UBS President makes a clear announcement to CS bankers: “The bar is very high for new recruits at UBS”

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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