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UBS Chairman Colm Kelleher, 65, slapped Credit Suisse investment bankers hard in the face: Kelleher said at a Wall Street Journal conference in London (UK) on Wednesday, CS investment bankers would only be met with great caution.
The reason: CS investment bank is “out of control” as Kelleher complains, according to Reuters news agency. “We are concerned about any ‘cultural contamination’. At UBS, we will set the bar very high for new employees.”
UBS boss says CS’ investment banking business will shrink significantly. On the other hand, she found praise for her CS job in Switzerland. Asset management and wealth management can also be more easily transferred to UBS.
Filter for CS staff
This isn’t the first time Kelleher has verbally attacked CS bankers: Shortly after the forced takeover became known, Kelleher said that UBS would “filter” CS employees, thereby creating a stir among staff.
At the event in London, Kelleher reiterated that UBS is not seeking a merger with CS. But the takeover will be completed in the coming weeks, according to the UBS President. However, full integration may take three to four years to complete. Among other things, it is still unclear whether Credit Suisse’s Swiss business will be integrated into UBS or split as a separate bank.
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.
