Swiss bank UBS has decided to bring back former CEO Sergio Ermotti to guide the takeover of Credit Suisse. He will take over for current chief executive Ralph Hamers.
Former Federal Reserve Governor Robert Heller, Solus Alternative Asset Management strategist Dan Greenhaus and Zaye Capital Markets CIO Naeem Aslam discuss the Fed's rate hike trajectory as Credit Suisse instability threatens global markets.
He will take over next Wednesday from CEO Ralph Hamers. Hamers took the job in November 2020 and will remain at UBS during the transition period.UBS pointed to Ermotti's experience in bringingThe $3.25 billion deal for Credit Suisse was quickly put together as two U.S. banks collapsed and jitters about long-running troubles at Credit Suisse led shares of the bank to tank and customers to pull out their money.
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