How does the new UBS aim to “filter” old CS bankers?

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Some of the bankers of the forced merger of Credit Suisse will be really interested in this announcement! “Anyone from Credit Suisse needs to be filtered out,” UBS President Colm Kelleher (65) told media in Zurich. This is an explanation. However, he leaves it open exactly what he means. And this creates confusion. But how does this disclosure reflect on affected employees?

Andreas Venditti (50), a financial analyst at Bank Vontobel, does not dispute Kelleher’s blunt statements. For him, it’s clear: “It’s been known since at least the Archegos fiasco that there are problems with risk culture in certain areas of Credit Suisse,” he says. And he adds: “From that perspective, it’s understandable that UBS was cautious about it,” banking expert Blick told Blick.

UBS is a burnt child

But how does UBS “filter” an employee of its former competitor, Credit Suisse? first of all, it causes confused faces in the industry. Clear to Matthias Mölleney (62), management consultant and late head of HR at Swissair: “UBS has access to Credit Suisse HR data from the date of implementation of the CS takeover.” Then it can take a closer look at what potential CS employees have done in detail so far. “But when that will happen is not yet clear. It will take time,” Mölleney tells Blick.

When it comes to takeovers, UBS is a burnt out boy. “There was a merger with the banks union, where the cultural differences between the two banks could not be completely eliminated for a long time,” says the expert. He wonders how the takeover will actually go. Because: “Until now, UBS had no proven competence in integration management.”

“Just talk to each other”

However, the whole process is likely to take some time. “Normally you would just talk to each other now. But that’s different from filtering.” After such an announcement, the new UBS is likely to lose some capability. “Because young, sought-after bankers will probably try to jump in when they hear they’ve been filtered out,” says Mölleney.

Credit Suisse declined to comment on Kelleher’s statement when asked.

Source :Blick