UBS Appoints CEO for Credit Suisse

Former UBS CEO Sergio Ermotti returns to the Swiss bank to lead the acquisition of Credit Suisse, becoming the CEO of the merged giant. Ermotti, who currently heads the insurance and reinsurance group Swiss Re, served as CEO of UBS from 2011 to 2020. On March 19, UBS agreed to acquire Credit Suisse for 3 billion francs (3.25 billion dollars) following a weekend filled with high drama discussions between regulators and several federal government ministers. The unexpected turn of events has led to a reshuffling within UBS's management, where Ermotti is seen as the best person to oversee the expanded banking group. Ermotti stated in a release, "I recognize the uncertainty many feel, and we need to evaluate all options carefully and methodically." Ermotti mentioned in an interview with the Neue Zürcher Zeitung (published in German in Zurich), according to Swiss Info, in November 2022, that Switzerland does not need two large international banks to thrive. He added on that occasion that "the strength of the country's financial center lies in its diversity, which is much more important than the number of major banks."