The Swiss banking giant UBS is bringing back Sergio Ermotti as CEO. (Photo: AFP)
ZURICH: Sergio Ermotti will return as CEO of Swiss banking giant UBS to pilot the controversial acquisition of troubled rival Credit Suisse, its board announced Wednesday.
Ermotti spent nine years restoring UBS’s reputation after its bailout by the Swiss government and the central bank during the 2008 global financial crisis, as well as the $2.3 billion in losses racked up by a rogue trader in 2011.
He is due to take over on April 5 from current boss Ralph Hamers, who has agreed to step down but will remain at his side during a transition period.
“The task at hand is an urgent and challenging one. In order to do it in a sustainable and successful…
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