Change in the management of UBS: Why Sergio Ermotti is cut out for the takeover of Credit Suisse

– Why Sergio Ermotti is cut out for the takeover of Credit Suisse

After two years at the head of Swiss Re, the former CEO of UBS returns to his post. He had come out in favor of one big bank six months ago. He will decide on future layoffs.

Posted today at 2:59 p.m.

Sergio Ermotti Wednesday, March 29 at the press conference announcing his return to command of UBS, two and a half years after his departure. He had led the banking establishment from 2011 to 2020.

AFP/ARND WIEGMANN

When he left the chair of CEO of UBS at the end of 2020, Sergio Ermotti gave up, in his words at the time, a “dream job”. He is back in place today on a much less comfortable seat. But, at 62, the man used to play firefighters, he who set out to restructure UBS for nearly ten years, from 2011 to 2020, after the fire of the 2008 subprime crisis. He notably contributed to reducing the activities of the investment bank, oh so risky as recalled by the detachment of Credit Suisse.