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WATCH: Swiss Banking Gets Fresh Twist as Ermotti Returns to UBS
UBS brings back crisis-tested leader Sergio Ermotti, investors weigh the risk of Treasuries and Alibaba’s market value soars $30 billion after a shakeup. — Kristine Aquino
UBS is bringing back Sergio Ermotti as chief executive officer to oversee the historic acquisition of Credit Suisse Group, replacing Ralph Hamers after just over two years. Ermotti, currently chairman of Swiss Re, led UBS from 2011 to 2020 and steered the bank through the aftermath of a rogue-trader crisis by getting rid of much of the fixed-income trading business, shrinking the investment bank and increasing the focus on wealth management. “The board decided in the round, balancing everything up, that for the next phase of this singularly most important and complicated transaction, Sergio would be the preferred executioner,” UBS Chairman Colm Kelleher said at a press conference in Zurich.