ZURICH, May 9 Reuters UBS Group said on Tuesday that Credit Suisse CEO Ulrich Koerner will stay on after the takeover of its Swiss rival as part of a new leadership team of the combined group.

Announcing its leadership reshuffle, UBS also promoted Todd Tuckner, now finance chief of its core wealth management business, to group chief financial officer, succeeding Sarah Youngwood who decided to leave once the deal closes after a year in the job.

UBS is taking over Credit Suisse as part of a Swiss governmentorchestrated rescue backed by as much as 250 billion Swiss francs 281.25 billion of state support after recent banking sector turmoil brought the country39;s No. 2 lender to the brink of collapse.

Besides Koerner, who spent over a decade at UBS before returning to Credit Suisse in 2021, UBS CEO Sergio Ermotti largely leaned on UBS executives in pulling together his new team. Some media had speculated that a number of Credit Suisse bankers would take up senior roles at the new group.

The new leadership team under CEO Sergio Ermotti clearly reflects the fact that UBS takes over CS. There are fewer changes than expected, Vontobel analyst Andreas Venditti said in a note.

Commenting on Koerner39;s future role, UBS said Koerner would be responsible for Credit Suisse39;s operational continuity and client focus, while supporting its integration. Credit Suisse executive board members will report to both their relevant UBS executive board member and Koerner.

It is unclear…