Credit Suisse Group names Ulrich Körner as CEO Asset Management and a member of the Executive Board; Asset Management to be managed as separate Division going forward

Credit Suisse Group names Ulrich Körner as CEO Asset Management and a member of the Executive Board; Asset Management to be managed as separate Division going forward

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Subsequent to the announcements regarding the Credit Suisse Asset Management (CSAM) managed supply chain finance funds, the Board of Directors of Credit Suisse Group AG today announced the appointment of Ulrich Körner as CEO Asset Management and a member of the Executive Board of Credit Suisse Group, effective April 1, 2021. From that date, the Asset Management business will be separated from the International Wealth Management division and managed as a new separate division, emphasizing the strategic importance of the asset management business for the bank and its clients. As a member of the Executive Board, Ulrich Körner will report directly to the Group CEO, Thomas Gottstein. The current Global Head Asset Management, Eric Varvel, will work alongside Ulrich Körner in the coming months to facilitate the transition, and will then focus on his other roles as CEO Credit Suisse Holdings (USA) and Chairman of the Investment Bank.

Philipp Wehle will continue to lead the International Wealth Management division as a member of the Executive Board.

Urs Rohner, Chairman of Credit Suisse, said: 'I am very pleased to welcome Ulrich Körner back to Credit Suisse, where he had a successful career in various Executive Board level roles. With his excellent track record at Credit Suisse and UBS, where he developed and successfully executed the asset management growth strategy, Ueli is excellently positioned to lead our new Asset Management division going forward.'

Thomas Gottstein, Group CEO, stated: 'Ulrich Körner is an excellent addition to our leadership team, reinforcing its values and performance culture. Ueli is a strong leader and strategic thinker with proven ability in business development and profitable growth in asset management, as well as in business transformation. I am very much looking forward to working with Ueli on the Executive Board and I am confident that he can greatly contribute to the work to be done in the current situation and will lead the new Asset Management division to future success.'

Ulrich Körner is a proven financial expert with deep Executive Board level experience in the financial services industry spanning the areas of asset management, finance and operations. He was most recently serving as Senior Advisor to the CEO of UBS Group from 2019 to 2020. Prior to that he served as CEO of UBS Asset Management from 2014 to 2019. He was previously an Executive at Credit Suisse and held roles, including Chief Financial Officer and Chief Operating Officer of Credit Suisse Financial Services and CEO Switzerland. Ulrich Körner holds a PhD in Business Administration from the University of St. Gallen (HSG).

Professional background of Ulrich Körner

Credit Suisse

Credit Suisse is one of the world's leading financial services providers. Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 48,770 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Important information

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• the ability to maintain sufficient liquidity and access capital markets;
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• the effects of, and the uncertainty arising from, the UK's withdrawal from the EU;
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• operational factors such as systems failure, human error, or the failure to implement procedures properly;
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• the expected discontinuation of LIBOR and other interbank offered rates and the transition to alternative reference rates;
• the potential effects of changes in our legal entity structure;
• competition or changes in our competitive position in geographic and business areas in which we conduct our operations;
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• technological changes instituted by us, our counterparties or competitors;
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• acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets; and
• other unforeseen or unexpected events and our success at managing these and the risks involved in the foregoing.

We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in 'Risk factors' in I - Information on the company in our Annual Report 2020.

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This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

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