Insider reveals: Ermotti never wanted an independent CS Switzerland

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Will the Credit Suisse name soon disappear completely from the Swiss banking hub? Swiss politicians such as Roger Köppel (58, SVP) and Thierry Burkart (47, FDP) have expressed their concerns in the past. At the very least, they want to split the Swiss business of the merged big bank into two separate units.

But research by “Swiss weekend” shows that UBS CEO Sergio Ermotti, 63, dismissed the possibility at an early stage of keeping the Swiss branch of Credit Suisse alive. The option to go public under the CS name is already off the table.

Two UBS stocks soon?

Because: “Credit Suisse’s Swiss business cannot stand on its own,” says a source inside the newspaper. The money outflow did not stop even after the explosion on March 19 and continued until May.

Alternatively, “Weekend Switzerland” promises a separate IPO under the name UBS Switzerland, in which UBS will own most of the shares. So the Swiss business will be at least partially protected if there is an explosion on the international scene.

Employee exit continues

Additionally, it is unclear whether a separate CS Switzerland can be operated. All employee teams have recently resigned. According to reports from inside the bank, Ermotti isn’t too interested in stopping them. The breakups are sad, but at the same time, Ermotti will need to leave fewer people out for the upcoming integration.

Meanwhile, as UBS explained when asked by “weekend Switzerland”, Ermotti is supposed to formally communicate at the end of August about the future of the new megabank’s Swiss business. (ste)

Source :Blick