DJIA39760.08 477.75
S&P 5005248.49 44.91
NASDAQ16399.52 83.82
Russell 20002116.20 44.40
German DAX18475.06 75.83
FTSE 1007931.98 1.02
CAC 408204.81 20.06
EuroStoxx 505082.75 17.40
Nikkei 22540398.03 -16.09
Hang Seng16392.84 -225.48
Shanghai Comp2993.14 -38.34
KOSPI2757.09 19.52
Bloomberg Comm IDX98.31 -0.37
WTI Crude-fut85.68 0.45
Brent Crude-fut81.61 -0.35
Natural Gas1.72 -0.07
Gasoline-fut2.68 0.00
Gold-fut2212.20 13.00
Silver-fut24.69 0.15
Platinum-fut909.90 -7.30
Palladium-fut995.50 -5.00
Copper-fut401.00 0.90
Aluminum-spot1815.00 0.00
Coffee-fut190.65 2.60
Soybeans-fut1192.50 -6.50
Wheat-fut547.50 4.00
Bitcoin70323.00 1257.00
Ethereum USD3571.85 96.24
Litecoin96.02 0.89
Dogecoin0.20 0.01
EUR/USD1.0818 -0.0011
USD/JPY151.26 -0.07
GBP/USD1.2621 0.0001
USD/CHF0.9055 -0.0005
USD IDX104.37 0.08
US 10-Yr TR4.208 0.012
GER 10-Yr TR2.293 0.001
UK 10-Yr TR3.932 0.002
JAP 10-Yr TR0.707 -0.015
Fed Funds5.5 0
SOFR5.32 0.01

Connect Money In Your Inbox.

Sign up to get the most important news on the business of financial services delivered daily.

Sub Markets

Property Sectors

Topics

Latest News  + Markets  | 
UBS Brings Back Sergio Ermotti as CEO to Lead $3.2B Credit Suisse Takeover

UBS Brings Back Sergio Ermotti as CEO to Lead $3.2B Credit Suisse Takeover

Ermotti, who was CEO of the bank from 2011 to 2020, is credited with helping UBS recover from the massive losses it incurred during the 2008 financial crisis

UBS has rehired Sergio Ermotti as chief executive, about two years after he left the Swiss bank, to lead the banking giant following its $3.2 billion takeover of distressed rival Credit Suisse.

Ermotti, who will assume his new role on April 5, will replace outgoing CEO Ralph Hamers, who will remain with the bank in an advisory role to help with the transition period.

The appointment was made “in light of the new challenges and priorities facing UBS after the announcement of the acquisition,” UBS said.

Ermotti, who was CEO of the bank from 2011 to 2020, is credited with helping UBS recover from the massive losses it incurred during the 2008 financial crisis. He is currently chairman of Swiss Re, one of the world’s largest reinsurance companies.

The decision indicates that Ermotti’s knowledge is going to be more important for the bank over the next couple of years than Hamers’ plans, which had gained little traction since his arrival.

UBS said Hamers “has agreed to step down to serve the interests of the new combination, the Swiss financial sector and the country.”

Earlier this month, Swiss regulators jumped in by ironing out a deal and paving the way for Credit Suisse to be absorbed by UBS amid a crisis of confidence in the banking system.

Pictured: Sergio Ermotti

Connect

Inside The Story

UBS

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

New call-to-action
New call-to-action