UBS shareholders to weigh in on Credit Suisse mega-merger FMTNews FMTBusiness
Newly appointed UBS CEO Sergio Ermotti and chairman Colm Kelleher attend a news conference in Zurich.
But some UBS shareholders may have concerns closer to home as to what it means for their personal investments now the bank is taking on an institution that repeatedly got itself into trouble. The AGM is being held in the St Jakobshalle indoor arena, famously the stomping ground of Swiss tennis great Roger Federer – Credit Suisse’s top brand ambassador.The meeting will see Dutch chief executive Ralph Hamers bow out. Once the AGM is over, Sergio Ermotti returns as CEO, having been called back to UBS to handle the delicate integration process.
There are also the numerous disputes accumulated by Credit Suisse that UBS will have to settle, after having already spent several years settling its own.Roger Said, director of the Swiss shareholder organisation Actares, said that Ermotti “will have to put an end to the irresponsible risk culture that has existed for years at Credit Suisse, as well as drastically reduce risky business sectors”.
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