UBS has drafted within the chief govt who helped it recuperate from the monetary disaster to steer the financial institution via the takeover of Credit score Suisse.
Sergio Ermotti, who led the Swiss lender for 9 years till 2020, will exchange Ralph Hamers lower than two weeks after regulators engineered an emergency takeover of UBS’ fiercest rival.
UBS mentioned the transfer got here “in gentle of the brand new challenges and priorities going through UBS after the announcement of the acquisition”, citing Mr Ermotti’s expertise in beforehand restructuring its funding financial institution.
The financial institution mentioned: “This distinctive expertise, collectively along with his deep understanding of the monetary providers trade in Switzerland and globally, make Sergio Ermotti ideally positioned to pursue the combination of Credit score Suisse.”
The shock transfer comes after UBS agreed to snap up Credit score Suisse in a £2.6bn deal orchestrated by Swiss authorities to keep away from the latter failing and precipitating a wider disaster within the world banking trade.
Mr Hamers mentioned he was “stepping apart within the pursuits of the brand new mixed entity and its stakeholders, together with Switzerland and its monetary sector”.
He added: “Integrating Credit score Suisse is UBS’s single most necessary job and I’m assured that Sergio will efficiently information the financial institution via this subsequent section.
“I’m after all sorry to depart UBS, however circumstances have modified in ways in which none of us anticipated.”
Instant challenges for Mr Ermotti, who presently serves because the chairman of insurer Swiss Re, will embrace shedding hundreds of employees, slicing again Credit score Suisse’s funding financial institution and reassuring rich shoppers that UBS stays the perfect place to deposit their money.
UBS shares rose greater than 2pc in Zurich following the information of Mr Ermotti’s appointment.
Mr Hamers was employed as Mr Ermotti’s substitute to assist digitise and modernise UBS.
UBS chairman Colm Kelleher mentioned Mr Hamers had put the financial institution “ready to stabilise Credit score Suisse and guarantee a profitable integration”.
He added: “Whereas the acquisition will assist UBS’s current technique, it imposes new priorities on us.
“Along with his distinctive expertise, I’m very assured that Sergio will ship the profitable integration that’s so important for each banks’ shoppers, staff and traders, and for Switzerland. I do know Sergio will hit the bottom working.”