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Sergio Ermotti returns as CEO at UBS

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Move aimed at helping bank after Credit Suisse takeover

ΕπιστρΕφει ως Διευθyνων &Sigma ;yμβουλος στην UBS ο Sergio Ermotti

Ermotti, the current Chairman of Swiss Re, returns to the bank, where he was CEO from 2011 to 2020.

UBS Group AG has appointed Sergio Ermotti as its next CEO, in a surprise move aimed at helping the bank after its acquisition of Credit Suisse.

Ermotti, the current chairman of Swiss Re, is returning to the bank, where he was CEO from 2011 to 2020, following the acquisition of Credit Suisse and will replace current CEO Ralph Hamers on April 5, UBS said in a statement.< /p>

Hamers, who succeeded Ermotti in November 2020, “agreed to step down to serve the interests of the new entity, the Swiss financial sector and the country,” the statement said. announcement by UBS.

“The Board of Directors made the decision in light of the new challenges and priorities facing UBS following the announcement of the acquisition,” UBS adds.

UBS dropped Hamers, who has no M&A experience and will be faced with the challenge of managing two banks with $1.6 trillion in assets, more than 120,000 employees and a complex balance sheet.

Ermotti, who led UBS after the global financial crisis, said he was looking forward to integrating UBS and Credit Suisse.

“The task before us is urgent and challenging,” Ermotti said in a statement.

“To do it in a sustainable and successful way, and in the interest of all stakeholders, we must carefully and systematically evaluate all options”, added there.

Source: www.kathimerini.com.cy

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