The paper it sells is still manufactured in that country, by Miguel y Costas & Miguel, S.A. The company writes that Bambú began in Spain in 1764, originally for the Bible. UBS will evaluate all alternatives for Credit Suisse’s Swiss operations and will give additional updates in the coming months.Bambú is a brand of rolling paper sold by Bambu Sales Inc. This ensures that Credit Suisse retains responsibility for its day-to-day operations while also easing the integration of these sectors into UBS. Seiler joined UBS in 2011 and previously served as head of human resources for region Switzerland and group functions, as well as head of talent and recruiting, until being named group head of human resources in 2018.įollowing the completion of the deal, Credit Suisse executive board members and permanent guests who are division and function heads will report to both their respective UBS executive board members and Ulrich Körner. He’ll aim to improve the alignment of personnel, real estate, and vendor management strategies. UBS appoints Stefan Seiler as group head of human resources and corporate services. Bereaux most recently served as chief operating officer and UK country head for UBS’s asset management business. She has previously worked as chief operating officer and head of human resources for the investment bank, as well as leading various transformation programme across the firm.
Michelle Bereaux, who has been with UBS for nearly 23 years in various leadership roles, will be named group integration officer. He has been with UBS since 2004 and is currently the CFO and head of global wealth management business performance and risk management.īeatriz Martin Jimenez will become head non-core and legacy and president EMEA, while continuing to serve as UBS chief executive for the UK and group treasurer until a successor is found. He will use his experience in both organisations to keep Credit Suisse operating and focused on clients, as well as to help with the merger process.įollowing the acquisition, Todd Tuckner will take over as group chief financial officer. Once the acquisition has been achieved, Ulrich Körner, the current CEO of Credit Suisse, will join the UBS group executive board. The UBS group board of directors and executive board will be in charge of the group as a whole.Ĭredit Suisse will maintain its current governance and risk control systems, but new policies will be implemented to ensure proper oversight by UBS group. UBS group will oversee both UBS and Credit Suisse, but each company will still operate independently with their own subsidiaries, clients, and counterparts. With the new operating model and leadership team, UBS is well-equipped to build on its existing strength and the successes of the past decade.’’ This transaction will allow us to offer attractive returns to our shareholders and give us capacity to further invest and grow. Together we will solidify and represent the Swiss model for finance around the world, one that is capital-light, less reliant on taking risk and anchored by stability and high-touch service. Ermotti comments: “This is a pivotal moment for UBS, Credit Suisse, and the entire banking industry.
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