UBS brings back former executive Sergio Ermotti

Switzerland’s largest bank, UBS, has announced that former CEO Sergio Ermotti will return to his post, a week and a half after a state-backed emergency buyout by rival Credit Suisse. UBS said in a statement that the bank’s former chief executive, Sergio Ermotti, will replace Ralph Hamers after just over two years in the role. Hamers will remain at the bank and advise Ermotti during the transition phase, the statement said. “The Board of Directors would like to express its deep gratitude to Hamers for his instrumental role in the acquisition of Credit Suisse.” The statement emphasized that the USB Board of Directors made the decision in the face of new challenges. Ermotti will reassume his role, which he held for nine years, following the bank’s general assembly meeting on April 5. Ermotti, who is the chairman of the board of directors of Swiss Re, served as UBS CEO from 2011 to 2020. While the crisis of confidence at Swiss bank Credit Suisse sent shockwaves through global financial markets, UBS announced on March 19 that it would acquire Credit Suisse for 3 billion francs with state and central bank support totaling $260 billion.