© Reuters. FILE PHOTO: UBS CEO Sergio Ermotti attends the 2019 New Economy Forum in Beijing, China November 21, 2019. REUTERS/Jason Lee
LONDON (Reuters) – Veteran investment banker Sergio Ermotti is returning take the top job at UBS, replacing Ralph Hamers who succeeded him in late 2020, as the Swiss lender prepares for the mammoth task of integrating failed cross-town rival Credit Suisse.
STORIES:
ANDREAS VENDITTI, HEAD OF BANKS RESEARCH, BANK VONTOBEL
“We welcome the appointment of Sergio Ermotti and believe that he is right person for the challenging task, given his experience of successfully transforming UBS after the Global Financial Crisis.”
“UBS’s priorities have clearly changed, with the integration of CS being the most important task. In addition, UBS is already facing significant political pressure due to its large size and importance for the country. The question ‘what to do with CS Switzerland?’ has already triggered a heated debate.”
MICHAEL KLIEN, ANALYST, ZUERCHER KANTONALBANK
“With this change of leadership, the bank is sending a clear signal that its focus is on the successful integration of Credit Suisse. With Ermotti, UBS is bringing on board a proven expert on the bank and an effective enforcer for the successful merger of the two banks.
“…we believe that while the acquisition will increase the bank’s risks, these will be more than offset by the potential benefits.”
JERRY DEL MISSIER, CHIEF INVESTMENT OFFICER AT COPPER STREET CAPITAL AND FORMER CHIEF OPERATING OFFICER AT BARCLAYS
“They needed to strengthen management. Good move.”
