Former Credit Suisse Executive Becomes a «Cleaner» at UBS: Yves-Alain Sommerhalder was one of Credit Suisse's most high-profile asset management executives. Now at UBS, he is tasked with separating the wheat from the… YvesAlainSommerhalder CleanTeam
When he left Credit Suisse at the end of last year, Yves-Alain Sommerhalder, an investment banker by training, was in charge of the bank's financial product and financial offering for the super-rich, operating at the confluence of private and investment banking. Now with UBS, he is in charge of selecting who will stay and who will go in Credit Suisse's wealth management unit.
He was recruited by the head of UBS's wealth management division Iqbal Khan who also joined the firm from Credit Suisse. In his role at UBS, Sommerhalder will assess the wealth management business of their former employer. Sommerhalder will be working with Todd Tucker who is leading the effort to integrate the wealth management team, according to the report.
Time is of the essence and UBS has to work quickly to come to grips with the pitfalls and potential opportunities the forced merger with Credit Suisse presents it. In light of this, the due diligence process which normally would take months, is under a far more aggressive timeline. UBS would like to seal the deal as soon as this month because uncertainty is leading to a sharp increase in turnover at Credit Suisse.
To help with the takeover, UBS hired the firm Oliver Wyman to help advise in the process of preparing for job cuts and disposing of unwanted units of Credit Suisse.In addition to determining what is to be wound down, UBS is also creating groups to help with the integration of the two entities that include wealth- and asset management, investment banking, and technical infrastructure.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Von der Schlüsselfigur der Credit Suisse zum Saubermacher der UBSVon der Schlüsselfigur der CS zum Saubermacher der UBS: Bei der Credit Suisse war Yves-Alain Sommerhalder einer profiliertesten Kader in der Vermögensverwaltung. Nun hat er von der UBS den Auftrag erhalten, bei der… YvesAlainSommerhalder CleanTeam
Read more »
Die Gesichter der Bankenkrise – Die wahren Abzocker bei der Credit SuisseWer bei der CS wirklich viel verdienen wollte, der war im Asset-Management und in den USA. Da haben sieben Leute in den letzten Jahren Hunderte von Millionen Franken verdient.
Read more »
Credit Suisse: Christian Meissner, Ex-Chef des Investmentbankings, geht zu BoutiqueChristian Meissner wird Partner der Beratungs- und Beteiligungsboutique der früheren Goldman-Banker Byron Trott und Gregg Lemkau.
Read more »
Interview mit Klaus-Michael Kühne – «Auch eine Teilverstaatlichung der Credit Suisse wäre möglich gewesen»Der reichste Einwohner der Schweiz kritisiert, dass die UBS ihre kleinere Konkurrentin für wenig Geld schlucken darf. Hingegen nimmt er die Schweiz bei einem anderen Punkt in Schutz. (Abo)
Read more »
Credit-Suisse-Krise – Julius-Bär-Präsident hält zweite Welle von CS-Abflüssen für möglichCredit-Suisse-Krise: Julius-Bär-Präsident hält zweite Welle von CS-Abflüssen für möglich: Laut Romeo Lacher könnte es bei Credit Suisse zu einem grösseren Abzug von längerfristigen Anlagen wie Wertschriftenportefeuilles und Krediten kommen.
Read more »
Sergio Ermotti Shortlists Credit Suisse Execs for his TeamSergio Ermotti Shortlists Credit Suisse Execs for his Team: UBS CEO Sergio Ermotti has whittled down the list of Credit Suisse executives he wants to include in his management team. sergioermotti creditSuisse
Read more »