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The Swiss are a prudent bunch: how bad this deal is for the financial center and Switzerland has been said and said before the plenary meetings of the two big banks Credit Suisse and UBS. Turbulent events were expected, but the revolt of the shareholders did not happen.
There was a bit of melancholy over the oval in Hallenstadion in Zurich on Tuesday. But shareholders have complained that CS management has failed to prevent the bank from failing, calls for results for liability have been loud, and saying goodbye to traditional bank Credit Suisse is also difficult for many shareholders.
Many questions remain unanswered
But on Wednesday, St. An almost normal general meeting of UBS was held in Jakobshalle. All agenda items were approved by the usual big yes votes. In Basel, it was time to say goodbye. Because UBS will no longer be in this form. In the coming weeks and months, a new mega-UBS will emerge that will shape the financial hub of the future. How exactly this will happen is still entirely clear, with many questions – inevitably – left unanswered.
Lukas Gähwiler, 57, President of UBS Switzerland, warns: “It’s too early to speculate about the future of things.” The integration of the two banks “is a Herculean task in the short run that requires more rather than fewer people.” However, it is clear that synergies will arise in the long run. This means: thousands of people will lose their jobs in Switzerland and around the world.
Lots of work in the engine room
Rarely as this year in two big banks is talked about so much about employees at annual meetings. Their work is rarely thanked and slogans of perseverance are shouted. For good reason!
UBS President Colm Kellerher (65) and new CEO Sergio Ermotti (62) need to orchestrate and perform CS integration at the top. But those who work in the engine rooms of the two big banks need to do just as well. For the success of the “herculean mission” you need to keep customers on track, unify IT systems, all the little details. Still competitors will have to work together in a few weeks, for better or for worse. Always knowing that they could be the victim of announced synergies.
Ermotti, who has been the new strongman of UBS since the end of the General Assembly, should not forget this either. Trust in UBS and its employees is its most important asset. It must now ensure that the legal execution of the takeover is completed as soon as possible. Because only then will UBS have a full insight into the CS books and know what risks still lurk there.
Flowers and tears for Hamers
It’s about answering all open questions one by one in the near future. But then, on Thursday, St. The spirit of optimism that can also be felt at Jakobshalle will last long enough for the new UBS to become a success story.
After all: Ermotti’s predecessor Ralph Hamers (57) needn’t be afraid of any mids. He accepted his dismissal and will continue to support the bank as a consultant for a while. As a farewell, the Dutchman received a food basket and warm applause from President Kelleher. A few tears spilled as Hamers queued up for a selfie with some of the employees. Many will miss the jolly boss who changed the culture at the bank forever in his short tenure.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
