The logos of Swiss banks Credit Suisse and UBS, in Zurich, Switzerland, on June 12.Ennio Leanza/The Associated Press
UBS will announce further changes to its management as it seeks to integrate Credit Suisse following the recent takeover of its former rival, the Swiss bank’s chief executive said on Tuesday.
UBS announced a raft of management changes shortly after it completed the takeover earlier this month.
“We have also already established the first two lines of responsibility within the bank,” Sergio Ermotti told Point Zero Forum in Zurich.
“Within the next 20 days we will announce the third level, so it means around 1,200-1,500 people will have clear responsibilities,” he said.
Ermotti said he was confident he will be able to give more details on the integration by the end of the summer. UBS has pushed back its second quarter results to the end of August.
UBS’s CEO has previously said he expects to be able to give additional clarity over the future of Credit Suisse’s domestic business by the end of the summer as well.