Sergio Ermotti makes surprise comeback to lead UBS into new era

LONDON, March 29 (Reuters) – Veteran funding banker Sergio Ermotti is returning take the highest job at UBS (UBSG.S), changing Ralph Hamers who succeeded him in late 2020, because the Swiss lender prepares for the mammoth process of integrating failed cross-town rival Credit score Suisse.

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ANDREAS VENDITTI, HEAD OF BANKS RESEARCH, BANK VONTOBEL

“We welcome the appointment of Sergio Ermotti and imagine that he’s proper particular person for the difficult process, given his expertise of efficiently remodeling UBS after the International Monetary Disaster.”

“UBS’s priorities have clearly modified, with the mixing of CS being a very powerful process. As well as, UBS is already going through vital political stress resulting from its massive measurement and significance for the nation. The query ‘what to do with CS Switzerland?’ has already triggered a heated debate.”

MICHAEL KLIEN, ANALYST, ZUERCHER KANTONALBANK

“With this alteration of management, the financial institution is sending a transparent sign that its focus is on the profitable integration of Credit score Suisse. With Ermotti, UBS is bringing on board a confirmed skilled on the financial institution and an efficient enforcer for the profitable merger of the 2 banks.

“…we imagine that whereas the acquisition will improve the financial institution’s dangers, these can be greater than offset by the potential advantages.”

JERRY DEL MISSIER, CHIEF INVESTMENT OFFICER AT COPPER STREET CAPITAL AND FORMER CHIEF OPERATING OFFICER AT BARCLAYS

“They wanted to strengthen administration. Good transfer.”

Reporting By Sinead Cruise in London, John Revill and Noele Illien in Zurich

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