Credit Suisse CEO steps down in major UBS board shake-up

Ulrich Körner to retire later in the year

UBS has made sweeping changes to its board and senior executive line-up as it enters the next phase of its takeover of Credit Suisse, which will see several senior figures depart.

Ulrich Körner, who served as CEO of Asset Management at Credit Suisse until July 2022 when he became CEO of Credit Suisse, will step down from the UBS Group executive board at the end of June. He plans to retire from the firm later this year, UBS said in a statement today (30 May). This comes on the eve of the merger of UBS AG and Credit Suisse AG - the former owner of Credit Suisse bank -  which is set to take place on Friday (31 May). UBS makes AT1 bonds worth $5bn available for equity conversion Credit Suisse was taken over by UBS in 2023 for $3.3bn when the Swiss bank collapsed...