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A weekly look at some of the most recent and influential people moves across the global banking industry. Simon Duffy reports.

Sergio Ermotti

Sergio Ermotti — UBS

UBS 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. 

Giorgio Andreoli

Giorgio Andreoli — European Payments Council

The European Payments Council has appointed Giorgio Andreoli as its new director general. He succeeds Etienne Goosse, who is stepping down after 12 years in the role. 

Mr Andreoli brings extensive experience in digital financial solutions. He joins from the European Central Bank, where he most recently worked on its digital euro project. From 2010 to 2021, he served as a managing director at Accenture, where he worked on payments and open banking for Italian and European clients. He also previously worked in the telecommunications industry, eventually rising to director of strategic marketing at Ericsson’s south-east Europe division.

Kirstin Renner

Kirstin Renner — Citi Treasury and Trade Solutions

Citi Treasury and Trade Solutions (TTS) has appointed Kirstin Renner as head of Australia and New Zealand. Since joining Citi from ANZ in 2007, she has held several senior positions within the TTS Australia and New Zealand business, including as head of implementation and channel product, chief operating officer and most recently as head of core cash product. 

Based in Sydney, Ms Renner will report to Rajesh Mehta, head of TTS Asia-Pacific.

In addition, Deven Somaya has been appointed as the global head of emerging commerce solutions within Citi’s TTS partnerships and innovation group. A 20-year Citi veteran, Mr Somaya was most recently the interim Asean and Singapore TTS head and TTS product head for Singapore.

Andrew Lee

Andrew Lee — KNG Securities

KNG Securities, a fixed-income investment banking boutique, has appointed former Goldman Sachs Asset Management executive director Andrew Lee as its new high-yield and distressed credit analyst. Mr Lee brings more than 15 years of experience in fixed income credit analysis — during his seven years at Goldman Sachs, he focused on European leveraged loans and high-yield bonds.

The firm is making a major strategic expansion in its coverage of distressed debt in emerging markets. Mr Lee’s appointment follows the recent hires of former VTB Capital fixed-income specialist Igor Nartov, who will head the firm’s growth in CIS debt, and former Morgan Stanley senior vice-president Cagri Kutman, who will lead its expansion drive in the Middle East, north Africa and Turkey.



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