Credit Suisse is Exiting its Global Head of Marketing: The latest changes to Credit Suisse's marketing division foreshadow the delicacy of the merger on individual departments of the two banks. romanreichelt sabinekellerbusse
Credit Suisse's successful and award-winning global head of marketing, Roman Reichelt, will be relieved of the position at the end of this month, according to a recent internal memo at the bank. The executive who joined the bank in January 2019, will serve in an advisory capacity to UBS until the beginning of July to ensure the smoothest possible integration of his teams into the new UBS. What his future holds after that is unclear.
It is a somewhat surprising personnel decision considering UBS will apply its more decentralized structure with seven management positions to marketing. In contrast, Credit Suisse was previously organized under a single global management structure.This means two units with completely different systems and of unequal size have to come together. Credit Suisse employed some 270 marketing staff worldwide whereas UBS has over 500, and is unlikely to need 800 people in the future.
Against this backdrop, a fierce competition is emerging for marketing jobs at the new bank. It is not only Credit Suisse employees having to fear for their jobs, it could also be tight for some at UBS as well, especially since it is likely to take on at least 25 to 30 percent of those from Credit Suisse.As will take place in numerous other departments, Credit Suisse staffers will have to apply for positions at UBS.
The shape and form of Credit Suisse's Swiss bank will be one of the most important issues for the success of UBS tomorrow. There are several options.One is integrating the bank entirely into UBS, as Credit Suisse did with Bank Clariden Leu in 2011. It is also conceivable a «Bank for Entrepreneurs» could continue under the Credit Suisse brand, explicitly targeting corporate clients with corresponding needs. If implemented successfully, it would be a novelty in Swiss banking.
It would also allow for the digital services and subsidiaries CSX, Bank-now, and Swisscard to be bundled into a new unit with the Credit Suisse brand. To be sure, a solution for all Swiss businesses will not so easy to find.Above all, there is the question of who will manage the entire Swiss business. Currently, Sabine Keller-Busse pulls the strings at the Swiss business of UBS, while André Helfenstein is her Credit Suisse counterpart.
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