UBS will host its first shareholder meeting since its controversial takeover of Credit Suisse on Wednesday morning in Basel. Swiss authorities brokered an “emergency rescue” for Credit Suisse late last month when its share price tumbled and depositors fled. The takeover has since been met with skepticism and faced legal peril.
UBS chairman Colm Kelleher and the newly appointed CEO, Sergio Ermotti, will address a critical crowd of shareholders at the annual general meeting. Ermotti’s reappointment last week was seen as a move to restore confidence in Switzerland’s financial stability after the merger of its two largest banks.
Shareholders are expecting Ermotti to provide a clear plan of action for the integration of Credit Suisse’s business particularly amidst concerns over the increased concentration of risk the merger poses to both the Swiss and global economies. It is further expected that the bank’s plans may include job cuts of around 20-30 percent of the combined entity’s global workforce.
UBS is one of the world’s largest global wealth managers and provides a range of financial services including asset management and investment banking capabilities. Founded in 1862, it has over 63,000 employees across the world and is headquartered in Zurich, Switzerland.
Sergio Ermotti is a veteran Swiss banker and was appointed Chief Executive Officer at UBS on 10 April 2021. He has over 30 years of banking experience and has served as a board director at leading industry organizations such as the Institute of International Finance and the International Institute for Securities Market Development.