Partners Michael Barnett and Mark Hastings discuss the challenges UBS faces to resolve the legacy issues inherited from its acquisition of Credit Suisse.
Michael and Mark’s comments were published in The Banker, 29 June 2023, and can be found here.
Michael Barnett, Partner at Quillon Law, commented:
“In seeking to resist “cultural contamination” in its acquisition of Credit Suisse’s investment banking business, UBS faces what may prove to be an insurmountable challenge. The heavy baggage of cultural toxicity and the number of scandals that UBS inherits may be historic, even with litigation ongoing worldwide.
“How UBS, a bank with its own, fraught history of systemic and cultural failings, will set and police standards for another, while avoiding cultural cross-contamination, remains a serious concern. While UBS may intend to weed out “bad apples” and impose robust risk restrictions, it cannot implement a cultural integration plan effectively without establishing organs, with very clear mandates, that are themselves accountable to senior stakeholders and regulators.
“Transparency and accountability are key in this regard and, going forward, this will likely play a crucial role in the future reputation and management of UBS.”
Mark Hastings, Partner at Quillon Law, commented:
“This case exemplifies the uphill battle UBS faces to resolve the legacy issues it will inherit in its controversial takeover of Credit Suisse.”
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