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The COO of UBS's integration office quit unexpectedly

If UBS had concerns about the integration of Credit Suisse earlier this week, it may have even bigger concerns as we slide towards the weekend: the woman running its group integration office is understood to have resigned unexpectedly.

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UBS isn't commenting, but sources say that Penny Tunbridge, the Swiss-based COO of the Group Integration Office, is leaving. It's not clear why. The office is run by Michelle Bereaux.

Tunbridge joined UBS from Credit Suisse in June 2023. She was previously head of the chairman's office at Credit Suisse. Tunbridge joined Credit Suisse from Nomura in 2015. She may not have been entirely popular internally: UBS veterans complain that the Credit Suisse people she brought with her upset their own internal consulting team.

UBS isn't planning to complete the integration of Credit Suisse until 2026, so unlike Titi Cole at Citi, Tunbridge's work is presumably not done. 

UBS CEO Sergio Ermotti said this week that the integration of Credit Suisse's IT systems could impact the bank's cost-cutting plans if the execution doesn't go to plan. "Integration is always hard," says one ex-Credit Suisse technology MD. "They've already shut down all the low-hanging fruit, but moving books is a lot more complex."

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AUTHORSarah Butcher Global Editor
  • Ca
    Cantilever
    16 May 2024

    I think this article is a bit confused/clickbaity.....


    "the woman running its group integration office is understood to have resigned unexpectedly."


    "The office is run by Michelle Bereaux."


    One would then assume that Michelle is leaving. However it isn't Michelle who is leaving, rather a business manager/COO type underling. Could it please be fixed for clarity?






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