UBS Group announced that Credit Suisse chief executive Ulrich Koerner will join the executive board of the combined bank once it closes the takeover of its Swiss rival, while Mr. Todd Tuckner will replace Ms Sarah Youngwood as chief financial officer. The leadership reshuffle follows the government-orchestrated rescue of Credit Suisse, which UBS agreed to take over in March for three billion Swiss francs (S$4.5 billion), saying it would assume up to five billion francs in losses as part of a rescue backed by as much as 250 billion francs of state support.
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