Zurich (awp) – The managing director (CEO) of Credit Suisse Ulrich Körner defended the acquisition of the bank by UBS in front of the collaborators. Although he has only been boss of the group for a few months, he shares their deep sadness and disappointment, he said in a letter to collaborators.
The decision to merge with UBS was not taken lightly by either the board of directors or other participants in last weekend’s discussions. It was the only practicable option and it brings stability and certainty both for customers and for the market, specifies the CEO in the letter which the British newspaper Guardian echoed.
Usually, the agreement on such a transaction takes six months. In this case, it only took four days. As a result, many practical issues remain unresolved. “We are dealing with these issues day after day so that the necessary clarity is made for everyone,” Körner said.
Until the legal conclusion of the transaction later this year, the two banks will remain independent and must continue to operate as such. Mr Körner remains “fully committed” to the bank. “I will be by your side and we will work to make the transaction a success,” he said. He asks employees to continue to focus on customers and pursue the excellent service they expect from the bank.
Regarding the request from the Swiss authorities to suspend the payment of bonuses for the 2022 financial year, Mr. Körner indicated that discussions between CS and the Swiss authorities are still ongoing. “We don’t have an answer yet, but we know how important it is for many of you,” he said.
Contacted by AWP, a Credit Suisse spokeswoman confirmed the content of the letter.
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