Sergio Ermotti

Veteran investment banker Sergio Ermotti is returning take the top job at UBS , replacing Ralph Hamers who succeeded him in late 2020, as the Swiss lender ...

With Ermotti, UBS is bringing on board a proven expert on the bank and an effective enforcer for the successful merger of the two banks. "UBS's priorities have clearly changed, with the integration of CS being the most important task. Register for free to Reuters and know the full story

UBS Group AG said Sergio Ermotti is returning as chief executive officer, replacing Ralph Hamers after just over two years in charge, as it taps the veteran ...

Sergio Ermotti is returning to UBS following its forced takeover of Credit Suisse, taking over the CEO reins from Ralph Hamers on April 5, according to a ...

Hamers agreed to step down «to serve the interests of the new combination, the Swiss financial sector, and the country,» the statement added. Instead of two large banks, it was more important for the Swiss financial sector to be diversified. At that point, together with chairman Axel Weber, Ermotti launched UBS's new strategy aimed at scaling back investment banking to focus on wealth and asset management.

Sergio Ermotti, the current chairman of Swiss Re, is returning to the bank, where he was chief executive from 2011 to 2020, following the takeover of Credit ...

“In order to do it in a sustainable and successful way, and in the interest of all stakeholders involved, we need to thoughtfully and systematically assess all options.” “The board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition,” UBS added. Hamers, who succeeded Ermotti in November 2020, “has agreed to step down to serve the interests of the new combination, the Swiss financial sector and the country,” UBS said in a statement.

Sergio Ermotti will replace current CEO Ralph Hamers, who is set to remain at UBS to advise the bank during the transition period, UBS said.

Kelleher echoed the view, observing that UBS has a capital-light balance sheet and that the group's strategy is to downsize the non-core units of Credit Suisse as quickly as possible. "There is a sense in me, and I felt, a sense of call of duty aspect. He said that the bank wants to "take away uncertainty as soon as we can" regarding its restructuring and prospective layoff plans. That allowed the Swiss lender to "regain the trust of clients and other stakeholders, while restoring people's pride in working for UBS," the bank said. In a press briefing following the announcement, Kelleher stressed that Ermotti's Swiss nationality is a "nice thing," but not a main driver behind the appointment decision. "There are cultural issues between Credit Suisse and UBS. "Clearly regulators have a right of saying no. after the collapse of Silicon Valley Bank is, "to what degree should there be guarantees on deposits above the FDIC deposit guarantee limit? Ermotti is currently the chairman of insurance company Swiss Re. In a deal orchestrated by Swiss regulators, Switzerland's largest bank UBS agreed on March 19 to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion). If you do that, what is the purpose of having banks, private money etc?" Hamers will remain at UBS to advise the bank during the transition period to "ensure a successful closure of the transaction and a smooth hand-over," the company said.

Sergio Ermotti is returning to UBS following its forced takeover of Credit Suisse, taking over the CEO reins from Ralph Hamers on April 5, according to a ...

«I am conscious of the uncertainty many feel and I promise that, together with my colleagues, our full attention will be on delivering the best possible outcome for our clients, our employees, our shareholders and the Swiss government,» Ermotti said. He will remain in an advisory capacity At the same time, Ermotti will step down as chairman of Swiss Re after the company's annual general meeting, it was further learned. The current CEO, Ralph Hamers, agreed to step down «to serve the interests of the new combination, the Swiss financial sector and the country,» the statement added.

UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse - a surprise move to take advantage of the Swiss ...

He was a notable absentee from the announcement of UBS's takeover of Credit Suisse on March 19. and the country," UBS said. As a shareholder and bondholder I am very happy," he added. "But the majority of our business is global." "We cannot rush into decisions which are regrettable," he told journalists. [(UBSG.S)](https://www.reuters.com/companies/UBSG.S) has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse [(CSGN.S)](https://www.reuters.com/companies/CSGN.S) - a surprise move to take advantage of the Swiss banker's experience rebuilding the bank after the global financial crisis.

The board appointed a new CEO in light of UBS's planned acquisition of Credit Suisse.

In order to do it in a sustainable and successful way, and in the interest of all stakeholders involved, we need to thoughtfully and systematically assess all options. I am stepping aside in the interests of the new combined entity and its stakeholders, including Switzerland and its financial sector – it has been a pleasure and privilege to lead this great bank to where it is today. Ermotti as an advisor during a transition period to ensure a successful closure of the transaction and a smooth hand-over. Finally, Ralph was instrumental in delivering the acquisition of Credit Suisse under extreme circumstances, to the benefit of both banks and the stability of the Swiss financial system. On behalf of the whole Board, I would like to express my deep respect and gratitude for all that Ralph has achieved over the last two-and-a-half years and for his instrumental role in delivering the Credit Suisse deal, as well as his understanding of the current situation and willingness to step down. - Ralph Hamers will remain at UBS and work alongside Sergio P.

New UBS CEO Sergio Ermotti on Wednesday said his return to the helm was "a call of duty," as the Swiss veteran takes on the task of restoring order to the ...

