Credit Suisse CEO Koerner Joins UBS Leadership Team After Reshuffle

Credit Suisse CEO Ulrich Koerner will join the executive board of the new joint entity once its emergency purchase of the stricken bank completes. The legal close of the acquisition is expected within the next few weeks, and the combined entity will operate as a "consolidated banking group." UBS confirmed that it will initially manage the two separate companies upon the closure of the deal, with each institution continuing to operate its own subsidiaries and branches while the UBS board of directors and executive board will hold overall responsibility for the consolidated group.