UBS’s Change of CEO Favored Option of Swiss Officials, Sources Say
- Officials preferred a Swiss banking heavyweight in the role
- Ermotti returns to UBS as CEO, replacing Ralph Hamers
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Swiss regulators favored UBS Group AG’s decision to bring back Sergio Ermotti as chief executive officer to ensure a smooth integration of the bank’s recent takeover of rival Credit Suisse Group AG, people familiar with the talks said.
Government officials indicated their preference for appointing a Swiss banking heavyweight to run the combined bank during the weekend when the rescue deal was negotiated, according to the people, who asked not to be identified because the discussions weren’t public. Ermotti will take over from current CEO Ralph Hamers on April 5, UBS said in a statement on Wednesday.