SERGIO ERMOTTI, LEFT, AND OUTGOING CEO RALPH HAMERS, CENTER. AP.
Former UBS CEO Sergio Ermotti will return to oversee the acquisition of Credit Suisse.
Current CEO Ralph Hamers agreed to step down in the interests of "the Swiss financial sector and the country,” said UBS on Wednesday.
Ermotti will retake his position as CEO of UBS after the Swiss bank holds its annual general meeting next week.
- During his previous tenure between 2011 and 2020, Ermotti shifted the bank's focus away from risky trading.
- He first took the job after a rogue UBS trader lost $2B by trading outside his authorized risk limits and recording false transactions.
UBS agreed to acquire failed competitor Credit Suisse in a state-backed deal on March 19.
- Credit Suisse saw heavy deposit outflows and a selloff in recent weeks following years of financial scandals and irregularities.
