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Biography
2014-2019
Kerner led UBS Asset Management from 2014 to 2019 and was an advisor to the CEO from 2019 to 2020. He also previously held a senior position at Credit Suisse (CS) Financial Services and led the Swiss business.
2022: Appointment as CEO of Credit Suisse
Credit Suisse Bank appointed Ulrich Kerner, head of asset management, as the new CEO. He was tasked with reducing investment banking and reducing expenses worth more than $1 billion to help the bank recover from a series of scandals and losses.
The Swiss bank described 2022 as a "transition" year with a change in management, a restructuring aimed at reducing risky operations in investment banking, and increased asset management, while fending off suggestions that the bank could be acquired or divided.
The new strategic report on the bank's operations, announced on Wednesday and becoming the second in less than a year, provides for an assessment of the options for developing the securitized products business in order to attract third-party capital, while reaffirming its commitment to asset management.
Kerner, 59, is considered a restructuring expert in [[|Switzerland]] and replaced Thomas Gottstein as CEO on August 1, 2022.
Gottstein's two-year tenure was turbulent and was accompanied by massive losses and even a court verdict on the bank, as well as a 40% drop in his shares.
The bank also reported losses for April-June 2022 in the amount of 1.59 billion Swiss francs ($1.65 billion), which is much more than the market consensus forecast of 206 million francs.
In mid-July 2022, the shares reached a low below 5 francs, and their market capitalization fell below 14 billion Swiss francs, according to Refinitiv data. Since the announcement of the CEO change, the stock has changed little.
 | Our results for the second quarter of 2022 are disappointing, especially at the investment bank, which was also impacted by higher litigation provisions and other corrective items, Gottstein said. |  |
As part of the reorganization of the investment bank, David Miller and Michael Ebert will become co-heads of the division, while current chief Christian Meissner will focus on strategic review.
Credit Suisse ranks second in the world for wealth management outside the United States, according to McKinsey.[1]
Notes
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