UBS is bringing back its former chief executive, Sergio Ermotti, effective April 5, to steer the group through its unplanned takeover of rival Credit Suisse
\n \n . UBS’ current CEO Ralph Hamers “has agreed to step down to serve the interests of the new combination, the Swiss financial sector and the country,” the bank said in a statement Wednesday. Hamers will remain at the lender for a transition period to hand over his duties. “The board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition,” the bank added.
” Ermotti’s appointment is also a recognition of the challenge of combining two sprawling global banks with assets worth nearly $1.7 trillion. The deal also poses risks to Switzerland’s economy. The combined entity’s assets are twice the size of the country’s GDP, while local deposits in the new entity equal 45% of GDP — an enormous amount even for a nation with healthy public finances and low levels of debt.
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