- Ulrich Koerner is appointed as the new CEO of Credit Suisse as he replaces the former CEO, Thomas Gottstein.
- The Swiss Bank reported a net loss of 1.593 billion Swiss francs in its second quarter, which ended the two-year tenure of Gottstein.
- Koerner was previously the CEO of the asset management division at Credit Suisse and also worked with UBS.
Ulrich Korner is the new CEO of Credit Suisse, the Swiss investment bank. The 59 years old has many talking about the challenge he is about to face, while some are talking about how much the German will bank as he battles these challenges.
The controversial Swiss bank elected Ulrich Korner as its CEO after its losses deepened in 2022.
With his predecessor Thomas Gottstein failing to navigate the company out of the red zone, Koerner is the savior of Credit Suisse.
Ulrich Koerner has vast wealth, not just in experience but also in his bank account.
In this article, you will learn about Ulrich Koerner, his career, his journey, and the most asked question, how rich is the new CEO of Credit Suisse?
Ulrich Koerner’s Journey To Being CEO Of 2nd Biggest Bank In Switzerland
Ulrich Koerner might hold the citizenship of both Germany and Switzerland, but the banker was born in Deutschland to German parents.
Born on October 25, 1962, the veteran banker is one of the most famous people in the finance world.
The man known for his expertise in restructuring and asset management has a difficult task in his hand.
First, he needs to cut down 1 billion in cost, and second, he needs to rebrand the Swiss bank’s tainted reputation.
Ulrich Koerner holds a Master of Arts and a PhD in Business Administration from the University of St. Gallen, Switzerland.
Koerner began his professional career as an auditor with Price Waterhouse, Zurich. Later he was a management consultant with McKinsey & Company.
The banker’s first stint with Credit Suisse began in 2000 when he was appointed the Head of Technology and Services before he assumed the role of Chief Financial Officer in 2002.
After being appointed as Chief Operating Officer, the position he filled from 2004 to 2006, Koerner moved to UBS.
At UBS, he served as an adviser to the CEO from 2019 to 2020.
In 2021, the banker returned to his old employees as he lost out in a management reshuffle at UBS in 2019.
Gottstein’s two-year tenure as CEO of Credit Suisse will go down as a massive failure. The past two years have seen a 40% plunge in the bank’s shares, followed by record-breaking losses.
It will be interesting to see how Koerner can bring the second biggest bank in Switzerland into full power again.
How Rich Is Credit Suisse’s CEO? What Is His Net Worth?
Credit Suisse’s CEO Ulrich Koerner is one of the richest people you will come across as he has an estimated net worth of above 253 million Swiss francs.
You would think that a man who has managed the wealth of thousands of people is good at managing his own. And to be fair, you are not wrong.
Ulrich Koerner takes home CHF 4.5 million on average, which amounts to a whopping $4.7 million in a year.
Being the CEO of the top 2 global wealth management outside the United States, Koerner enjoys many perks of his highly reputed position.
He lives in Uetikon am See, one of the most affluent places in Switzerland. Koerner’s work sees him rub shoulders with some of the biggest names all over the world.
Only a little information is available on the internet regarding the new CEO of Credit Suisse, but you can find him on Wikipedia.
Ulrich Koerner’s Family Details
Ulrich Koerner has the eyes of the whole world fixated on him. Everybody wants to see whether the German can bring the Swiss Bank out of its massive losses.
But the current attention brought on to him has seen him not reveal much about his personal life.
The personal life of the German remains unknown. The only information on his Wikipedia is that he is married and has three children.
The 166-year-old Swiss institution’s CEO is a Porsche fan and rally driver, so his navigation skill might come in handy to bring the Swiss bank out of loss.
Personal life can play a crucial role in somebody’s professional life, so Koerner will need his family’s support as he has an uphill battle.
Current State Of Credit Suisse
The second quarter of 2022 saw Credit Suisse book a net loss of 1.593 billion Swiss francs ($1.65 billion) from April to June.
Since March, the company’s value has fallen by 60% and will continue to plummet in the coming months.
The bank also faces a potential legal battle of $600 million from a court case in Bermuda relating to its local life insurance arm.
In 2020, Gottstein was appointed the CEO after his predecessor Tidjane Thiam resigned following a spying scandal. The woes have continued as Ulrich Koerner, the bank’s former CEO of the asset management division, replaces Gottstein.
If the German can bring the Swiss bank to its previous position, it won’t be less than a miracle story.