UBS on Monday announced changes to the executive board of AG in an internal memo circulated after the Swiss bank announced it had officially closed the takeover of its former rival. Chief Financial Officer Dixit Joshi and General Counsel Markus Diethelm are among the executives leaving, wrote , Chief Executive of the new UBS subsidiary Credit Suisse AG. Alongside a string of new appointments, the memo also said , the head of Credit Suisse’s domestic business, will remain in his role. The closing of the deal, announced in an open letter published Monday, ends Credit Suisse’s independent existence after 167 years and allows UBS to move forward with the complex integration of the former rival, a process that’s likely to involve thousands of job cuts. The acquisition, agreed in March in an emergency rescue brokered by the Swiss government, sets UBS up for a windfall gain in the tens of billions of dollars, while saddling it with potential mark-downs of Credit Suisse assets as well as legal and regulatory costs. The closing of the deal comes after UBS finalized negotiations with the Swiss government over a 9 billion Swiss franc ($10 billion) guarantee against potential losses on . Shares of rose 0.5% at 9:17 a.m. in Zurich trading. The stock has gained 6.3% this year, trailing the 8.5% increase in the Stoxx 600 Banks Index. Shares of Credit Suisse will no longer trade starting Tuesday, though the bank will continue to operate with its own branches and subsidiaries “pending further integration,” UBS reiterated Monday. UBS also has yet to make a decision on the future of the Swiss domestic business it acquired from Credit Suisse, a part of the lender that had been consistently profitable amid the turmoil elsewhere and had played a leading role in financing Swiss companies and households. Originally, UBS planned to fully integrate the local unit but later backtracked, with Ermotti saying that all options were on the table, including sale or spinoff. UBS said it would make a decision in the third quarter of this year. UBS has said it also plans to have detailed integration plans for each of the business units, as well as a defined plan for specific activities it will wind down in a non-core unit by the fourth quarter.