Three years on from UBS Group AG ’s dramatic rescue of Credit Suisse, the lender is entering the delicate final stages of the integration. UBS will soon start a fresh round of job cuts after it decommissions some of the computer systems it inherited, Chief Executive Officer Sergio Ermotti said Tuesday on Bloomberg TV from Shanghai. The bank will also shutter various information technology and data...
Three years on from UBS Group AG ’s dramatic rescue of Credit Suisse, the lender is entering the delicate final stages of the integration. UBS will soon start a fresh round of job cuts after it decommissions some of the computer systems it inherited, Chief Executive Officer Sergio Ermotti said Tuesday on Bloomberg TV from Shanghai. The bank will also shutter various information technology and data centers. “In Switzerland, we’re still maintaining and running two separate IT systems,” Ermotti said, referring to UBS’s own systems and the ones it acquired when it bought its former rival. “Shutting down one will create synergies,” in the “real estate footprint and to some extent, unfortunately, also some personnel reductions.” Ermotti said the number of job cuts in Switzerland is expected to stay “below 3,000” and they will happen “between now and the early part of 2027.” The Credit Suisse takeover boosted UBS’s workforce to just under 120,000 from 74,000. The number has since shrunk each quarter and it had fallen by around 15,000 at the end of the third quarter last year. UBS expects to complete the migration of Credit Suisse clients to its own systems by end of the first quarter, a milestone in a transaction that would set the stage for Ermotti to step down from his current role. He has previously said that he’ll likely leave once the integration is complete. The executive is currently planning to stay until next year’s annual general meeting, which typically happens in April, according to people familiar with the matter. The FT reported on the timing earlier. Chairman Colm Kelleher has floated the idea of Ermotti taking over from him at some point, though he also said such a move would first require a cooling-off period for Ermotti. Possible internal candidates to replace Ermotti include Aleksandar Ivanovic , who leads the Swiss firm’s asset management unit, wealth management co-heads Iqbal Khan and Robert Karofsky , and Chief Operating Officer Beatriz Martin . Any c...
Reported move would be part of new CEO Dave Lewis’s streamlining of world’s largest spirits maker Business live – latest updates Diageo’s new boss, Dave Lewis, has barely started in the role, and the maker of Guinness and Johnnie Walker is already reportedly considering selling off its Chinese assets to trim down its portfolio. The world’s largest spirits maker, whose other brands include Smirnoff...
Reported move would be part of new CEO Dave Lewis’s streamlining of world’s largest spirits maker Business live – latest updates Diageo’s new boss, Dave Lewis, has barely started in the role, and the maker of Guinness and Johnnie Walker is already reportedly considering selling off its Chinese assets to trim down its portfolio. The world’s largest spirits maker, whose other brands include Smirnoff vodka, Captain Morgan rum and Don Julio tequila, is working with Goldman Sachs and UBS to review its operations in China, where sales have been falling, according to Bloomberg News. Continue reading...