UBS says Credit Suisse CEO Koerner to join leadership of combined group

UBS Group said on Tuesday Credit Suisse CEO Ulrich Koerner will join the executive board of the combined bank once it closes its takeover of its Swiss rival, while Todd Tuckner will replace Sarah Youngwood as chief financial officer.

The leadership reshuffle follows the government-orchestrated rescue of Credit Suisse, which UBS agreed to takeover in March for 3 billion Swiss francs ($3.4 billion), saying it would assume up to 5 billion francs in losses as part of a rescue backed by as much as 250 billion francs of state support. Commenting on Koerner's future role, UBS said he had knowledge of both organisations and would be responsible for Credit Suisse operational continuity and client focus, while supporting its integration.

UBS reiterated that it will evaluate all options for Credit Suisse's Swiss business and will "communicate further on this matter in the coming months."