UBS calls for help from its ex-boss to digest Credit Suisse
DECRYPTION – Sergio Ermotti restructured UBS from 2011 to 2020. He will have to manage the merger with his Swiss rival, in crisis.
UBS is betting on a safe bet to meet the biggest challenge in its long history: the integration of its rival Credit Suisse. The first Swiss bank has asked its ex-boss, Sergio Ermotti, to return to the helm to pilot this marriage imposed by the Swiss authorities to save Credit Suisse from bankruptcy. “The opinion of the board is that, for this massive integration exercise, Sergio will be a better driver”explains Colm Kelleher, the president of UBS.
“I come back out of a sense of duty”assures Sergio Ermotti, who only had two weeks to decide. I always thought the sequel for UBS was a great acquisition.” The 62-year-old banker knows the house very well, which he led and rebuilt between 2011 and 2020 before taking over as chairman of the reinsurer Swiss Re. His successor, Ralph Hamers, will step down after the group’s general meeting. , April 5. “He has agreed to step down in the interest of the new combined entity, the industry…