UBS brings back Ermotti as CEO to lead Credit Suisse takeover

Zurich, March 29 (AFP/APP): UBS announced on Wednesday it was bringing back former CEO Sergio Ermotti to lead the Swiss banking giant’s controversial acquisition of troubled rival Credit Suisse.

Ermotti spent nine years restoring UBS’s reputation after its bailout by the Swiss government and the central bank during the 2008 global financial crisis, as well as the $2.3 billion in losses racked up by a rogue trader in 2011.

A UBS statement said he is due to take over on April 5 from current boss Ralph Hamers, who has agreed to step down but will remain at his side during a transition period.

“The task at hand is an urgent and challenging one,” Ermotti, who is currently chairman of reinsurance giant Swiss Re, said in the statement.