UBS brings back Ermotti as CEO with Credit Suisse deal ahead

UBS says it’s bringing back former CEO Sergio Ermotti to head the Swiss bank as it moves forward on a government-orchestrated plan to take over struggling rival Credit Suisse. The bank said Wednesday Ermotti's appointment takes effect in a week's time. Ermotti, who was the bank’s top executive for nine years, will take over from current CEO Ralph Hamers, who took up the job in November 2020 and will remain at UBS during a transition period “to ensure a successful closure of the transaction and a smooth hand-over,” the bank said in a statement. UBS credited Ermotti for having “cutting its footprint” and changing the culture of the bank.