Colm Kelleher, the current Chairman of UBS, had expressed interest in a prominent role at Credit Suisse in 2020. However, he was not chosen for the position, partly due to his reluctance to relocate to Switzerland.
Despite not being selected for the role, Kelleher later made critical remarks about Credit Suisse's viability, suggesting that a merger was the only way forward. This contrasts with the bank's performance during that time, as it had outperformed its European competitors and received a credit rating upgrade.
Kelleher's career trajectory was influenced by the headhunting firm Egon Zehnder, which played a role in his appointment as Chairman of UBS. Unlike his experience with Credit Suisse, Kelleher was able to maintain his London residence while officially relocating his work to Zurich.
The Swiss banking industry is facing challenges and transformations, with Kelleher's comments reflecting concerns about the sustainability of traditional banking models.
As UBS acquires Credit Suisse, Kelleher's leadership will be crucial in integrating the two banks and addressing future challenges. His career highlights the interplay between ambition, opportunity, and the realities of the banking industry.