The heavy task of handling it acquisition by Credit Suisse it will be taken over by Sergio Ermotti, who will return to the Swiss giant UBS. Two Swiss rival groups came together under unfavorable conditions, as the latter was on the brink of collapse and, after government intervention and guarantees, UBS acquired it on favorable terms. The surprise move by UBS comes as it seeks to use the Swiss banker’s wealth of experience in the recovery. banks after the global financial crisis of 2007-2008, according to Reuters.

The former stockbroker-turned-corporate-solver faces several major challenges, including laying off thousands of workers in the crisis and the Credit Suisse takeover, downsizing his investment banking arm, and appeasing the world’s rich that UBS remains a safe haven. for their money. “We felt we had a better choice,” UBS chairman Colm Kelleher said of the decision to replace current chief executive Ralph Hammers after less than three years at the helm. As Mr. Kelleher explained, he brought back Sergio Ermotti because he was better equipped to carry out the biggest financial deal since the global banking crash sixteen years ago.

UBS Chairman Colm Kelleher believes Ermotti is the best choice to manage the merger of the two banks.

“This is not a Swiss decision,” he said, seeking to downplay the role of Sergio Ermotti’s ethnicity in getting a job. Instead, he focused on the big risks involved in pursuing the merger for UBS. “Being Swiss helps,” said Colm Kelleher. “But for the most part, our business is international.” For the record, Sergio Ermotti, who will take office on April 5, served as chief executive of UBS from 2011 to 2020 and is now chairman of reinsurance firm Swiss Re. He did not forget to call for “a little patience” for several months to allow the bank to draw up its strategic plan. “We cannot rush into regrettable decisions,” he told reporters. He also added that he returned to UBS because he felt called to duty and also because he always wanted to be involved in a big deal, such as the acquisition of Credit Suisse.

The deal made UBS Switzerland the only global bank backed by about 260 billion francs ($170 billion) in government loans and guarantees. And it turns into a risky bet, making the Swiss economy more dependent on one financial group, eliminating competition at that level from the giant banks in the country.