© Reuters. FILE PHOTO: Swiss financial institution UBS CEO Sergio Ermotti addresses a information convention in Zurich, Switzerland February 20, 2020. REUTERS/Arnd Wiegmann
By John Revill
(Reuters) -UBS Group AG named former boss Sergio Ermotti as its subsequent chief govt officer on Wednesday, in a shock transfer designed to assist steer its huge takeover of neighbour Credit score Suisse.
Ermotti, the present chairman of Swiss Re (OTC:), is returning to the financial institution, the place he was chief govt from 2011 to 2020, following the takeover of Credit score Suisse.
He’ll exchange present Chief Govt Ralph Hamers from April 5, UBS stated.
Hamers, who succeeded Ermotti in November 2020, “has agreed to step all the way down to serve the pursuits of the brand new mixture, the Swiss monetary sector and the nation,” UBS stated in a press release.
“The board took the choice in mild of the brand new challenges and priorities going through UBS after the announcement of the acquisition,” UBS added.
UBS ditched Hamers, who had no big-ticket M&A expertise below his belt and confronted the duty of mixing two banks with $1.6 trillion in belongings, greater than 120,000 employees and a posh stability sheet.
Ermotti, who led UBS after the worldwide monetary disaster, stated he was trying ahead to integrating UBS and Credit score Suisse.
“The duty at hand is an pressing and difficult one,” Ermotti stated in a press release.
“As a way to do it in a sustainable and profitable manner, and within the curiosity of all stakeholders concerned, we have to thoughtfully and systematically assess all choices.”