Sergio Ermotti is returning to the major Swiss bank UBS as Group CEO. The board of directors made this decision in light of the new challenges and priorities UBS must face following the acquisition of Credit Suisse, which UBS announced today.
Ermotti succeeds Dutchman Ralph Hamers, who UBS said agreed to step down “in the interest of the new combination, the Swiss financial sector and the country.” According to UBS, Hamer will remain at the bank to advise Ermotti during a transition period.
Ermotti stepped down as UBS CEO in 2020 and is currently chairman of reinsurer Swiss Re. He will relinquish this office.