"I'm fully aware that we need to work very hard here to avoid any consequence for the taxpayers in Switzerland. [UBS announced on Wednesday](https://www.cnbc.com/2023/03/29/ubs-names-sergio-ermotti-as-its-new-ceo-following-acquisition-of-credit-suisse.html) that the former CEO would replace Ralph Hamers from April 5, as the Swiss bank undertakes the mammoth task of integrating fallen rival Credit Suisse into its business. He inherited an ailing investment bank that had been forced to write off more than $50 billion during the great financial crisis, along with being implicated in what would become a costly Libor investigation. "This decision here to put Sergio Ermotti — proven, trustworthy in the view of the public at large and also the industry — in place here as the CEO is certainly going to calm these kinds of discussions, and that's certainly also one of the motivations." Beat Wittmann, partner at Zurich-based Porta Advisors, told CNBC on Wednesday that the appointment of Ermotti was "a Swiss solution" to the uncertainties facing the country, and the challenge of rebuilding trust in Switzerland's banking sector and policymakers. [UBS](/quotes/0R3T-GB/) CEO Sergio Ermotti on Wednesday said his return to the helm was "a call of duty," as the Swiss veteran takes on the task of restoring order to the country's [battered financial reputation](https://www.cnbc.com/2023/03/21/ubs-credit-suisse-deal-puts-switzerlands-reputation-on-the-line.html).

Sergio Ermotti, who stepped down from UBS in 2020, will rejoin the bank as it absorbs Credit Suisse, which faces new accusations that it violated a 2014 ...

Mr. In its report on Wednesday, the Senate committee laid out what it said were violations of Credit Suisse’s 2014 plea agreement, conducted with knowledge of senior executives at the bank. Speaking before the Senate committee’s report was released, he said taking over the weaker firm required shielding UBS from “clearly parts of Credit Suisse that had a bad culture.” Kelleher, who was Morgan Stanley’s chief financial officer during the 2008 financial crisis, the deal between UBS and Credit Suisse was bigger than any struck during that last period of turmoil. Kelleher also alluded to Credit Suisse’s history of financial losses and scandals. “I am stepping aside in the interests of the new combined entity and its stakeholders, including Switzerland and its financial sector.” “I am of course sorry to leave UBS, but circumstances have changed in ways that none of us expected,” Mr. A Dutch banker who previously ran ING, Mr. The unexpected return of Mr. His strategy refocused UBS on its historical strength of managing the wealth of global elites, and away from the riskier, more volatile investment banking and trading businesses. That process is expected to involve the sensitive tasks of shutting down parts of Credit Suisse’s investment banking operations and overseeing extensive layoffs in overlapping divisions. Ermotti is charged with managing Credit Suisse’s legal troubles, which may include fallout from the Senate investigation, while he oversees the merger of the two biggest banks in Switzerland.

Following the acquisition of Credit Suisse, UBS has re-appointed Sergio Ermotti as group CEO and president of the group executive board.

“Our full attention will be on delivering the best possible outcome for our clients, our employees, our shareholders and the Swiss government.” This “unique experience”, UBS says, makes Ermotti well placed to handle the integration of Credit Suisse. Sergio Ermotti returns to UBS as group CEO to help manage Credit Suisse takeover

The Board of Directors of UBS Group AG (UBS) announces today that it has named Sergio P. Ermotti as its new Group Chief Executive Officer, effective 5 April ...

In order to do it in a sustainable and successful way, and in the interest of all stakeholders involved, we need to thoughtfully and systematically assess all options. I am stepping aside in the interests of the new combined entity and its stakeholders, including Switzerland and its financial sector – it has been a pleasure and privilege to lead this great bank to where it is today. Ermotti as an advisor during a transition period to ensure a successful closure of the transaction and a smooth hand-over. Finally, Ralph was instrumental in delivering the acquisition of Credit Suisse under extreme circumstances, to the benefit of both banks and the stability of the Swiss financial system. On behalf of the whole Board, I would like to express my deep respect and gratitude for all that Ralph has achieved over the last two-and-a-half years and for his instrumental role in delivering the Credit Suisse deal, as well as his understanding of the current situation and willingness to step down. - Ralph Hamers will remain at UBS and work alongside Sergio P.

Ermotti held the chief executive post for nine years, coinciding with the 2008-2009 financial crisis and problems at UBS itself.

“The financial performance and capital strengths of the group have allowed him to achieve record returns for shareholders through dividends and share repurchases, which has benefited the share price. Hamers said: “Integrating Credit Suisse is UBS’s single most important task and I am confident that Sergio will successfully guide the bank through this next phase. “In particular, he built financial strength and improved resilience by putting the firm’s leading global wealth and asset management business, and Swiss universal bank, at its core. Hamers will remain at UBS and work alongside Ermotti as an advisor during a transition period, the bank continued. The decision over a week ago by UBS – with backing from the Swiss government and central bank – to buy embattled Credit Suisse for SFr3 billion ($3.2 billion) means that UBS is now Switzerland’s sole remaining universal bank. During his tenure, UBS pivoted toward wealth management, cut risk exposures, and consolidated its position as the dominant of the two main universal Swiss banks.