Sergio Ermotti is returning as UBS CEO after less than three years. The boomerang boss ticks several important boxes, writes LiamWardProud
“reimagining the power of investing”, was hardly reassuring. Nor was his hesitant delivery in a call with analysts after announcing the Credit Suisse deal.
Ermotti ticks several important boxes. First, he has successfully slashed his way through an investment bank before. UBS’s October 2012 strategy, dubbed a “strategic acceleration from a position of strength”, saw Ermottito axe $90 billion of risk-weighted assets in the investment bank, or 57% of the total, mostly in fixed-income trading.
UBS shareholders will hope he can repeat the exercise with Credit Suisse, which comes with a bloated and recently unprofitable trading and dealmaking division. Ermotti has long pushed for bank consolidation. During his previous spell in charge, UBS held talks with Deutsche BankFinally, there’s his passport.
. Bringing back Ermotti is far from ideal, but it reduces the risks of UBS being dragged down by its mega-merger.
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