Sergio Ermotti returns to the major Swiss bank UBS as CEO. The Board of Directors made this decision in view of the new challenges and priorities that UBS will have to face following the announced acquisition of Credit Suisse, UBS said on Wednesday. Chief Executive Officer (CEO) Ralph Hamers will remain with the bank and advise Ermotti during a transition period.
Ermotti had been head of UBS for nine years until 2020. Hamers will remain with the bank for a transitional period, according to the Zurich bank in a statement. The changes will enter into force on 5 April following the Bank's Annual General Meeting.
Sergio Ermotti started as a bank apprentice at the age of 15, later he made it to the top of the Swiss UBS. For nine years, he led the world's largest asset manager.
In his last year as CEO of the major Swiss bank UBS, Ermotti had earned a record-high 13.3 million francs (12 million euros) after 12.5 million francs the year before.