UBS is betting on a safe bet to meet the biggest challenge in its long history: the integration of its rival Credit Suisse.
The first Swiss bank has asked its ex-boss, Sergio Ermotti, to return to the helm to pilot this marriage imposed by the Swiss authorities to save Credit Suisse from bankruptcy.
“The opinion of the board of directors is that, for this massive integration exercise, Sergio will be a better pilot”
, explains Colm Kelleher, the president of UBS.
"I'm coming back out of a sense of duty
," says Sergio Ermotti, who only had two weeks to decide.
I always thought the sequel for UBS was a great acquisition.”
The 62-year-old banker knows the house very well, which he led and rebuilt between 2011 and 2020 before taking over as chairman of the reinsurer Swiss Re. His successor, Ralph Hamers, will step down after the group's general meeting. , April 5.
“He has agreed to step down in the interest of the new combined entity, the industry…
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