03/05/2023 • Bloomberg

UBS Inherits Legacy of Legal Headaches From Credit Suisse

When UBS Group AG integrates Credit Suisse Group AG in the coming months, the Swiss bank plans to run staff from the scandal-prone former rival through what Chairman Colm Kelleher dubbed a “culture filter” to weed out potential bad apples.

The inconvenient truth for UBS is that the vetting won’t do anything for the legal headaches already working their way through courts from Switzerland to Singapore. The cleanup will fall to UBS chief legal counsel Barbara Levi once the deal closes — expected later in May.

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