Ermotti builds his new team

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No time for experiments: under this slogan, new UBS boss Sergio Ermotti (62) must assemble his team for the management of Super Bank. This was reported by “NZZ am Sonntag”. Accordingly, Ermotti wants to bring in his long-time confidants to the management. And it looks like the new strongman wants to assemble a small and powerful team around him. Blick says who was on the call.

American Tom Naratil (62) has spent his entire career 40 years in a Swiss bank or the previous bank. He started his career as an intern in 1983 at investment bank Paine Webber, which was acquired by UBS in 2000. There he later became a member of the Executive Committee, appointed Group Finance Director in 2011 and Group Operations Director in 2014. He took over the asset management co-chairmanship at UBS in 2016. Naratil, who left UBS six months ago, is set to return to chief integration and become the group’s chief financial officer.

Iqbal Khan (47), who ran Credit Suisse’s wealth business for several years before moving to UBS in 2019, is set to take over as head of global wealth management. He should be recognized by most because he had major conflicts with former CS CEO Tidjane Thiam (60), which ultimately resulted in a shadowing affair. A few hours after the decision that CS would be swallowed up by UBS, Khan is said to have begun to unite the client advisors of both banks into a “big family” on a world tour.

German-Swiss coach Sabine Keller-Busse (58) should stay in charge of UBS Switzerland. An important task is responsible for merging the Swiss businesses of the two major banks since the takeover of Credit Suisse. However: As “NZZ am Sonntag” reports, UBS is now working internally to outsource the Swiss portion of CS. A definite decision has not been made yet.

The current boss of Credit Suisse Switzerland, André Helfenstein (55), will likely occupy a prominent position in the new UBS universe. Otherwise, he would have left the bank that Ermotti wanted to block.

The majority of CS integration will take place according to Swiss law. That’s why they say current UBS head of law Barbara Levi (51) may not be the right person. He does not speak Italian, German and is new to the banking industry. That’s why at CS the head of law Markus Diethelm (65) was able to enter the wreaths. During Ermotti’s first term in office, he was chief legal officer at UBS.

Source :Blick

Tim

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.