UBS revamps leadership in Credit Suisse integration strategy

UBS merge: UBS, in its continued efforts to seamlessly merge with acquired competitor Credit Suisse, announced pivotal changes to its executive board on Wednesday. The largest bank in Switzerland has appointed Aleksandar Ivanovic to spearhead its $1.6 trillion asset management business, succeeding the retiring Suni Harford. Simultaneously, Beatriz Martin Jimenez will assume the role of Lead for Sustainability and Impact on the global executive board, in addition to her existing responsibilities. Both appointments are slated to take effect on March 1.

The strategic alterations mark a crucial phase in UBS's ongoing integration of Credit Suisse, a substantial undertaking following the emergency acquisition of the fallen rival for 3 billion Swiss francs ($3.46 billion) last year. The consolidation of these two financial powerhouses is anticipated to result in significant workforce reductions in Switzerland and globally, creating a unified institution with a balance sheet roughly double the size of the entire Swiss economy.

Change in leadership

Aleksandar Ivanovic, with a career at UBS since 1992, has traversed all divisions of the bank and gained experience at Credit Suisse and Morgan Stanley. UBS Chief Executive Sergio Ermotti praised Ivanovic's extensive background and broad network across the organisation, deeming him "the ideal person to build on our strong foundation and progress our integration plans."

Beatriz Martin Jimenez, a UBS stalwart since 2012, has held pivotal roles within the organisation, including Investment Bank Chief of Staff, Chief Operating Officer, Group Treasurer, and Group Head Transformation. UBS highlighted Jimenez's integral involvement in the firm's culture-building initiatives.

As UBS navigates this intricate, multi-year integration process, these executive appointments reflect a strategic move to reinforce leadership capabilities and steer the combined entity towards a cohesive and prosperous future.

(with Reuters inputs)