Former UBS CEO Sergio Ermotti rehired after Credit Suisse takeover

Less than two weeks after its $3.2bn emergency takeover of rival Credit Suisse, UBS has rehired Sergio Ermotti, its former chief executive.

Ermotti led UBS for nine years before stepping down in 2020. He will replace Ralph Hamers, according to a statement released on March 29th.

Hamers will stay on as an adviser during a transition period. Ermotti will take over on April 5th, after UBS’s annual general meeting, the statement said. Hamers has stepped down to serve the interests of the new combination, the Swiss financial sector, and the country.