Ermotti Back At UBS CEO To Hasten Credit Suisse Takeover

UBS has brought back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse, Jamey Keaten reported for the Associated Press (AP).

Photo Insert: UBS credited Ermotti, who is now chairman of insurer Swiss Re, for having “cut its footprint” and changing the culture of the bank — and it pointed to his experience in bringing big financial institutions together.

Ermotti, who was the bank’s top executive for nine years and led a turnaround following the 2008 global financial crisis, took over on Wednesday from CEO Ralph Hamers, who took up the job in November 2020 and will remain at UBS during a transition period “to ensure a successful closure of the transaction and a smooth handover,” the bank said.

UBS credited Ermotti, who is now chairman of insurer Swiss Re, for having “cut its footprint” and changing the culture of the bank — and it pointed to his experience in bringing big financial institutions together.

The hastily arranged, $3.25 billion deal for Credit Suisse aimed to stem the upheaval in the global financial system after the collapse of two US banks and jitters about long-running troubles at Credit Suisse led shares of Switzerland’s second-largest bank to tank and customers to pull out their money.

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