As announced by the Chairman of the Board: CS employees are now “filtered” by UBS bankers

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UBS is taking action on the CS it took over. As “NZZ am Sonntag” reported, this was evident from day one. When CS employees arrived at work on Monday, they were greeted by dozens of so-called UBS officers. Since then, they have been controlling processes, customers and loans at the side bank. And clarify who is the new master of the house.

UBS employees have a second job in addition to their regular job. Their new colleagues need to look over their shoulders and make sure everything meets UBS standards. “NZZ am Sonntag” examines processes, loans and CS clients from experts from a wide range of business areas as well as legal and compliance. Just as President Colm Kelleher (66) explained: “Everyone in CS must be filtered!”

Only second-rate employees

The presence of UBS inspectors is not well received by CS employees. Many see this as a vote of no confidence. They see themselves only as second-class workers. Credit Suisse is a wholly owned subsidiary of UBS Group since Monday. Full integration of CS into UBS will take months, if not years. At this stage, the CS bosses must each report to two supervisors, one at the CS and the other at the UBS. This structure is in favor of power struggles.

And it has great potential for conflict. Especially in the Swiss business. This is where the biggest overlaps between the businesses of UBS and Credit Suisse occur. “Ulrich Körner can play an important role as mediator should a dispute arise between Sabine Keller-Busse in charge of UBS Switzerland and CS Switzerland boss André Helfenstein,” says an expert in the report. (be)

Source :Blick