(News Bulletin 247) – UBS announced on Tuesday the establishment of a new management team to prepare for the merger with Credit Suisse, the completion of which is expected in the next few weeks.

According to this operational scheme, UBS Group will initially oversee the two combined entities, UBS AG and Credit Suisse AG, which will each retain their subsidiaries, branches and clients.

With this in mind, the Board of Directors and Executive Committee of UBS Group will assume responsibility for the management of the group at the consolidated level.

It is expected that Ulrich Körner, the current Managing Director of Credit Suisse, will join the new management team, where he will notably take care of the operational continuity of the business.

In another notable change, Todd Tuckner – the chief financial officer of the wealth management arm – will replace Sarah Youngwood as group chief financial officer, who decided to step down after the merger was finalized.

Note that it is Michelle Bereaux – a senior executive who spent almost 23 years at UBS – who will occupy the strategic position of director of integration.

All will report to Sergio P. Ermotti, CEO of UBS.

This overhaul was greeted without outpouring on Tuesday at the Zurich Stock Exchange, where UBS shares rose 0.5% in early trading.

‘Providing visibility on the next steps of the integration is a good thing, underline this morning the analysts of Royal Bank of Canada, but the complexity of the operation means that the process will take time’.

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