UBS rehires Ermotti as CEO to lead Credit Suisse takeover
UBS says its board decided to bring back Sergio Ermotti in light of the new challenges and priorities facing UBS after the announcement of the acquisition of Credit Suisse. – AFP pic, March 29, 2023.
UBS announced today it was bringing back former CEO Sergio Ermotti to lead the Swiss banking giant’s controversial acquisition of troubled rival Credit Suisse. Ermotti spent nine years restoring UBS’s reputation after its bailout by the Swiss government and the central bank during the 2008 global financial crisis as well as the US$2.3 billion in losses racked up by a rogue trader in 2011.
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