UBS says it’s bringing back former CEO Sergio Ermotti to head the Swiss bank as it moves forward on a government-orchestrated plan to take over struggling rival Credit Suisse
GENEVA — GENEVA (AP) —
UBS said Wednesday that it’s bringing back former CEO Sergio Ermotti to head the Swiss bank as it moves forward on a government-orchestrated plan to take over struggling rival Credit Suisse.
The appointment takes effect next Wednesday.
Ermotti, who was the bank’s top executive for nine years, will take over from current 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 hand-over,” the bank said in a statement.
UBS credited Ermotti for having “cut its footprint” and changing the culture of the bank.