Ermotti, 62, brings to the combined bank his familiarity with UBS and the Swiss financial landscape, qualities seen as critical for an integration that executives are stressing will be complicated and fraught with the potential for losses. The Lugano-born executive previously steered UBS through the aftermath of a rogue trader crisis, slashed much of the fixed-income trading business, and downsized the investment bank on the way to its current focus on wealth management.
UBS Group AG is bringing back Sergio Ermotti as chief executive officer to oversee the historic acquisition of Credit Suisse Group AG, tapping a Swiss insider with extensive restructuring experience to replace Ralph Hamers after just over two years.
Ermotti, chairman of Swiss Re, will retake the role he held for nine years after the annual general meeting next week, the bank said on Wednesday. Hamers will stay on at the bank for a transition period, having helped broker the US$3.3 billion ($4.39 billion) deal that saw UBS buy its local rival this month amid a collapse in confidence and client outflows.
