UBS Shakes Up Top Team During Credit Suisse Merge

UBS, a leading Swiss bank, has announced that Mike Dargan, their Chief Operations and Technology Officer, will depart at the end of 2025. This news arrives as UBS continues to navigate the complex merger with Credit Suisse, a monumental task that remains ongoing.

Dargan's Tenure and Contributions

Dargan joined UBS in 2021 and played a pivotal role in advancing the bank's technological and operational capabilities. UBS confirmed that his departure is due to a new opportunity outside the banking sector.

Starting 2026, Beatriz Martin, the newly appointed Chief Operating Officer, will oversee Dargan's former tech team. Currently, Chris Gelvin, the COO for Group Technology, is serving as the interim tech lead.

Sergio P. Ermotti, UBS's CEO, expressed gratitude for Dargan's contributions, highlighting his role in enhancing UBS's technological infrastructure and driving digital and AI advancements.

The Credit Suisse Merger Challenges

UBS acquired Credit Suisse in 2023, a deal that involved extensive integration of technology and operations. While progress has been made, certain aspects, such as transitioning high-net-worth Credit Suisse clients to UBS platforms, have faced delays, underscoring the complexity of merging two financial giants.

Dargan's Next Chapter

Dargan is set to become the CEO of N26, a German digital bank, starting April 2026, pending regulatory approval. N26 has recently encountered regulatory challenges, making Dargan's appointment particularly noteworthy.

UBS's Focus Moving Forward

As the merger continues, UBS remains committed to ensuring a smooth transition while maintaining trust with clients, investors, and regulators. Despite the challenges, UBS appears well-prepared to navigate this critical phase.