Sergio Ermotti — UBSUBS has rehired Sergio Ermotti as group CEO to lead its takeover of Credit Suisse. He will replace Ralph Hamers, who will remain at UBS and work alongside Mr Ermotti as an adviser during the transition period. Mr Ermotti previously served as UBS’s CEO for nine years before stepping down in 2020. He is credited with turning around the bank’s fortunes during the aftermath of the 2008 global financial crisis and following a series of scandals, which nearly caused the institution to collapse. His unique experience, coupled with his deep understanding of the Swiss bank industry, makes Mr Ermotti the best choice to return to UBS and lead on the merger, UBS said in a statement. In a rescue deal brokered by the Swiss government in March, UBS agreed to acquire crisis-stricken Credit Suisse for $3.2bn. The acquisition will result in the combined company becoming the world’s fourth-largest bank by assets, according to the Financial Times, with 120,000 staff and more than $5tn in assets under management. Thousands of banking jobs are at risk, as UBS plans to downsize Credit Suisse’s investment bank and cut the combined company’s annual cost base by $8bn over the next four years. Mr Ermotti began his banking career as a 15-year-old apprentice at Corner Bank, a Swiss private banking group. After a stint at Citi, he gained his first big break at Merrill Lynch in 1987, where he rose through its ranks to eventually co-head its global equity markets division. He then moved on to UniCredit to head its investment bank. He was first appointed as CEO of UBS in 2011.
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