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The Guardian - UK
The Guardian - UK
Business
Jasper Jolly

UBS brings back former chief to oversee Credit Suisse takeover

UBS Credit Suisse Sergio Ermotti Ralph Hamers Colm Kelleher
Sergio Ermotti at a press conference in Zurich on Wednesday 29 March 2023.
Sergio Ermotti will retake the reins at UBS from 5 April. Photograph: Arnd Wiegmann/AFP/Getty

The Swiss bank UBS has announced the surprise return of Sergio Ermotti to oversee the takeover of its rival Credit Suisse, amid global concerns over the stability of the banking industry.

Ermotti served as chief executive from 2011 until 2020, overseeing UBS’s recovery from the global financial crisis. He will take over again on 5 April, when his main task will be to implement the complex merger with Credit Suisse, which was forced through by Swiss financial regulators in an attempt to prevent a chaotic collapse.

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