Categories: Market

After chairman Colm Kelleher’s controversial “cultural filter” statement: UBS boss Sergio Ermotti takes a row

class=”sc-29f61514-0 dXbCZE”>

1/6
According to Sergio Ermotti, the cultural difference between CS and UBS staff is not that big.
Sarah FrattaroliVice President of Economic Affairs

Credit Suisse bankers are risk-takers, while their counterparts at UBS are good-natured geeks. Or not? Shortly after the announcement of UBS’s acquisition of CS, UBS Chairman Colm Kelleher (66) publicly announced that all CS employees must pass a “cultural filter” before they can continue working at UBS.

Kelleher was apparently referring to CS’s problematic risk culture, which he wanted to distance from bankers. The statements caused concern among CS staff: many felt they were being treated like second-class employees and worried about their jobs.

CS employees have nothing to report

UBS CEO Sergio Ermotti, 63, now puts his chairman’s comments into perspective. “I don’t think there is a cultural gap per se between the two companies,” Ermotti said at a conference in Singapore organized by financial news agency Bloomberg. “We were in tough competition with each other, but we were operating with more or less the same business models.”

Despite the conciliatory tones, Ermotti also made clear who is in control of the bank merger: “If we talk too long about how we do business, it not only delays integration,” Ermotti said in Singapore. “This could also potentially lead to conflict.”

Integration consumes Ermotti’s time

It’s probably no coincidence that Ermotti is bringing up cultural differences again, more than half a year after Kelleher’s controversial statement: With the release of its quarterly figures these days, UBS also announced that it has raised $500 million so far. retention payments. These are generous gifts that will keep employees busy.

The bank is experiencing unprecedented bloodshed. “No one is getting fired right now because too many people are defecting,” a CS team member from Blick said recently. Anyone who can abandon the sinking ship – for example, towards private banks and cantonal banks or the insurance sector. This situation is becoming an increasingly greater risk for UBS. Everyone needs to be ready for CS integration to happen properly.

Advert

This also applies to the boss: according to UBS CEO Ermotti, two-thirds of his time was engaged in the integration of CS. Only one third is left for the management of the bank and daily business.

More on the UBS-CS merger
CS employees open the package
“Nobody gets fired anymore because too many people run away.”
National Bank Vice President on CS drama
“There were no longer clear boundaries between night and day.”
Stock up quickly, but
“The numbers are presented better than they actually are.”

Source :Blick

Share
Published by
Tim

Recent Posts

Terror suspect Chechen ‘hanged himself’ in Russian custody Egyptian President al-Sisi has been sworn in for a third term

On the same day of the terrorist attack on the Krokus City Hall in Moscow,…

1 year ago

Locals demand tourist tax for Tenerife: “Like a cancer consuming the island”

class="sc-cffd1e67-0 iQNQmc">1/4Residents of Tenerife have had enough of noisy and dirty tourists.It's too loud, the…

1 year ago

Agreement reached: this is how much Tuchel will receive for his departure from Bayern

class="sc-cffd1e67-0 iQNQmc">1/7Packing his things in Munich in the summer: Thomas Tuchel.After just over a year,…

1 year ago

Worst earthquake in 25 years in Taiwan +++ Number of deaths increased Is Russia running out of tanks? Now ‘Chinese coffins’ are used

At least seven people have been killed and 57 injured in severe earthquakes in the…

1 year ago

Now the moon should also have its own time (and its own clocks). These 11 photos and videos show just how intense the Taiwan earthquake was

The American space agency NASA would establish a uniform lunar time on behalf of the…

1 year ago

This is how the Swiss experienced the earthquake in Taiwan: “I saw a crack in the wall”

class="sc-cffd1e67-0 iQNQmc">1/8Bode Obwegeser was surprised by the earthquake while he was sleeping. “It was a…

1 year ago