UBS reshuffles leadership as Credit Suisse integration nears end
Lender is in the middle of a battle with the Swiss government over how much capital it needs to set aside to prevent a similar crisis
[ZURICH] UBS Group AG reshuffled its leadership as the integration of Credit Suisse nears its completion and vice-chairman Lukas Gaehwiler decided to retire at the next general meeting in April.
Chief compliance and governance officer Markus Ronner will be proposed to the board of directors to succeed Gaehwiler, UBS said in a statement on Friday (Oct 24). Michelle Bereaux will take on responsibility for compliance and operational risk control, while relinquishing her role overseeing the integration of Credit Suisse.
Beatriz Martin Jimenez will oversee the finalisation of the integration as chief operating officer, in addition to her current role as head of non-core and legacy. Chief financial officer Todd Tuckner will take on responsibility for governmental and regulatory affairs.
The reshuffle comes as UBS prepares for the time after the integration of Credit Suisse. While that process is scheduled to be completed by the end of next year, the lender is still in the middle of a battle with the Swiss government over how much capital it needs to set aside to prevent another crisis like the collapse of Credit Suisse. BLOOMBERG
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