All articles tagged with #sergio ermotti
UBS CEO Sergio Ermotti defends the bank's enlarged balance sheet following its takeover of Credit Suisse, stating that concerns are fueled by academic indoctrination and urging the public to consider the low-risk nature of the new entity. Ermotti emphasizes the bank's contribution to the Swiss economy and highlights the need for informed opinions, while acknowledging lingering reservations among the Swiss population.
UBS CEO Sergio Ermotti expressed skepticism about central banks' control over inflation, stating that he is not convinced it is under control. While the trend seems favorable, Ermotti believes it is important to remain agile and see if inflation continues to approach the 2% targets in major economies. UBS plans to cut 3,000 jobs in Switzerland following its takeover of Credit Suisse, and Ermotti acknowledged the difficulty of making choices and firing people who are not responsible for the bank's situation.
UBS has brought back Sergio Ermotti as CEO, replacing Ralph Hamers, who has been in the role for less than a year. Ermotti previously served as CEO from 2011 to 2019 and is credited with turning around the bank's fortunes. The move comes as UBS faces challenges in its investment banking division and regulatory scrutiny over its ties to Jeffrey Epstein.
The recent troubles at Credit Suisse have caused concern for rival bank UBS, leading to the return of former CEO Sergio Ermotti as chairman of its Swiss unit. Ermotti's appointment is seen as a move to strengthen UBS's leadership and stability in the face of potential challenges in the banking industry.
Sergio Ermotti, former CEO of UBS, has been appointed as the new CEO of the bank, replacing Ralph Hamers from April 5. Ermotti's task is to integrate fallen rival Credit Suisse into UBS, which is essential for both banks' clients, people, and investors, for Switzerland and for the global financial system in general. Ermotti's experience in picking UBS up from the canvas after the 2008 financial crisis rendered him uniquely qualified to lead the new combined entity through what promises to be a challenging and drawn-out integration.
European stock markets were up, with banks and tech stocks leading the gains. UBS shares rose 2.6% after the bank announced Sergio Ermotti would return as group CEO from April 5, following the recent acquisition of Credit Suisse. The move is expected to rebuild trust in the banking sector. However, doubts remain for investors regarding the overall health of the banking sector and the global economy.
UBS has brought back former CEO Sergio Ermotti to help with the integration of Credit Suisse's international wealth management business. Ermotti, who retired from UBS in 2020, will serve as a senior advisor to the bank's CEO and board of directors.